Top 5 Ways AI is Transforming Payroll
Tom Croughton
Co-Founder of JGA US | Connecting your business to the brightest minds in HR Tech & Global Payroll?? LinkedIn Top Recruiting Voice???
Welcome to the first edition of JGA Inc’s newsletter!
I'm Tom, Co-Founder, and I'm excited to share our insights and expert advice from the world of HR Tech & Global Payroll.
We are the first HR Tech & Global Payroll search partner in the US, laser focused to our values of; Collaboration, Consistency & Care – we are here to help you build world-class teams.
Anyway, enough about us. Our first edition is below. This will give you a flavor of what to expect from 'JGA Payroll&HR | Inside Track'...
Top 5 Ways AI is Transforming Payroll
This article may trigger some. However, Spoiler Alert – it's not all doom and gloom!
How would you feel if I told you many of you are already using AI as part of your payroll processing today?
That may make it seem less daunting. It also means – your business still needs you!
AI is shaping the future of payroll by creating new opportunities to improve efficiency, accuracy, and enhance strategic decision-making.
This article outlines the top five effects of AI on payroll and the reasons why embracing technology is is crucial to ensure your organization thrives in today's ever-evolving business environment.
1) Automated Data Processing:
One of the most important benefits of AI in payroll is to automate the repetitive and time-consuming data processing for the payroll teams.
AI-based machine learning can process huge volume payroll data, reduce errors quickly and release valuable time for the payroll professionals to engage in strategic initiatives.
2) Better Compliance and Accuracy:
A payroll system powered by AI will enhance compliance and accuracy.
The system can flag potential errors, such as wrong tax deductions or overtime calculations. These, added to real-time alerts and updates, would minimize the risk of organizational overhead penalties and legal tussles, given their ability to keep up with the fast-changing environment through AI.
3) Predictive Analytics and Forecasting:
AI can predict trends using predictive analytics to provide valuable insights on workforce trends, labor costs, and budget forecasting. AI helps organizations analyze past data and set patterns for data-based decision-making on their staff, compensation, and resources, hence optimization of payroll strategies.
4) Endless App Integration and Personalized Employee Experiences:
You can connect to hundreds of apps and extend the common tasks in payroll usually include answering common payroll-related questions, giving access to tax documents, and leading the employee through benefits enrollment.
领英推荐
There are two advantages to using AI-powered chatbots or virtual assistants:
AI also allows you to transform the face of your workforce experience with AI that helps deliver support and self-service!
5) Fraud Detection and Security:
AI can help in detecting payroll fraud. Maintaining this data and being able to continuously monitor for irregularities, such as double payment or bizarre distribution of pay, the system can tip off the payroll department to possible fraudulent activities. Some other applications of AI include improved security through access controls and the detection of any attempts at unauthorized access.
Embracing AI in the we manage payroll, in summary...
From what was science fiction than none of us could believe, AI is now a very real part of our lives that must be embraced.
Organizations opting for AI-powered payroll solutions are likely to reap many benefits; they can get ahead of the competition by making everything systematic for more precision and strategic, data-driven decisions.
We must understand that AI is not there to replace human expertise, but rather to empower the professionals of HR & payroll to be much more efficient and strategic through working smartly.
If you're not already, it's time to start exploring the possibilities revealed by AI around payroll operations, connecting with professionals who can walk with you through the implementation process.
Thank you for reading!
If you have enjoyed today's edition, please invite your colleagues, friends, families, pets (joke) to join the team.
Look forward to chatting again next time.
#AIinPayroll
#PayrollTransformation
#FutureOfPayroll
#PayrollInnovation
#EmbraceAI
Population health 125 wellness group
7 个月HUGE POTENTIAL RESIDUAL INCOME IF YOU KNOW COMPANIES OF 50 PLUS W2 EMPLOYEES . Good morning , do you want to help your clients increase their bottom line numbers ? To name a few valuable benefits such as mental health and preventative health are offered using IRS code 125 to pay the premiums with pre-tax dollars that allows the employer to save 25% on payroll taxes at NO cost to the employer. The employing company will save as much as $1,200 annually per employee and we get paid off of the savings, so zero out of pocket costs. Employees actually have a small increase in pay and receive many great benefits. This is a great tool to retain employees as well as bring on new talent. As they say in business, customers / employees do not care how much you know until they know that you CARE. Please let me know a good time to discuss moving forward. I just want to try to make this as easy as possible. All we need is a census on a company you believe can benefit from our product and we will give you a free evaluation of the savings that company will be receiving so you can then go to them and present the idea. Sincerely Harry Harry Friedman
Senior Associate at JGA Recruitment Group | HCM | HR | Payroll | Reward
8 个月Impressive stuff!!
Engagement & Participation Worker (CiCC)
8 个月Very insightful Tom. AI is everyone’s business !
Marketing Manager at JGA Recruitment Group & PayrollJobsBoard.com
8 个月Great read Tom!
Project Coordinator - Procurement & Aftermarket
8 个月Great stuff Tom! AI is going to make some very impactful changes in how businesses work.