3 Types of Payroll Data to Automate for Successful Global Expansion
Over the last five years, the pace at which automation has advanced in the workplace has been breathtaking. Self-service kiosks have been replaced by automated phone systems, which were then replaced by chatbots, which were then replaced by AI-powered virtual assistants. Today, companies are constantly pushing the boundaries of what their business can accomplish without human assistance.
Unsurprisingly, some of the most innovative automation solutions are coming from the start-up world. Companies like Nintex and UiPath are leading the pack when it comes to deploying secure, efficient, and customizable Robotic Process Automation (RPA) solutions. Leveraging advances in machine learning and software interoperability, RPA bots can be trained to perform a wide range of functions, from simple data extraction to complex data analysis. This technology has the potential to transform the way businesses operate on a day-to-day basis, reducing labor costs and improving productivity.
The next frontier for RPAs is already showcasing the clear benefits of payroll automation. At its core, managing business payroll is a mundane, error-prone, and fragmented process, often requiring whole departments and dozens of byzantine spreadsheets to keep everything on track. Integrating an automation solution into your company is one of the quickest ways to minimize this administrative burden, with RPA bots from companies like Papaya Global capable of collecting and converting unstructured data from multiple payroll platforms into one easily accessible format.
To fast-track your automation journey, we’ve broken down three of the most common types of payroll data to consider when automating for global expansion.
Traditionally, timekeeping involves keeping track of employee hours and recording hourly paid and non-paid time. Your company may also utilize some form of project-specific timekeeping, monitoring clock-in and clock-out times for a particular project. Keeping track of all this data can be challenging when you have a large number of employees (this is especially true if your workforce is spread across multiple time zones). The good news is that RPA bots and automation platforms have made it simpler than ever to automate timekeeping on a global scale.
The best RPA providers offer a variety of timekeeping automation options, such as rules-based triggers and decision trees. This allows you to define specific rules for how your timekeeping data will be processed and automatically pushed to the next step in the payroll process. If your software detects a timekeeping discrepancy, it can be configured to notify a human supervisor to validate the flagged record.
Employment Benefits Payments
Employment benefits payments come in all shapes and sizes — health insurance, accrual-based payouts, pensions, and so on. The process for automating employment benefits payouts will depend on the type of benefits you offer. For example, if you offer performance-based payouts, such as quarterly bonuses, your RPA bot can be set up to automatically track, process, and trigger the appropriate payroll cycle when a certain project contribution threshold has been met. Alternatively, if you want to automate payouts for accrual-based benefits, your RPA bot can be set up to pull the relevant data from your human resources system and process the payment accordingly.
Another challenge for many global companies is accurately tracking payroll taxes. Because of the complexities of different tax laws, payroll tax eligibility will typically depend on the country in which a job is based and the nature of the job itself. For example, some countries don’t tax personal income, while others tax only a portion of an employee’s income. These differences can lead to significant amounts of lost revenue if your company isn’t monitoring payroll tax eligibility on a regular basis.
RPA bots can automate many of the most challenging payroll tax requirements, including payroll tax eligibility, tax calculation, and payroll tax deductions. Of course, if you ever need to audit your payroll process, your RPA can generate a comprehensive report that will help you determine if your payroll is in order and highlight any issues that may need to be addressed.
The Bottom Line
It’s no longer enough to have solid human talent when planning a global expansion; you need to have a strategy for how you’ll scale across multiple locations. This means automating as much payroll data as possible to reduce the need for manual oversight and ensure that your payroll functions are streamlined.
Unlike traditional human payroll clerks, RPA bots don’t require extensive training or error-checking supervision. They can be deployed on a continuous basis, allowing you to optimize the responsiveness of your workforce while expanding your ability to scale across new locations.
Ultimately, automation isn’t a one-size-fits-all solution. The right RPA platform solution for your payroll needs should be designed to match your specific requirements. This should include a thorough understanding of your current timekeeping processes, the data you need to automate, and the human supervision required to manage the process.