This National Payroll Day, let’s not only appreciate these dedicated individuals, but also explore how automation and AI can further streamline payroll processes.
On July 19, 2024, Australia celebrates National Payroll Day, an occasion dedicated to acknowledging the tireless efforts of payroll professionals who ensure Australians are paid accurately and on time.
The Australian Payroll Association (APA) recognizes the commitment of these professionals who often work extra hours, undergo continual training, and labor through national holidays to maintain the seamless operation of payroll systems.
Despite numerous innovations in the payroll industry over the past decade, one constant remains:
“Payroll is underestimated by everyone who does not work in it.”
National Payroll Day offers a chance to appreciate the dedicated professionals whose diligence and perseverance keep Australia running smoothly. The APA encourages everyone to participate in this recognition by celebrating payroll professionals within their networks. Share your appreciation on social media with the hashtag #APANationalPayrollDay.
Phil Bernie, GM, Payroll at Employment Hero said: “On this National Payroll Day, it’s important to recognise the challenges faced by payroll professionals in the current landscape. The fact that for 95% of payroll professionals it takes up to three days or more to complete a pay run, revealed in our 2024 Future of Payroll Report, highlights the significant amount of time and resources dedicated to this task. The industry is in clear agreement that there is a desperate need for tech advancements, with 89% of payroll professionals stating that they’re keen to see how AI can cut down payroll processing times. The potential benefits are huge, from automated pay calculations and payroll reporting to the creation of payslips.
“Payroll is ripe for AI and automation, with 81% expecting a significant increase in its use over the next year. It’s positive to see this kind of support for beneficial technology that can improve day to day pains for employees. As we continue to see the benefits of AI and automation in our daily lives, I think we’re beginning to appreciate the ways it can also truly revolutionise how we manage employment.
“At Employment Hero, we envision a future where running payroll is largely automated, freeing up humans to focus on delivering valuable support, advice, and consultancy to their clients and customers. This is why we’re creating the world’s first fully automated payroll solution. National Payroll Day is a great reminder of how crucial payroll professionals are to every business in Australia, and right now is an exciting time for the industry as AI seeks to shake things up for the better.”
Employers are urged to join the celebration by recognizing and thanking their payroll teams. Suggestions include taking the payroll team to lunch, discussing career progression, and writing thoughtful thank-you notes.
Raise the profile of payroll in your company by downloading and displaying our poster and adding our banner to your email signature.
Our 10 steps to a flawless payroll system
Accurate and efficient payroll systems are vital for businesses of all sizes. However, managing payroll can be complex,requiring compliance with ever-changing regulations and a focus on employee satisfaction. Companies are increasingly turning to advanced strategies to optimize their payroll operations.
Automation and Integration Lead the Way: Modern payroll software automates calculations, tax withholdings, and payments, minimizing human error. Seamless integration with HR and accounting systems ensures smooth data flow,further enhancing efficiency.
Staying Compliant is Key: Regular software updates and ongoing staff training on compliance issues are crucial to navigate the evolving legal landscape. Robust security measures, including data encryption and access controls, safeguard sensitive payroll information.
Accuracy and Efficiency Matter: Regular payroll audits identify and rectify errors. Encouraging direct deposit and offering employee self-service portals for accessing paystubs and tax forms streamline processes.
Employee Satisfaction is Paramount: Timely payments, clear communication regarding payroll policies, and responsive support for inquiries build trust with employees. Regularly soliciting feedback allows companies to continuously improve the employee experience.
Optimizing Processes for Success: Standardizing procedures and documenting them for clarity are essential for consistency and smooth onboarding of new team members. Outsourcing payroll to a professional service provider can be a viable option for companies seeking increased efficiency or facing resource constraints.
Data Analytics Provide Insights: Real-time reporting generated by payroll software empowers data-driven financial planning. Analyzing payroll trends helps companies identify areas like overtime costs or discrepancies, allowing proactive management.
Investing in the Payroll Team: Ongoing professional development and certification programs enhance the capabilities of payroll staff. Equipping the team with the latest technology and tools further bolsters their effectiveness.
Mobile Solutions on the Rise: The adoption of mobile payroll solutions provides employees and payroll staff with on-the-go access to information. Mobile apps can streamline communication by sending reminders and notifications.
Feedback is a Valuable Tool: Regular employee surveys gather valuable feedback to identify areas for improvement,enabling companies to continuously refine their payroll systems. Taking a data-driven approach ensures employees are paid accurately and on time, fostering a positive work environment.
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