Power of Automated Payroll 2024 Report
Published
Power of Automated Payroll 2024 Report
Have you ever thought about what processing payroll might look like in 5, 10, 20 years time?
It’s an interesting thought, and one that’s actually undergoing a huge change right now. Advancements in technology and artificial intelligence (AI) are altering the way software vendors are bringing payroll products to market. It’s changing end-user expectations and influencing how third parties such as accountants and outsourced payroll providers offer their services.
The increasing automation of payroll processes raises critical questions about the future of the industry and the types of products that will be in demand. It also prompts us to consider who will be using payroll software in this new landscape. How will AI and automation affect the roles of payroll professionals? And what is the overall sentiment towards the use of automation tools for payroll services in Singapore and Malaysia?
We know you have plenty of questions waiting to be answered, which is why we set out to further understand the current landscape and sentiments of payroll providers through our research survey. We polled more than 1000 payroll professionals across Singapore and Malaysia in January 2024, and our findings revealed that there is a clear appetite for automation and AI in payroll. However, it emphasises the need to educate businesses on the tools available to them, and how to maximise the application and potential benefits of these tools.
We hope you find these insights useful, and wish you all the best.
In this report, we cover;
- The current landscape;
- Perceptions towards the use of AI and automation in payroll;
- Challenges and concerns;
- Identifying best practices and the future outlook; and more.
Download the report now.
Key findings
of payroll providers are only automating 31-60% of their payroll services
of payroll providers can complete a pay run in less than one day
of payroll providers still need 1 to 5 days to complete a pay run
of payroll providers like to try new tech as soon as it emerges
of payroll providers trust software providers when it comes to expertise in payroll services
of payroll providers trust their professional network when it comes to expertise in payroll services
Insights from our Head of Partnerships
Why do you think some businesses may be holding back from automating pay calculations, payroll reporting and payslips even though this technology is already available?
Some of the reasons that could contribute to this are — having a small number of employees, fixed monthly salaries, and the perceived benefits of automation which might not outweigh the software cost. Because of that, businesses may stick with manual processes despite inefficiencies and risk being non-compliant.
Insights from our referral partner
How do you think having fully automated payroll could benefit you?
Human errors are pretty time-consuming, depending on the severity of it. As payroll providers, we will need to explain the situation to clients and rectify it immediately, which can be very tedious when our clients are rushing us to get it done. Having a fully automated payroll would be an absolute game changer as it would enable us to minimise the occurrence of human errors, and allow us to focus our efforts on forging better relationships with our clients as well as supporting them in optimising their payroll processes.
Methodology and sample profile
The survey was conducted by Cint, a global software leader in digital insights and research technology, with fieldwork in Singapore from 23 January 2024 to 5 February 2024. The total number of eligible respondents in Singapore was 537.
Respondents had to be aged 18+ and be working in one of the following areas:
- Accountancy businesses
- Bookkeeping businesses
- Managed/outsourced payroll services businesses (i.e. selling payroll services to other businesses)
- Professional services providing payroll services (technology/HR consultancy businesses or financial practice & advisory)
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