It can feel overwhelming to know where to start when transforming your payroll offering. However, by prioritising the following objectives, you can start to see operational and financial benefits in your business:
• Automate time-consuming tasks – imagine if your payroll software solution could ease the admin burden felt by staff and managers. Thanks to artificial intelligence (AI) and machine learning, it’s now easy to automate a wide range of payroll and HR activities including data collection and time tracking, absence management and scheduling. Automation enables real-time reporting, analytics and forecasting, so your business leaders can access workforce insights to better manage staff.
• Digitise paper-based tasks – one company found that 40 per cent of their payroll team’s time was spent offline, scanning and printing documents. Digitising these processes saves costs associated with storing and securing paper documents.
• Adding more functions to your payroll system – by integrating policies such as expense reimbursement and paid time off with your payroll system can save your teams valuable time, as there’s no need to manage separate systems.
• Consolidate your reporting and analytics – instead of multiple providers, cloud-based payroll software provides a reliable, consolidated view of your payroll spend across all territories where you operate. One single, unified view is vital for providing insights into workforce patterns, crucial for reporting and analytics, and in helping support more strategic decision-making.