Technology Trends That Payroll Service Companies Tend To Apply In The Near Future
July 1, 2022
“How to simplify payroll process to save time and costs, but still ensure the accuracy and information security?” is a difficult question to solve among many businesses. While some businesses opt for in-house payroll, other have come to prefer the expertise of payroll service companies to not only adress acuracy and security problems of manually doing payroll, but also ensure compliance and avoid various risks.
With the technological advancements in the HR sector and the changes left by the pandemic, businesses are starting to re-examine their operations and trying to accomodate the new way of work with technologies to maximize efficiency, optimize procedures and grow in the new now, in which payroll is not an exception. Many payroll service companies have offered new technolgies in payroll services to their customers to ensure businesses can access most-updated payroll system with utmost accuracy and convenience. Let’s find out the new trends with Talentnet and how to choose a good payroll service company via this article.
1. The future of payroll technologies
The fundamentals of payroll may not changed as much, it is still a cornerstone of most businesses and core foundation of a sucessful HR strategy. However, advanced technology are quickly redefining payroll processes: manual methods are automated, reporting and reconcilation are expected transformative change, and payroll services are more accessible in the 4.0 world than ever. Furthermore, the payroll service companies offering new innovations, such as digital assistant, machine learning and automation ready-to-use on businesses’ demands just by integrating cloud technology with application processing interfaces (APIs). Explore these technology trends below that businesses can benefit from using payroll services.
1.1. Cloud Computing
Allowing users to access personal data anywhere and on any device is the most impressive advantage of cloud computing. According to the current trend – working from home, cloud technology helps employees manage the payroll right at their home, avoiding the hassle of going to a physical office to handle this work.
Using the could computing also allows users to access their payroll information in real-time, including pending PTO and leave requests. In particular, cloud technology has the ability to protect data from leaking and attacking by cyber-criminals, ensuring absolute safety and security.
1.2. Artificial Intelligence (AI)
Artificial intelligence is no longer an unfamiliar term which is used in many different industries. When payroll services are combined with AI, It is simple to analyze the large amounts of payroll data, but still ensure completeness, accuracy and safety. In practice, AI-based chatbots are used to assist employees with non-urgent requests. Thus, instead of running from department to department to address problems, most of the employee’s questions will be answered by an automated chatbot.
AI is used to collect more accurate data, which generates data-driven reports and forcasts, helps HR see pay disparities, or various problems to make changes, and improve HR strategies.
Highly-security with blockchain technology, while ensuring proper and accurate accesses to the right people. Prevent data-leak, and further serve as back-up option for BCP plan.
1.4. Diversified integration
The salary calculation and its management are being upgraded and integrated with many different systems and software. This integration not only enhances the progress and productivity of work but also helps diversify service functions. However, it can disrupt the inherent integration of the system, but it still brings efficiency to the business.
For instance, a Human Resource Management System (HRMS) has the function of storing employee data, meanwhile, payroll has the function of maintaining time and corresponding payroll data. If these two systems with different functions are integrated, it will help businesses solve many problems. Companies can connect time and pay to employees, using these elements to help manage performance, productivity, and engagement. At the same time, they also help the HR department to have a general view of the company, in addition to other tactical benefits such as managing the time-off policies as well as related legal issues.
2. Why should businesses use payroll services?
Payroll is still a major challenge for managers in any organization, large or small, because it is linked to the companies’ loss and profit. Hence, businesses have come up with a solution of using the payroll service from providers to simplify and tackle this issue. But “Why should businesses use this service? What are the advantages of this service?”. The following is the answer to this question:
2.1. Access to payroll technologies
When using payroll services, businesses will have the opportunity to quickly access accurate and up-to-date payroll methods. As a result, the salary calculation process becomes simple, saving time and effort, but still ensuring transparency and clarity.
2.2. Adapt to new working methods
Businesses are trying to create a free and comfortable working environment. Remote work or work-from-home is also becoming more and more common. Acknowledging those trends, payroll companies have also improved their payroll services to suit this new way of working. Accordingly, the payroll activity will be conducted as required and the employees can do this by themselves. It is this advantage of payroll services that helps businesses attract and retain talent and grow stronger in the future.
2.3. Fast and accurate update
When implementing the salary calculation process, it always comes with legal and market research activities. If there is a change or fluctuation in the regulations, the salary calculation system will immediately capture and update it. Subsequently, it is always ensuring its up-to-date and accuracy, especially in matters related to the law. As a result, employees can focus on the core issues of the company without worrying about salary issues.
3. How to choose a good and suitable payroll service company
Payroll services are becoming increasingly popular and widely used by businesses of all sizes, including small and medium-sized businesses. Those who have never used this service, however, are still unfamiliar with it, and as they begin to catch up with the world trend, they are wondering, “How do I choose a good and suitable payroll service company?”. Let’s find out with Talentnet through the following sections.
3.1. Face-to-Face meeting before cooperating
People are advised to meet and discuss with the payroll service company directly as the best way to learn about the service quality and prestige. Because face-to-face meetings allow you to assess the customer service attitude, working style, skills, expertise, and so on. Notwithstanding, simple, direct meetings are important and influence your decision-making later. Therefore, before deciding to cooperate, take your time to talk directly with them.
3.2 Providing advanced technology
The technology factor is the second factor that determines whether or not a company should cooperate with this payroll service company. It is easy to acknowledge that technology helps people solve most of their work without errors. Therefore, having a payroll service company that integrates advanced, modern technology is probably a good choice for your business. Not only does it solve the salary problem, but technology also brings satisfaction because of its high accuracy, security and safety, saving time and costs.
3.3. Additional services
Normally, payroll service companies still provide many other services to meet the needs of customers along with the main payroll one. It should be noted that each company would give different packages and offers to their customers due to their diversity as well as level of customer service. Thus, before making a chosen decision, you should learn and research more about their added offers so as to be able to experience the service in the best way.
3.4. Labor law acknowledgement
Labor law acknowledgement seems to be an important prerequisite to help businesses make the right choice decision. One should note that everything which is related to payment, specifically payroll, would be associated with the law. This is because the reputation as well as the relationship of your company will get into trouble if the payroll problems cannot be peacefully resolved. Therefore, you should choose a payroll service company that has full-knowledge and constantly updates on the law to avoid negligence in the future.
4. What is the payroll services at Talentnet?
Talentnet, formerly known as Human Resources Services of PricewaterhouseCoopers Vietnam, specializes in providing comprehensive, professional, and practical human capital solutions to meet business requirements. services that Talentnet has provided, namely Corporate Services, Mercer Salary Surveys, Executive Search & Selection, Payroll Services, Human Capital Solutions, HR Outsourcing, etc. At Talentnet, the payroll service, in particular, is one of the best payroll services in Vietnam, with international standards system and experienced consulting team
4.1. Diversified payroll packages to meet the needs of various businesses
With Talentnet, clients can not only choose to use end-to-end payroll and system solution which provides a full range of services to build and enhance a whole cycle of payroll, but also handpick needed service modules ranging from international standards payroll system to compliance consultancy. This enables businesses to pick and choose payroll services that best fit with current budget and strategies.
4.2. International standard payroll system leasing at reasonable price
Another special characteristic that customers should choose from Talentnet’s service is that businesses who have experienced internal payroll team and only want to standardize the payroll process without building a fully compatible system from scratch, are able to opt for the System Leasing Solutions. This service will enable businesses to quickly access the ready-to-use payroll system with core HR and payroll services consisting employee data management, salary and bonuses calculation and easy-to-use employee/manager self-service.
4.3. Experienced and professional team of consultants
With Talentnet, customers would be completely comfortable and assured with the companionship and support of an enthusiastic team and specialized experts. With more than 20 years of experience, Talentnet payroll consultants can advise businesses on various compliance issues and support businesses with expatriates.
5. Why should you choose the leading payroll service provider in Vietnam, Talentnet?
Talent’s payroll services is currently being trusted and used by various clients. So what makes Talentnet particularly attractive? What is the reason for choosing the payroll service at Talentnet?
- Diverse client’s portfolio with more than 400 MNCs
- Highly-competitive payroll processing capability with more than 45,000 payslips processed monthly
- In addition, more than 700 expatriates supported
- 100% accuracy
- 100% regulatory compliance
- 100% on-time
- Talentnet’s payroll system achieves international standards of security and confidentiality
- Easily integrate with various system
- Well-tested with integrated core payroll system with employee/manager self-service
- Tailored payroll solutions providing diversified reports for every clients’ needs