The growing importance of payroll tech in Ireland

A new report by SD Worx, formerly Intelligo, has revealed the key benefits of using technology to manage payroll, and how Irish firms are adapting to the changing landscape.

Technology is changing every aspect of business, not least behind the scenes – and payroll is the latest area that is being streamlined and improved.

Here is the reality: how companies manage payroll is changing, with more and more turning to technology to take care of this often-arduous process. In simple terms, businesses want technology to reduce the number of payroll issues, such as concerns about data security.

In addition, they are also looking for ways to reduce the number of payroll issues they encounter and save time and labour on manual processes, as well as completing end-of-year tax updates.

To gain a comprehensive understanding of just how much technology is driving change in payroll, SD Worx formerly Intelligo compiled the report: Payroll Proficiency in Ireland: The Growing Importance of Technology.

The report delivers a fact-rich view of how Ireland’s payroll departments are rising to current payroll challenges and future-proofing their companies by embracing technology, partnerships and payroll transformation.

For the report, SD Worx, formerly Intelligo, surveyed companies whose headcount ranged from fewer than 10 to more than 3,000 employees. Payroll Proficiency in Ireland studied six key drivers of payroll proficiency: legislation, reward, workforce, technology, capability and partners.

Researching these drivers, the report uncovered a range of key takeaways, such as:

Technology advancement: The way companies manage payroll is changing, with many turning to technology to reduce the number of payroll issues they encounter. For example, 68.6 per cent of companies surveyed said currently available technologies make data collection easier.

Luckily, payroll software has developed so that it can take over various payroll processes. Some 64 per cent of companies surveyed said technology helped with their preparation, management and distribution of payroll. This, in turn, removes manual input and leads to fewer mistakes and an emphasis on data-driven processes.

Combining systems: Companies in Ireland commonly combine internal and external systems and technology in their payroll process. For instance, 64.7 per cent of companies surveyed stated that technologies and systems make payroll processing easier.

Payroll outsourcing: 55 per cent of companies surveyed stated that cooperation with an external payroll service provider makes payroll processing easier. The report found that outsourcing payroll to an external provider boasted a range of benefits for companies, particularly regarding costs. Furthermore, 65.9 per cent of companies said that outsourcing their payroll makes data collection and access to and integration with data sources easier.

SD Worx, formerly Intelligo, provides a comprehensive payroll software and services suite. Our intelligent payroll and workforce management solutions streamline processes to make day-to-day transactions easier, quicker and more efficient for payroll leaders, managers and employees.

If you would like to learn more about the impact of technology on payroll processes, request a copy of the report by emailing mp.sales@sdworx.com