Historically, the words ‘payroll’ and ‘innovation’ haven’t always been synonymous. In fact, some circles would consider the two concepts to be an oxymoron.
After all, payroll is all about the day-to-day, people management aspects of a business: managing your client’s annual leave requests, recording leave, sending payslips and payroll reports, updating contact details and accurately recording employee hours.
This is bread-and-butter stuff. It’s important, no doubt, and it must be done. But it’s also time-consuming and repetitive.
Procedural tasks of the accountant
At the same time, progress in how these functions are carried out remained elusive. How tech has transformed accounting is well documented.
Cloud accounting has swept through the profession, and now AI and machine learning are automating the many procedural tasks of an accountant.
By industry standards, payroll has lagged behind. While other core accounting functions have leapt ahead, the payroll field seemed stuck in the past by comparison.
Payroll innovation
Things have changed, though. In the six years since BrightPay was launched, a new wave of payroll innovation and cloud access has completely remoulded the sector, from onerous, manual input into a low effort, dynamic and automated service offering.
The potential implications are big, not just for your client service offering – but the very DNA of your firm. Payroll is now more than an administrative task, it can be a profit machine and innovation centre for your firm with the advancements of cloud portals.
Download our free guide where we look at four specific areas where innovation is already impacting the future of payroll.
