As a business owner, it’s important to stay ahead of the curve of various trends. Payroll is a mandatory task that is constantly seeing developments as time goes on, and executives need to be at the forefront of those to ensure their process remains as efficient as possible. PTM has a closer look at what the future holds for payroll to ensure that organizations remain in the loop:
Increasingly complex compliance challenges
One of the more difficult responsibilities that businesses face is keeping up with federal regulations concerning payroll taxes. These standards are always subject to change, requiring company leadership to always have their eyes and ears open for new information. This environment shows no signs of changing anytime soon. In fact, chances are strong that compliance challenges will only continue to increase as time goes on. Major legislation updates are always on the horizon, making the need for helpful technology that much more important. Improved payroll software will be able to perform complex calculations to eliminate human error, according to HR.com.
“The importance of cloud-based software will increase in the future.”
Many people are familiar with the cloud as a method for storage, but more may be less aware of its uses for paying employees effectively. The use of this technology has improved payroll operations immensely. With cloud-based payroll software, tax compliance updates can be implemented automatically, reducing the margin for error, according to B2B News Network. Before this technology, the alterations would have been added manually and would only happen once a month. Increasing flexibility by introducing a model that can be customized to fit companies’ needs makes cloud computing a crucial trend for payroll teams.
Reporting remains critical
These days, payroll technology should be able to handle a number of tasks, including accurate employee payment depending on worker classification and tax regulations. Yet, reporting will still be a crucial element of the payroll process in the future, according to Software Advice – as it should be. These breakdowns help companies – as well as external regulatory agencies – examine the aspects of payroll to ensure everything’s running smoothly. Not being able to run these important reports can lead to large problems for businesses. Without that information, executives may feel as though they’re in the dark regarding their company’s finances and future as a whole.
Organizations in every industry need to find effective technology for payroll. Employees rely on quick payments and easy access to their funds, requiring companies to think ahead to improve efficiency.. It’s crucial for business owners to be aware of future payroll trends, including increasingly complex tax compliance challenges, the rise of cloud computing and the continued importance of reporting.
The upcoming APEX User Conference – held Sept. 16-17 in Atlanta, Georgia – will feature a helpful session regarding industry trends. PTM will be in attendance at the two-day event to provide additional insight into what business owners should be on the lookout for when it comes to payroll technology.