4 Innovations in Payroll Tech That You Should Know About

innovations in payroll tech

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Introduction

Payroll is not as easy as it seems, especially when you’re running a global team. Since you have to consider pay and tax regulations in different countries, it can be overwhelming to manually calculate salaries and comply with local laws. However, this HR process can be improved through payroll technologies that provide tools for essential tasks, like depositing, tax filing, and payroll reporting.

Now that the landscape of work is changing rapidly, payroll technologies are keeping up with the times by providing advanced and efficient innovations. Payroll technology is better than ever, thanks to these innovations:

Remote payroll management through global platforms

Payroll management can already be complicated when dealing with local teams, since HR professionals have to consider various regulations before calculating and depositing the payroll. But with global teams, these professionals have to adjust calculations and take extra steps to comply with foreign regulations.

So if you want to successfully manage payrolls for your global team, you can use a payroll platform that can be integrated with international invoice features. This allows you to manage the payroll of your global team and deposit their salaries in foreign bank accounts or e-wallets

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Streamlined employee payroll using artificial intelligence

Artificial intelligence (AI) is a popular buzzword across different industries, and it’s because this innovation complements professionals' work outputs by handling repetitive tasks and speeding up data management. This is true in payroll systems, since AI helps compensation experts by assessing and organizing tax and salary data.

Since compensation and benefits managers oversee payment structures, they can reduce critical payroll errors by leveraging the data management provided by AI innovations. Aside from managing the payroll, compensation managers also have to ensure that the payroll is in line with federal regulations and competitive within the market’s range. Through AI payroll systems, these professionals can quickly assess tax brackets and identify gaps in financial data without compromising their work quality.

Better payroll accuracy through robot process automation

While AI technology handles repetitive tasks and large amounts of data, robot process automation (RPA) can be implemented by HR professionals for specialized system integration. This exciting innovation will help HR professionals optimize specific payroll processes to ensure that company regulations are properly followed.

When it comes to RPA implementation, payroll administrators will have to work with IT professionals who can program the technology for the compliance of specific company standards. Through this specialized programming, RPAs can help HR professionals in computing specific amounts, like bonuses of high-performing employees or prorated salaries of terminated employees. This makes it easy for compensation professionals to process their payroll according to company rules.

Increased transparency with cryptocurrency payroll

You can now compensate your employees and help them invest in their own future by using a cryptocurrency payroll solution. Crypto has risen in popularity due to its security and transparency— and these characteristics are maintained even with cryptocurrency payroll systems.

Bitwage may have been around as a bitcoin payroll service since 2014, but it has recently launched a new platform that provides greater pay transparency for employees. Through this system, employees can track their onboarding process, use invoicing features, and access cryptocurrency data analytics. Workers also get more transparent receipts for their own income, allowing them to understand their cryptocurrency compensation better.

Payroll may be a complicated process, but it is crucial in maintaining your employees' work satisfaction. Thanks to these advanced innovations, it will be easier to manage your payroll systems and deliver them to international teams.

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