New trend of HR industry: Applying technology to payroll

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Payroll calculation is the most important task of the human resources department, directly affecting businesses and employees. In order to overcome the limitations and errors of previous manual salary calculation forms (books, Excel files, etc.), enterprises have started to apply technology to automate the salary calculation stages. So, what advancements has the application of technology brought to payroll?

The trend of applying technology when calculating salary

During the time of the COVID-19 pandemic, in addition to the requirement to be able to manage payroll information remotely, other standards have been raised for payroll operations, including: quickly, flexibly, ensuring accuracy, complying with the law. To adapt and meet these standards, businesses need to have the assistance of technology, namely the use of modern systems, automation, machine learning and artificial intelligence in the payroll process. These technologies are seen as a solution to make payroll more efficient, freeing up time for the HR department to focus on other strategic factors. (Click here to read more detail)

According to the CIPP Future Salary Survey in 2020, when it comes to the impact of technology on the performance of the HR department:

78% agree that applying technology to the payroll process will make the HR department more efficient.

62% agree that applying technology to the payroll process helps reduce costs associated with payroll processing.

59% agree that applying technology to the payroll process can solve common errors and allow HR more time to focus on professional plans.

From there, it can be seen that the trend of integrating technology into payroll is highly appreciated by most businesses because of the benefits it brings.

Benefits of applying technology when calculating salary

Accuracy Guaranteed

In the payroll process, manual data entry is an inevitable stage of errors, a small mistake can also lead to other deviations for the entire payroll. Applying technology can ensure the accuracy of this process because personnel information and attendance data will be linked and automatically transferred to the payroll spreadsheet on the software, minimizing manual operations. From the updated data, HR only needs to perform a few simple steps to calculate and issue pay slips for all employees based on a pre-established formula.

Cost savings

Businesses often think that it will have to spend a lot of money on investing and applying technology to the payroll process. However, in addition to the direction of self-designing software, the form of software copyright acquisition or outsourcing of technology services (SAAS) is also considered as solutions to apply technology but still ensure cost optimization. Compared with the form of copyright acquisition, SAAS service will be more suitable and convenient for the majority of businesses, allowing businesses to save costs and effort spent on building databases, managing systems system, installation and annual maintenance of hardware, software, etc.

Ensure confidentiality of information

Salary data is always the top secret of almost all companies. However, when storing salary information on a computer system or paper, the possibility of information disclosure is very high. Therefore, to ensure that the data will be absolutely safe, the servers or data storage of the human resource management software need to be integrated into the Cloud (cloud computing). Here all data will be authorized for each user account to access. From there, the data can only be viewed for members with an account who log in to the data system and are authorized to access it.

Synchronize data

Previously, data was often stored on paper, making it difficult to manage, retrieve, and report as well as cause data loss. On the contrary, when managing and storing information online, all salary data will be synchronized and centrally managed on the same system, reducing the risk of fragmentation, enhancing data consistency in the business.

The application of technology to payroll has been well received and appreciated by the HR community. However, currently in the Vietnamese market, it is difficult to find a payroll service provider that integrates with technology but still ensures professional expertise and in-depth consulting. Belonging to the consulting group I-GLOCAL with nearly 20 years of experience in supporting Japanese businesses in the Vietnamese market, terra proud to become a supplier of payroll support for customers with all the above criteria.

Payroll service combining technology and in-depth consulting

Developed with the goal of meeting all standards set by businesses, terra provides a variety of solutions including payroll outsourcing services – terra Payroll and human resource management software – terra HR System. In particular, terra‘s payroll service is operated on a modern technology platform – terra HR System.

terra Payroll

For customers who are small and medium businesses with a thin or overloaded HR department, who need to outsource payroll services to support the HR department.

terra Payroll is a service that helps businesses handle almost all payroll, personal income tax, insurance, etc. With over 18 years of experience in the field of consulting-tax-accounting, With a deep understanding of legal regulations, terra‘s human resources experts will assist businesses in handling payroll smoothly and accurately, avoiding legal risks. Besides, terra always accompanies consulting to build the payroll process, payroll and how to successfully apply the service to the operating process for businesses.

terra HR System

For customers who are small and medium businesses, who want to improve manual processes, improve internal communication systems at a reasonable cost.

With a simple and friendly management interface, terra HR System software helps customers process automatic payroll quickly and on time. In addition, terra‘s 1:1 customer care team will accompany businesses throughout the process of using the system, immediately solving problems that arise. In addition, terra HR System also fully integrates functions to support the entire process of the HR department such as recruitment, training, evaluation, etc.

With an extremely reasonable cost, while integrating consulting, technology and expertise, terra services provided to businesses will always be guaranteed 3 factors: Accuracy – Punctuality – Legality.

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