Payroll and Artificial Intelligence - Trends and Potential
Payroll is a core function in every business, and one of the largest expenses, yet for many companies remains a manual process. Between human error and increasing compliance regulations, payroll is becoming more of a liability than ever before. Conversely, the use of artificial intelligence has been steadily growing each year, with billions being invested in new technologies and services. So how can AI and payroll work together?
Many of the innovations we use in our daily lives to help manage calendars, organise lists, or automate our homes, are now transferring to the office. Using technology to automate payroll and tax data can ensure compliance and remove human error, while HR technologies can help manage all aspects of the employee life-cycle. Connecting payroll and HR systems gives companies a view of employee trends, and can help identify areas of opportunity or improvement.
AI is already being used to improve payroll processes and ensure compliance, manage tax filings to HMRC and auto-enrolment, and helping companies identify potential issues. As more compliance regulations are put in place, the use of AI for payroll will become a requirement to ensure compliance and mitigate risk. HR technologies have also evolved due to advances in AI, allowing HR teams to easily recruit, on-board employees, and manage appraisals and spend more time on strategic HR initiatives.
Integration is a key improvement in the AI industry. Companies that can integrate their HR and payroll technologies utilise staff more efficiently, gain real-time access to payroll and HR data, and can look at trends over time to make adjustments and ensure compliance. Manual spreadsheets and human error are a thing of the past - AI is changing the way we work for the better. To learn more about integrating your payroll and HR, click here.