Many recent research studies revealed that a significant amount of businesses are not letting go of their current payroll system even if they are already 10 years or older.
For some reason, they don’t seem to realize yet that these outdated systems will only waste time because of their manual method of payroll processing which includes spreadsheets and other forms.
This is why experts see the adoption of new systems such as innovative payroll software as one of the top payroll trends in business. Here are some of the developments that they expect to see for the future of payroll in the years to come:
Wanting everything all in one system
Buyers eyeing for a self-service and all-inclusive payroll processing system is obviously one of the trends that are already happening. After all, who doesn’t want a program with the complete payroll functions without relying on outsourced payroll service or even vendor support, right?
Another observation that professionals are noting is that aside from payroll systems being made with complete and even extra core HR features, there will also be developments to make systems more user-friendly. This will eventually lead to comprehensive human resource management where integration between the HR platform and payroll system is possible.
Payroll software buyers are now in need of tools that they can use to liberalize the management of HR processes such as tax filing. If they wish to keep up with the fast-paced business world, they should also be open to self-service options for employees.
Ultimately, mobile accessibility must be present in the payroll solution, now more than ever, the capability to be managed anywhere and anytime is an extreme need in a world where work from home is the new norm.
Diversity in Payment Options
Since digitized and non-traditional work models rose to popularity, there was a wave of developments in modern technology which provides convenience and ease in payroll processing. One category that is being talked about a lot by experts is regarding new systems in paying employees.
The good news is there are newly available options such as using apps that give employees complete freedom when they want to get their payments without disrupting their employer’s processes.
Cryptocurrency payments are also being explored today. Since it was being widely patronized in transactions and purchases, working adults are now embracing it too despite its risks and regulations.
Accommodation for cryptocurrency payments will become a more widespread feature as the method is popularized. According to an August 2017 Statista report, over 39 percent of surveyed American adults reported they would be “open to the idea of using Bitcoin for transactions and purchases.” As attitudes towards cryptocurrency become more positive, the need for compensation via Bitcoin will increase.
There may be some conflicts and issues that must be thoroughly thought about when considering this method because different countries have varying regulations regarding it but using payroll software can help better understand it.
Artificial Intelligence
Like other modern software categories, experts are seeing great potential in the integration of Artificial Intelligence into payroll systems. They say that the machine learning function is now an essential and vital element for payroll processing as it is the key to more efficiency, accuracy, and automation to help payroll professionals become free from the bonds of manual processing and concentrate on other important tasks. With artificial intelligence, payroll software will be able to constantly and automatically update, change regulations, manage and store information, monitor and prevent any possible violations by sending warnings.
With the capability to streamline compensation processes, payroll software is now more essential in helping businesses to adapt and meet the demand of the fast-changing world.
