Introduction
Spring has arrived, and we have invited members of the Payslip leadership team to give their views on some trending topics in their respective fields. This is one of a series of blogs from Payslip leaders.
Here, Daniela Barbova, Head of Product at Payslip shares her views on what to expect on the global payroll control platform in 2024 from a product perspective
A lot happened in 2023- we had 6 major product releases that covered over 200 new features! That’s a lot of innovation but we are always listening to what payroll professionals are telling us they need. So, we focussed on developing products and features around pre-payroll automation, reporting and payroll reconciliation. It’s all part of a strategy where we leverage our fantastic purpose-built payroll software to fix challenges and make payroll delivery faster, smarter and more accurate.
Now that we are well into 2024, we are looking at some exciting ways to create a more enhanced user experience inside the platform for our wonderful clients. Here are some brief updates on 3 things you can expect to see on Payslip this year:
Reconciliation Tool 2.0
Last year, we introduced our instant payroll variance monitoring technology. This was an industry first and it has proved to be a huge hit because it saves people so much time in the reconciliation process. Identifying and explaining payroll data variances is a big part of the job and this tool has built-in comparison features to detect inconsistencies and flag potential discrepancies. It replaces slow, tedious Excel variance checking with an instant view of real-time results, helping payroll professionals fix issues quickly.
2024 will see advancements in a number of forms, making this tool even better:
- Additional Pay& Tax Categories and employee headcount
- New filters: enabling you to remove specific P&T elements from the reconciliation
- Ability to add a comment on each row to explain variances
- Auto save functionality that can help with audits
- Sharing options: share reconciliation reports with local providers
Another advancement with our reconciliation tool this year will come in the form of a Payroll Summary which makes the approval process easier for both preparers and approvers:
- Fast, efficient approvals process
- Accurate funding requests for treasury
- Further reduces manual work.
- Saves time – single source for all payroll and treasury approvals.
- Audit-ready approval data
Integrations Control Centre
A mission control view of all live integrations, enabling users to oversee, configure, and run integrations how they want to. You can set up your own pay elements and edit live integrations in real-time . This can really help keep things moving along in busy day to day payroll delivery because you can quickly and easily update integration configurations in real-time
An intuitive menu will let you configure and fine-tune integration settings with ease so that your integrated processes align perfectly with your unique payroll requirements. This means better time management, smoother task delivery and more accurate payroll. This is Payslip delivering the kind of control & self-serve tools that help payroll professionals manage their day efficiently. I am expecting this to be very popular.
Workpay
WorkPay is our automated solution for global payments that transforms complex multi-country payroll payment processes into a single, standardized workflow. Payroll professionals are keen to avoid payment delays and also save money on bank charges-- Payslip is now in a position to help them automate international payments to a global workforce so that they can easily start the payments process for global employees in just a few clicks.
This exciting new feature ensures secure and fully compliant international payments across 200 routes. Automatic payment files are produced & validated, then uploaded to your payment provider. You save money on foreign exchange costs with real-time FX rates on multi-currency payments. Fast, accurate, and efficient payroll payments – just another way the global payroll control platform is making payroll better for global companies.