While many aspects of global business tend to ease up during the third-quarter summer months, there has been no slowing down on the side of our payroll and human resources partners. From helping organizations better understand how cloud solutions can meet their modern payroll needs to identifying new ways multinationals can seize the opportunities presented by optimized payroll, our partners are hard at work helping business leaders improve their global payroll performance.
Paycor on Finding the Perfect Payroll Solution
Multinational companies of all sizes are turning more and more to software-as-a-service (SaaS) solutions for their global payroll needs. In fact, according to the latest Sierra-Cedar HR Systems Survey, approximately 62% of payroll technology deployments this year will be SaaS/cloud solutions. For HR management systems, the figure is around 75%.
A recent blog from Paycor offers help to organizations who are considering a move to a cloud-based payroll system by laying out the “elements of a great SaaS payroll solution.” The article advises that while payroll software options can vary significantly across providers, there are key functionalities to look for in any system.
Paycor’s list includes the ability to integrate with automated time and attendance solutions, as well as facilities for employee and manager self-service. However, the bulk of the list focuses on elements that support compliance with data protection legislation and statutory requirements around filing and reporting. From ensuring accurate and timely tax filing to staying up-to-date on regulatory changes, these features are all but essential to delivering accurate, efficient payroll today.
“As more businesses turn to online solutions to manage their workflows, do accounting, etc., it should be no surprise to see that payroll processing is no exception. From tax-filing and employee self-service to data security and compliance management, SaaS payroll automates routine tasks and ensures accuracy, so business leaders can focus on what really matters, improving the bottom line.”
BambooHR on the Essential Nature of Payroll
Global companies are increasingly recognizing the importance of a reliable, well-run payroll function. However, understanding of the actual payroll process and ways to optimize it is still lacking across most organizations.
A recent blog from BambooHR aims to address this, presenting a “Payroll 101” breakdown of the process that covers the basic information needed and steps involved in running a payroll. From employee and tax numbers to filing and payment schedules, the blog offers a helpful overview of both the requirements and the responsibilities facing employers and payroll teams every pay cycle.
Additionally, BambooHR points out the important role payroll plays in keeping companies compliant with statutory regulations and data protection requirements. By explaining typical pay schedules and how payroll taxes are collected and submitted in the US, the article helps spread awareness of not only the complexity involved in payroll, but also why accurate and timely payroll is so important.
“Payroll is the most elemental way in which an organization honors its agreement with employees… Yet, as administrative responsibilities go, payroll is notorious for garnering the least appreciation in exchange for being one of the most essential, time-consuming, and stressful tasks administrators perform. By understanding how payroll works and what’s involved, administrators and executives can ensure they are taking full advantage of an opportunity to treat their employees well and to safeguard the entire organization.”
Ultimate Software on Technology and the Future of Payroll
Echoing the need for a deeper and more expansive understanding of payroll’s significance within every company, Ultimate Software published a blog earlier this month that references the costs of paying employees — which can be more than 60% of total business costs — as evidence of the need to optimize payroll performance.
The blog highlights the expanding use of automation within the payroll function to improve data accuracy and processing efficiency. Looking at the continued development of automation technology and emerging capabilities like artificial intelligence (AI) and machine learning, Ultimate Software predicts four ways in which the technology will shape the future of payroll.
First on the list is the important opportunity for payroll professionals to develop additional skills that can support the broader organization, such as applying data protection and compliance skills to help other departments navigate compliance challenges. These opportunities are supported by the growing ability of automation and AI features to catch, correct, and even prevent errors in payroll data, which helps to free up professionals’ time.
Finally, the blog focuses on the use of AI technology to develop deeper predictive and prescriptive analytics capabilities, which may hold the key to significant time, cost, and labor savings for companies.
“Despite payroll’s significant financial impact on the organization, in the past, it was often seen as more as an administrative function than as a source of strategic insights. But most successful organizations now realize that analyzing payroll data is crucial to making meaningful, forward-thinking decisions.”
CloudPay welcomes new technology providers into our Partner Network on an ongoing basis. Contact us to find out whether your software providers partner with us, or to learn if your organization is a smart fit for a potential strategic alliance with CloudPay, a leader in global payroll.