The Payroll Developments You Need to Know in 2021 – Part Three

In 2021 payroll processing developments are in a state of ongoing flux, replete with the advent of improvements in reporting, employee access, human resources, and time keeping, just to name a few. Featured below is a list of those changes to be aware of in 2021 and potential adopt for your business by signing up for cloud-based payroll processing:  

• The Growth of Artificial Intelligence in Payroll Processing

Artificial intelligence is increasingly becoming part of payroll processing. It will improve how payroll is run through logical improvement in payroll processes and through enhancement of the ease in which basic payroll jobs are completed. Picture employee classification computerization where each new and current employee is classified correctly, and payroll is computed right each time. Artificial intelligence will assist payroll processing systems to put out payroll reports with ease, compared to before where reports were late, took forever, and often were full of errors, so they could not be counted on to make good decisions with.

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• Synergy – Merging Human Resources and Payroll Departments

In the past in businesses, the Human Resources and Payroll departments were not integrated. By combining them businesses create synergy. By combining each department, data from each area are programmed to create correct worker records and spot-on statistical reports. Human Resources uses software to manage time tracking, work schedules and paid time off. By combining the two systems together, human resources and payroll, pay is accurate, paid time off is accurate and payroll mistakes are rare. Tracking employee hours worked through online time keeping gives businesses the ability to track time and manage employee hours worked with the touch of a few keystrokes. A system merges payroll and human resources gives department heads, supervisors, and CEO’s the ability see all of it from one online digital control panel.

In 2021. effective management and processes for payroll are crucial to the success of companies. Several of these developments mentioned are newer. Each one of them provides ongoing enhancements for the success and well-being of businesses and their workers. Many of the developments will become ingrained into how business is done, and how payroll and human resources are managed.  Payroll will continue to evolve, get better and be an important integral component of business success.