The future of payroll is bright and everchanging. Especially for billion-dollar companies who have hundreds, and sometimes thousands, of employees to pay calculated salaries and fees to their workers.
To help companies keep track and monitor salary payments, high quality HR payroll system have to be put in place. Not only does it help keep book of all the finances, it also keeps companies out of trouble. Every year, business owners are fined millions of dollars because of IRS issues. Typically, these issues are because of payroll errors.
The best thing for a business owner to keep their payroll on track and in line with the law is to stay on track with the newest payroll systems. Just like with many other technology systems, Payroll is also growing and evolving. To give you some insight on the newest trends, here is a list of the best payroll systems for today's businesses:
1. GDPR-Compliant Automated Systems
In the past, geographic restrictions made it difficult to pay someone who were located in another state or town than the business itself. With current technology, it has become easier to employ and pay people from all over the world.
If your company is using remote workers then you can invest in a GDPR- compliant (General Data Protection Regulation) automated system. This system allows the business to ensure security when it comes to all personal data collected. It’s important that all employee’s personal data is kept safe, not only to avoid fines from IRS, but also to ensure the employee’s virtual safety.
By knowing that payroll system’s not only serve the function of actually paying salaries, but also keeping sensitive information safe, business owners should consider investing in proper tech upgrades. Check out this article on the different functions of payroll: https://smallbusiness.chron.com/functions-payroll-vs-human-resource-69859.html
2. Transparent Salaries
There was a time when no one discussed the actual number on their pay slip. With the current fight against equality, it’s more important than ever for everyone to have a clear indication of what salaries are given to what positions.
Studies have proven that in the past that for every $1 a man earned a woman would only get $0.79 for the same job. It was because of these studies that payroll systems were put in place that will ensure well thought-out and fair pay structures.
Adding performance evaluation software that works on incentives, will also assist the payroll to make fair salary payments.
3. Human Resource Incorporation
A big mistake that business owners make is by underestimating the power of high-quality HR tech. When payroll innovations and HR technology are combined it will make your company much more efficient.
This will allow HR to track employee’s schedules and time at work more efficiently. As well as leave day requests and holiday times, resulting in much more accurate payroll. Go to this link to stay on top of all the current news of human resources technology.
4. Gig Workers And Tracking
Hiring full time employees can be a big expense that some businesses just can’t afford. Rather than spending a fixed number on a permanent employee, owners are moving towards hiring part-time freelance workers.
Depending on the project, the part time employee will only work for a certain number of weeks or months. Having gig workers coming and going do need an organized system. Avoiding skipping someone during payment or when calculating salaries.
When companies do move towards hiring gig workers, then there has to be a system put in place to handle the influx of workers.
5. Moving To Automation
Doing payments manually can take a lot of time. Not only is it time consuming but it opens up an entire window for human error that can be avoided with automatic payroll systems.
Furthermore, automation can simplify calculation processes of tax deductions, tax rates, and other deductions like housing and insurance. Instead of an accountant filling in and calculating it all, a technology program can do it all for you by only being monitored.
Other systems that are also becoming quite popular, are those that can be stored in the cloud. This allows data not to be lost within files and hard drives of the company.
Business owners should update their HR payroll systems, especially if they want to keep on growing.
