Commercial Manager, Payroll Solutions
Payroll software already makes the repetitive and mundane process of paying workers easy. But what if it could be easier? Trend watchers are predicting that the payroll service of the future will come complete with Robotic Process Automation (RPA), Analytics and Mobility, giving organisations greater value for the service.
In fact, researchers, such as the American Payroll Association (APA) point to significant savings that will come from introducing RPA, for example, suggesting “that automation reduces payroll processing costs by as much as 80%, much of that from reducing errors in invoices and pay cheques.”
To be clear, RPA is more about software automation than it is about bringing robots into our lives. It’s designed to function like a highly skilled virtual assistant, who makes all the normal, already efficient payroll systems work so much better.
And speaking of better, the payroll software of the future will also use analytics, culled from the data the systems generates, to show company executives what else they can do to improve processes and make life better for their employees.
But perhaps the most exciting aspects of the future of Payroll is mobility. Mobile apps in payroll can go a far way in literally putting some activities in the hands of the employees, thus freeing HR colleagues to focus on core critical functions. For example, team members in the field who need to log time or claim reimbursements could do so from an app at their convenience given that the service is available 24/7. Additionally, employees can access payslips and important tax information for transactions such as loans and mortgages, etc. They can also update personal information as is required by relevant organisational policies.
Apps in payroll are also responsive to the employee of the future, as, according to Cisco Mobile Traffic Forecast, “incorporating mobile technology has become more important for the employers from the perspective of the millennial workers. Use of smartphones has become an integral part of millennial workers lifestyle and thus millennial influence on mobile payroll adoption cannot be ignored.”
Employers will see lots of benefit too, as activities such as overtime payments can be processed and approved on the go. It removes the constraints of needing to be in the office to execute payroll services within the business.
Yet despite all the advancements in technology, which will provide equal benefit to employers and employees alike, the thing that continues to set MC Systems apart from other services providers is the compliance with the tax laws of Jamaica.
The payroll services that the company sells comes Tax Administration Jamaica (TAJ) ready, complete with all the applicable allowances and relevant protocols that are also future-proof, keeping pace with the latest developments in payroll tax.
The TAJ’s RAis technology is designed to ensure compliance of every piece of legislation that’s on the books. In recent times the entity has been moving many of its statutory payments to virtual environment and has been continuously improving its platform to do much more.
In effect, TAJ has created an enabling environment for new payroll technologies to be introduced, remain relevant, yet compliant, so that both the employer and employee can rest easy.
With innovation in our DNA, our responsibility is to take emerging technologies and put them into action to work for you so that you can succeed in business.