Futureproofing payroll in an organisation

July 9th 2021 | Posted by phil scott

Futureproofing payroll in an organisation

Futureproofing payroll in an organisation

Methods and amounts of payment to individuals were first recorded way back in 3100 BC and the word payroll was first used in the mid-eighteenth century.

Payroll systems have progressed considerably since then. Today, they are smarter and more focussed than they have ever been.

Top finance directors and professionals embrace the latest payroll technology in order to ensure that their systems are secure and futureproofed. They do this by changing to embrace key factors.

Enabling sustainability

Sustainability is a key feature of top-performing organisations today. Young professionals are more likely to join organisations that have a positive sustainability profile. Customers also expect companies they deal with to have a sustainable approach to the way they operate.

In the case of payroll, sustainability is not just about choosing paperless options. The most astute organisations also work with vendors and payroll partners that employ ethical working practices and minimise their carbon footprint.

Digital payroll for data

Experienced finance directors and professionals understand that digital payroll systems provide valuable wider data for an organisation. For instance, is there a time of year when overtime requirements increase? This type of data enables senior management to gain a better understanding of cost and staffing requirements.

It also helps them to identify any areas where there is a need for improvement. Digital data is real-time and access is instant. This gives businesses with digital payroll processes a distinct advantage. Digital is also the way forward so embracing it helps organisations ensure that their payroll systems are future-proofed.

Choosing Cloud-based payroll options

Security is a feature that all top finance directors and professionals realise is essential in any effective payroll system. Building this into a payroll system can be complex, especially for smaller organisations. Adopting Cloud-based technology provides advantages to finance teams and the business overall.

Using the Cloud helps organisations to avoid issues such as data protection breaches, the loss of files and data, and the danger of unauthorised individuals gaining access to secure information.

Cloud systems also enable employees to gain easy access to all of their records quickly. This means that they can organise their paperwork without encountering any additional stress or difficulties. If employees are able to self-serve, this also reduces the amount of admin work required.

Acknowledging the age of zero-touch payroll

Finance experts recognise the value of a zero-touch payroll system that makes use of analytics and audits without the need for human intervention. These are the payroll systems of the future, and they provide valuable benefits for an organisation.

The lack of human intervention reduces the risk of error. Of course, any system which does not require human interaction is also less open to fraud.

Forward-thinking finance professionals know that embracing factors like these help their organisations to futureproof their payroll systems. This creates a payroll environment that is secure, real-time, data-rich, and enables safe and simple self-service for employees. All of these are vital benefits for any business that seeks success in the future as well as today.

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