Payroll management is an important function of the HR Department. The increasing use of technology in all aspects of business management, have led to improved payroll management software. The new technology in payroll management is drastically changing the way companies handle their payroll.
The technology is ever evolving and here are the five latest trends in payroll management system, which are gaining popularity.
- Technology that is cloud based – All the technology is going to cloud. Cloud based software helps the companies to handle their payroll in a simple and effective manner. As cloud based software is web based, the information can be accessed from anywhere and at anytime. The cloud based software reduces the costs involved in maintaining IT professionals who charge exorbitant fees to handle other sophisticated software.
- App based mobile Payroll technology – Increased use of Smartphone’s has led to the use of these app based technologies. Employees find it easy to communicate with the HR through their mobile phones. Many companies are using mobile apps to enable the employees to file reports and access the information they require like employee payroll, taxation information, hours worked and many other details. As companies outsource more and more jobs to freelance consultants, the use of mobile based payroll is seeing an increase in popularity.
- Integrated software systems – The payroll technology must be integrated with other key functions of the organisation. Payroll software integrated with the HR and Accounts software is more beneficial to the companies. This integration will help the companies in an effective payroll management.
- Compliance with regulations – The government laws and regulations keep changing from time to time and they are different at different states and countries. Increased globalisation of businesses and outsourcing of HR means the companies have their personnel at various locations. An effective Payroll technology must make the compliance with these laws and regulations effective and easier.
- Effective use of data base – The use of a good payroll technology enables the HR managers easy access to the database. This helps to make data- driven strategies that help to boost the productivity and morale of the employees as well as increase the profitability of the organization.
An effective use of payroll management system helps the organization to improve the efficiency and accuracy of their HR functions.