AI and Automation Poised to Transform Payroll Processing for Australian SMEs
In the complex world of payroll that remains a daunting task for SMEs in Australia, Australian small and medium enterprises (SMEs) encounter different challenges that are met, from occupying time-consuming procedures to overwork with intricate legislative frameworks. Despite the fact that AI is a threat to human jobs in this field, some scientists are developing AI-based systems as an alternative. It is believed that these efforts might bring a paradigm shift in ship management.
A survey commissioned by Employment Hero, widely considered a prominent employment platform in Australia, reveals the difficulties facing SMEs across the country. Interestingly, data reveals that about 73% of SMEs spent more than 24 hours just in a pay run. According to 95% of the survey population, the period of suffering ranged from one to three days; some people suffered for up to five days or even longer.
The AI and automation dissection is an all-around solution
Small- and medium-sized enterprises (SMEs) are facing these repeated challenges. AI and automation arise as technologies that a lot of people have hopes and expectations in, regardless. Interestingly enough, as many as 89 percent of the respondents specifically point to slashing payroll processing time to minutes through the use of these technologies. Thus, employees across various sectors wish to utilize the technologies as a means to encourage efficiency.
The Payroll Manager, Phil Bernie of Employment Hero, laid emphasis on the pressing need for modernization and said,
“It is a great joke among small and large enterprises in Australia that the payroll processing takes as many as days to be completed.”
He highlighted the fact that harnessing readily available software and automation would immensely aid in speed-up this process and free up manpower to be employed in the fields that require personal
Projected growth in AI adoption
According to the survey data, in the horizon, an extensive 81% of respondents tend to see the AI and automation-related technology adoption rate rise significantly in their organizations within the next 12 months. Beyond the reduction of payroll costs, these developments will instead create a new avenue for professionals to enhance their expertise and career development.
AI and automation will definitely evolve in time which SMEs are looking forward to using these technologies to their full potential in terms of analyzing data (51 percent), refining payroll specifications (45 percent), and discovering opportunities for lifelong learning and improvement (41 percent).
Bernie foresees a world in which the majority of the payroll process will be handled by machines so humans can dedicate most of their time to performing more high-level duties, like giving professional advice, recommendations, and consultations.
This article originally appeared in Employment Hero
