GLOBAL PAYROLL MAGAZINE
95
“With automated systems, businesses also have access to real-time monitoring and audit logs, which makes it easier to identify suspicious activity and quickly respond to potential attacks.”
Strengthen Compliance Through Automation
employee rights, etc., is time-consuming, risky and costly. What may appear to be a small mistake, like calculating tax deductions or misreporting employee wages, can lead to significant fines and irreparable damages. Fortunately, automated payroll solutions can address these obstacles with the support of real-time compliance monitoring. These systems are designed to automatically update so businesses have access to changes to tax rates, labor laws or visibility into adjustments to social security contributions. As a result, payroll calculations are accurate, and businesses are compliant with local regulations. There are additional ways automated systems strengthen cybersecurity, such as reporting. They are designed to deliver concise and transparent reporting, which allows businesses to easily deliver audit-ready reports, saving time and money. These reports are important for internal audits and can also help businesses prepare for regulatory inspections. The Future of Automation in Global Payroll As technological advancements continue to evolve, automation will
Cybersecurity will always be a top priority; however, payroll compliance is a concern for businesses with global workforces. Using manual systems and processes to stay current on local laws, tax regulations,
Made with FlippingBook Ebook Creator