THE THREE Cs OF PAYROLL IN THE CLOUD The gateway to modernisation
Connectedness One source of truth
Only 25% of companies in the UK run their payroll in the cloud. This figure – taken from the CIPP Future of Payroll report 2019 – is surprisingly low given the cloud market continues to grow. Gartner predicted worldwide public cloud revenue to grow 17.5% this year 1 , while Accenture’s 2019 CIO survey suggests more than 75% of UK CIOs believe the cloud is critical to their IT and corporate strategy 2 . In fact, Accenture recommends businesses think of the cloud as the gateway to modernisation. So why should you care about the cloud? It’s not just about where you store data, but about how you run your business. Operating the backbone of your company in the cloud helps to open up doors to many benefits. Let’s have a closer look at the three Cs that drive cloud innovation – control, compliance and connectedness. Control The pain in payroll comes from the mismatch of how much control payroll professionals have, and how accurate they need to be. But by having your payroll in the cloud, you get: • Control over process: Automate and configure your entire payroll process from start to finish, change any pay component without the help and cost of IT or your payroll provider, calculate and recalculate on the fly. Take Workday Payroll for the UK for instance. You can continuously recalculate as payroll-impacting events occur and boost efficiency and performance. And with smart retro and smart audits at your command, you get faster results and deeper insights. • Control over data: With real-time, accurate reports and analytics – that you can configure as needed – you get deeper insights into your headcount and labour cost, all without relying on IT or third-party support. • Control over cost: With configuration, you’re in control of your payroll system. You can add new pay components and calculations, and add or change reports and business processes as you need. Compliance As the world of work continues to change, and with the current climate of political uncertainty and change, the volume and reach of compliance changes increases. Staying ahead of managing risk and compliance becomes more complex – and at Workday, we aim to make it simple for you. You can minimise compliance risks by proactively identifying which upcoming regulations affect your employee population, and take advantage of always-on audits that flag errors. This means businesses can proactively resolve them, saving time and giving you peace of mind.
Many companies have cobbled together disparate solutions, legacy systems and multiple HR, finance and payroll systems for years. Connectedness begins with a true system of record, so you can rely on the accuracy of data in real time – and truly understand the business insights across finance and people data, and act on them. One true system of record gives you the power of interconnected data. You’ll be able to operate your business with more certainty and agility, and easily execute end-to-end processes. For instance, with Workday Payroll for the UK, cost centre structures are shared across finance, HR and payroll, so when changes happen, they’re automatically reflected in all areas of the system – reducing the time you need for manual reconciliation and auditing. And in reporting and analytics, new ways to understand your business’ data open up as you can drill down and analyse the connections between your people, what they bring to the business, labour cost and revenue. And with this, the door opens for payroll to become more connected with the rest of your business. Cloud technology also opens mobile capability so employees can have one source of truth for their data, with one user experience. connectedness that opens up when you leave disparate systems and processes behind you: a connected community. Now, this human factor might surprise you if you’re only thinking of the cloud as a technology driver. But imagine if everyone ran on the same version, had access to the latest innovation and could exchange ideas and solutions on their shared experience. It would make collaboration among payroll experts so much easier. And on a vendor level, you get a true partnership with product development – digitally and face-to-face – so you can share ideas, solutions and knowledge, network and stay up-to-date on trends. Life in the cloud It’s clear that moving your payroll to the cloud opens a lot of doors for you and your business. But you might wonder about another ‘C’ – cost. Managing payroll can be costly, but a unified payroll in the cloud dramatically reduces the cost of processing as you gain control of the entire payroll process, streamline labour and technology costs, and automate processes – all while getting better insight into labour costs. Control also helps to increase accuracy, so the cost of overpayments is reduced. So it really is time to take a closer look at how you can modernise your payroll and open the door to innovation. One community There’s another dimension of
‘Only 25% of companies in the UK run their payroll in the cloud.’
1. Gartner.com, ‘Gartner forecasts worldwide public cloud revenue to grow 17.5 percent in 2019’, 2 April 2019
2. Accenture, ‘Unleashing exponential evolution: 2019 ERP trends’, 13 November 2018
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PROFESSIONAL IN PAYROLL, PENSIONS AND REWARD | SOFTWARE DIRECTORY 2020
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13/12/2019 12:29
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