TECHNOLOGY
The case for AI
Jaspal Randhawa ChMCIPPdip, director of product – payroll, compliance and data, Ciphr Ltd, discusses the benefits of artificial intelligence (AI) for payroll
Firstly, what’s the deal with AI? AI has been around for a while but has recently gained more attention due to its increasing impact on society. AI is being used in various fields such as healthcare, finance, transportation and entertainment, among others. It’s also being used to develop new products and services which are changing the way we live and work. When it comes to payroll, there’s an abundance of use cases that are ripe for this type of technology for reasons such as the: l repetitive nature of routine tasks l strategic value of payroll data l compliance framework under which payroll operates. In the table to the right is a summary of key words you may come across or should be familiar with if you want to understand the benefits of AI. The benefits case for deploying AI in payroll There are many use cases where using the
different types of AI technology described above can support payroll in the following areas:
approving timesheets and records that come through as expected, meaning managers can save their own time by only focussing on any anomalies or cases which require human intervention.
Data entry automation Traditional payroll processes involve repetitive
Earned wage access (EWA) A good EWA platform, which allows
tasks such as: l data entry
l timesheet verification l payroll calculations. AI-powered automation streamlines these processes by extracting data from various sources, integrating with timekeeping systems and processing payroll without human intervention. The result? Faster payroll cycles, reduced risk of errors and enhanced overall efficiency. Using AI to support fast, reliable data entry and validation in these areas frees up the time of payroll staff for other duties and reduces the risk of costly errors being made.
employees to access their wages as they accrue, will contain analytics functions that can identify trends in employee behaviour, such as frequent withdrawals, how much overtime pay they earn / take out and so on. These insights can help businesses make the right decisions in supporting employees’ financial well-being, which can subsequently improve their morale and productivity. Remote worker management AI can make it much easier to manage the payroll requirements of employees who work remotely, including any taxes and benefits payable in different jurisdictions.
Time approval AI and automation can take care of
| Professional in Payroll, Pensions and Reward | April 2024 | Issue 99 52
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