4 Growing Payroll Trends Likely to Continue in 2017 

Payroll service has modernized significantly within the last few years, thanks a lot in part to enhancements such as cloud processing, mobile devices, and new software that allows for better integrating payroll servcies with other HR functions. The next year is likely to bring even more advancement and change. 

Here are four payroll trends expected to keep growing in 2017: 

More Apps Allow Payroll Gain access to From Smart Devices 

Professionals and employees today often want to be able to access payroll data from wherever they happen to be–even if they are not at a pc. This has resulted in the creation of software that let both professionals and employees easily access payroll data. The number and capabilities of the apps will likely develop in 2017. The Paychex Flex mobile app, for example, includes a sole dashboard with all communications and products in one place for an employer. There’s the capability to open an email to a worker with a single touch, and remotely gain access to Payroll service with another. Employees meanwhile can gain access to their pay stubs and retirement username and passwords via their smart devices. 

Cloud-Based Payroll Continues to Expand 

Businesses have been increasingly moving their payroll to cloud-based services, meaning they are run on third-party servers and can be seen using any Web connection. This has somemajor advantages: Software gets regularly modified, data is supported, data entry is simplified, and gain access to from everywhere becomes possible, including through smart device apps. A 2014 Deloitte survey discovered that 14 percent of organizations got a cloud-based payroll service, while 26 percent more was agreat deal of thought. Chances are these amounts will rise by the finish of 2017. 

A Growing Concentrate on Data Security 

Data security of payroll information has turned into an organic matter as more payroll functionality happens online using various devices such as smartphones and tablets. A recently available AICPA survey found 50 % of the institute’s customers were using cloud-based accounting services, but many thought data security was a significant barrier standing in the way of adoption. The AICPA has been urging associates to go through due diligence with third-party providers, and also to ink agreements that guarantee possession and safety of worker information. More companies are going to be reviewing the data security protocols of the payroll service in the years in advance and looking for ways to ensure their data is guarded. 

Analyzing Payroll Data to Spot Trends 

Usage of data also starts up new choices for predictive analytics. For example, some companies have started using payroll and HR data to forecast which employees are most at risk of leaving their jobs, according to The Wall Streets Journal. Companies can also review payroll data to spot anomalies that may suggest payroll fraud, trends in hours performed, or overtime pay, which can help them make smarter decisions about individuals capital management. 

Employers have significantly more ways than ever before for managing and utilizing their payroll information and making it accessible to their employees. It is likely that 2017 will only bring more payroll service opportunities.



Copyright Touch Stone FCU 2024
Shale theme by Siteturner