Payroll Processing: Turning complex & hectic?
RPA for payroll function: managing payroll is not an easy task for any payroll executive. Gathering inputs from multiple sources and calculating the salaries, bonuses, tax deductions, and any other deductions is a hectic and monotonous task to be performed. Staying compliant with the latest tax laws and the necessity to gather multiple payroll inputs are being key challenges.
According to the digital workforce, Payroll processes have more automation potential when compared with Travel accounting and HR services.
In the past few years, we are witnessing HR digital transformation with most of its routine processes being automated. It is high time that each business should adopt RPA to leverage the benefits of automating.
Following are the Payroll process examples suitable for automation:
1. Employee Set-up:
No more repetitive data entries, Virtual Workers make sure all systems are updated, stakeholders informed and staff can be paid on time with no hustles.
Automatically, manage multi-system salary processing on time with the help of virtual workers. They make the salary processing fast & Pain-free while reducing payment processing costs.
3. Salary Reviews:
Do away with the time & effort you spend out to manage salary budgets, update and approval processes during or after a review cycle with the help of the virtual workers.
Manage statutory reporting made easy without consuming resources by automating data transfers and synchronization of the HR systems.
RPA helps in managing variable benefits within an organization. It can be enrollment, subscription, updates or statements, HRs can offer benefits to employees without using any valuable resources.
Transferring staff between positions digitally without rekeying information is made easy now. Virtual Workers move or update the data for the employee records on all the correct systems – the bot will instantly set them up for their new position.
The following some additional payroll processes that benefit from the implementation of RPA:
- New hires/separations or Exit
- Contractual changes like position, benefits, roles, responsibility
- Permanent changes like increases in salary, adding benefits, contact details and changes in the address
- Temporary changes like bonuses, expenses, and overtime payments
- Attendance (involves absence and holiday) records
- Validation and reconciliation of payroll
- Deductions for pension, union, travel card and if any loans borrowed
- Audit and validation reports
According to UIPath’s case study on payroll, it claims that they have achieved 85% of faster processing with zero error rates while reducing manual effort to 25% during 7 weeks of the implementation period.
In General, most of the senior business stakeholders tend to see payroll as a tactical area of the business, and there is pressure to keep costs low. With RPA, the processing time, error rates and manual work can be reduced to a considerable number while delivering the expected results and so, RPA for payroll function could be the right choice to keep the costs low with much returns on automation.