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Payroll Software |
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Current trends ... |
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The continued growth of web (intranet / internet) enabled Payroll software and systems, including:
- Employee Self Service (ESS) within Payroll software eg to view personal data, pay history, benefit details, amend bank account details
- Access to selected pay information via employee portals, PC’s, kiosks, interactive voice response (IVR) systems
- Digital pay slips / pay stubs
- Web interfaces eg from time and attendance, absence planning and reporting
- Workflow functionality eg automated time sheet submission and holiday / leave requests
- Electronic payment eg BACSTEL-IP for facilitating direct deposit into employee’s bank accounts
- Online connectivity enabling organisations to outsource part of their payroll systems and still access their required information
- Improving reporting, analytics and Business Intelligence (BI) eg the ability to slice and dice labour costs, analyse project labour costs real-time
- Online tax reporting and filing
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Non-web payroll software trends - continued growth of:
- Regulatory compliance
- Integration of Payroll software and Human Resource software
- Integration with Time and Attendance (time recording and tracking of employee hours)
- Integration with ERP systems, tax reporting systems
- Payroll software capable of handing ‘international pay’ eg paying staff in UK, USA, Australia
- Electronic Funds Transfer (EFT) / BACS / direct deposit into employee bank accounts (and reduction of cheque / cash payments)
- Payroll debit cards for employees without bank accounts
- Emphasis on improving payroll efficiency / reducing costs such as by consolidating payroll processing, minimising pay cycles eg weekly to monthly, increasing usage of electronic payments
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Payroll market trends - continued growth of:
- Outsourcing Payroll software and functions to bureau or outsourcing providers
- Organisations looking at Payroll outsourcing, but who ultimately do not proceed due to a variety of reasons, such as wishing to maintain confidentiality or use employee / payroll information within HR functions
- Migration by organisations to web based Payroll software
- HR and Payroll software market consolidation
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Payroll benchmarks:
- Payroll being run with one payroll person per 800 employees paid or
- Payroll cost of under £40 per employee per annum
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