Payslip is leading the way within the payroll technology sector for practical, ethical AI usage. We’re focused on high-value, high-impact, accurate AI use cases that improve the day-to-day experience of our customers.
And so, we’re delighted to have released our new AI-powered pay and tax element classification tool.
What is this AI tool and how will it benefit our customers?
Payslip is committed to delivering a world-class onboarding experience for our customers, ensuring that the time-to-value is as short as possible.
During the onboarding process, one of the most time-consuming tasks is the classification of pay and tax elements as we help customers to standardize and centralize their payroll data. This involves mapping local names to a global name, as well listing them in the correct categories and sub-categories as part of the customer’s new global taxonomy. It can be a tedious, manual job.
For example, let’s look at a German payroll that’s being standardized in line with the global taxonomy. The AI tool will automatically map a locally named pay element like Rentenbezug to the global name Pension Allowance, and list it within the category and sub-category of Employer Contributions / Pension.
It sounds simple, and in practice it is. But the pay and tax element classification AI takes care of this in a fraction of the time it would otherwise take. Especially you consider how many different pay elements each country’s payroll might have, and how many countries you may need to do this for.
And ultimately, it means that our customers can begin using the platform faster than ever.
We believe that this is what good AI looks like: it makes the complex easy and serves a specific purpose.
Want to learn more about this AI tool and our Global Payroll Control Platform? Get in touch below!
