The rapid development of the Internet has changed how businesses conduct their day-to-day trading – including payroll. And because geography no longer plays a part in such operations, companies are increasingly choosing to manage their global payroll needs by entrusting a single service provider by using their payroll software for bureaus. It liberates employees from administration and thus promotes greater efficiency. 2018 is set to bring about important changes that will be useful in payroll processing for accountants. Below are five global payroll trends professionals can embrace this year.
Previously, international companies had to establish in-country payroll teams and use the help of local providers, which proved a headache for administrative departments. But thanks to innovative technological departments, businesses can now manage their payroll for various locations from one central location. Outsourcing to payroll professionals means expert support so companies can also benefit from the correct legislative knowledge.
Role of the payroll administrator
The role of the payroll administrator will change as a result of the payroll system. Payroll professionals are not solely required to input data. Their roles have adapted to include identifying patterns and trends, analysing information and offering recommendations for improvement. It’s impossible for the payroll department to operate solo within an ever-changing business environment. As a result, payroll administrators need to grasp the complexities of implementing and running a multinational payroll.
Importance of data protection
The EU General Data Protection Regulation (GDPR) is the most important change in data privacy regulation in the past 20 years. It will transform how the payroll sector manages and processes personal information. The GDPR’s focus extends to the information businesses keep on their employees too. The GDPR also shifts the sole responsibility of protecting employee data from the employer, to sharing it with the payroll software provider. Payroll experts will need to be equipped with the latest requirements to ensure their processes and their payroll software for bureaus, comply with legislation.
Technology eco systems
Payroll service providers will need to offer a more rounded product to meet the ongoing need of global businesses. This means companies will be able to buy a technology eco-system that is ready to use. These software packages will encompass payroll, finance, sales and operations. One of the aims will be to eliminate data duplication.
The self-service employee model
This payroll software for accountants model is visually appealing and becoming the norm for many businesses. Supported by cloud technology, company managers can access payroll and HR data at anytime and anywhere. The ability to access information around the clock, will help teams to work together across numerous locations. With up-to-date information at the click of a button, teams will be safe in the knowledge they are also working with the latest data.
Primo Payroll has the knowledge and expertise to guide your company with the latest technology paired with an excellent service. If you would like to know more about our finance or payroll solutions for accountants and bureaus, call them today on 0845 456 7181. Our head office is based at Unit 2A, Bourne Court, Unity Trading Estate, Woodford Green, Essex IG8 8HD and we work with companies across the UK.