Payroll still is, and quite possibly always will be, an integral part of many businesses, especially if they have employees to pay salaries to, and taxes to withhold. However important they remain though, there are always new regulations to abide by, payroll software updates and changing tax codes, meaning that it’s important to stay on top of what’s new in the world of payroll. Mistakes can prove costly and the responsibility placed on payroll professionals, is a big one.
Here are just a few emerging trends to watch out for and keep on top of in the world of payroll:
- More payroll professionals are needed
Well this is good news if you’re a payroll professional seeking employment, and as more companies become successful and expand, there will be more payroll processing to take care of, more taxes to be filed and more reports to be made.
Many companies are also beginning to favour employing professionals with specific payroll skills, as opposed to creating accounting and finance departments that are full of generally qualified people, who have broad experience of the entire department.
- Payroll professionals need to be more skilled
Cloud based applications and automated systems have meant that the payroll industry is gradually becoming more complex, and payroll professionals need to be aux fait with these complexities to stay up to date and increase their knowledge. Just understanding the basics will not cut the mustard with so much competition out there, and another payroll professional who is up to date with technological advances, will be favoured over you.
Not only are employers looking for more from their payroll team, but employees are becoming much more savvy with understanding their rights and knowing what they are entitled to, and they want to be paid accurately and in a timely manner. Disgruntled employees will be quick to act, and rightfully so if they are not receiving what they deserve from payroll.
- Resumes need to be more skills specific
With increases in technology and the way in which payroll is conducted, to stand out against your competitors, your resume will need to highlight all of your skills and in great detail too.
- Payroll is growing increasingly complicated
With federal, state and local laws governing payroll accounting systems, payroll reporting requirements are constantly changing. Making even the smallest error can result in costly penalties, making it imperative that you stay on top of these changes by conducting frequent research and keeping your ear to the ground in payroll circles.
In general, the primary function of payroll hasn’t changed, since employees will always need to be compensated for their work, but industry changes and financial repercussions have meant that managing the flow of data in an accurate and efficient manner, has become ever more important and will continue to be so. Attempting to manage payroll without the assistance of a professional is a risky business, and most companies who are successful, employ a full team of payroll pros to ensure that employees are kept happy and tax laws are abided by.