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Accounting software trends

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Payroll software trends

Payroll System RFI/RFP Requirements Checklist - click here for more information

Payroll Software

Current trends

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
  • Digital pay slips / pay stubs
  • Web interfaces eg from time and attendance, absence planning and reporting
  • Workflow functionality eg automated time sheet submission and leave requests
  • Online connectivity enabling organisations to outsource part of their payroll systems and still access their required information
  • Improving reporting, analytics and business intelligence eg the ability to slice and dice labour costs, analyse project labour costs real-time
  • Online tax reporting and filing

 

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

 

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

 

Payroll benchmark:

  • Payroll being run with one payroll person per 800 employees paid

 

For an impartial guide to the ‘key criteria of good Payroll software’ visit: Payroll Software Criteria

Or, for other software trends, click: Accounting software trends / CRM software trends / HR software trends

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