The pay solely does not decide your employee’s involvement in the organization however, it certainly does indicate the level the employee is at in the company. Consequently, it is important to advocate better payroll compliance, and policies in place for employees to stay motivated and involved with the organization.
Payroll includes a lot more than merely putting together an employee’s salary says Mr Mahajan.
Let us know about the things to watch out for in the payroll sector in 2022 as shared by Mr Atul Mahajan, Founder, and Director of Trendsetters Facilities and Technical Services India’s top payroll outsourcing company.
Direct bank integrations for problem-free, safe, and faster salary payments
Earlier, the banks and the organization’s payroll software were separate entities. Their zone of operations was totally different, in spite of regular transactions. It leads to bigger turnaround times, with the payroll software having to coordinate with the bank to process the payments of salary.
With the introduction of better technology, banks and payroll systems act in tandem to make the full process easy, time-saving, and good for organizations as well as entrepreneurs. The types of integrations have formed newer opportunities for banks to interact straight away with entrepreneurs and MSMEs, which are the finest source of consistent cash flow. This trend is more likely to work in the future and grow in scale.
This is time to introduce proper automation in the payroll division. It is not about introducing larger and complete system automation such as automatic computation of taxes and salaries.
It is about automation of the minor manual intensive works that take the maximum time from your payroll department. When you become accustomed to the traditional, outdated system, rarely do you think of the amount of time it takes to finish even the simplest tasks.
With automation, you are able to free up valuable time and attention for more productive work in the department. Auto-generated employee compensation reports assist the payroll department to decrease their turnaround times and be more productive.
Each region has its unique tax regulations and labor-related laws that make the process extra complex. Various organizations have a presence in multiple states and various small businesses across the country. Thus, complying with the local regulations and financial laws could be a task for businesses.
Because of advancements in payroll technology, automatic compliance systems are introduced that are fully driven by data and have access to all the needed information for following compliance in multiple regions of the country. This supports the business to stay updated with the present changes in regulations and maintain compliance and prevent any legal hassles.
Use of cloud technology
Cloud systems have become an essential part of businesses. They support solving critical business issues and assist to handle the payroll works efficiently. In several companies, the payroll is generally, handled by a small group of people having traditional solutions like customized software and spreadsheets. The system assists to complete the most basic functions associated with the payroll system.
Through the cloud-based payroll system, one can integrate accounting and HR to form stronger integrations with a partnership in real-time. For example, the conversational chatbot installations boost the company to answer several employee queries in actual time with broader context and accuracy. Thus, companies require to use cloud-based technology to integrate their payroll works
Newer developments within payroll technology and the incorporation of better levels of employee gratification by the organization ensures that workers not just feel like they are an addition to a workforce but an important part of it. Therefore, it becomes highly essential to understand and integrate the latest payroll trends every year.
For assistance with payroll, connect with TFTS. TFTS has payroll experts who are able to make it easy for you.