New software from Paycom, which works in cloud-based human capital management software, will now allow for employees to do their own payroll.
A press release from Tuesday (July 6) noted that the new software, called Paycom Beti (Better Employee Transaction Interface), will allow employees to hopefully cut down on errors through more automation and streamlining of payroll as employees take care of it themselves.
The release noted that this isn’t necessarily a huge step forward — employees already take care of other aspects of payroll like expenses, PTO requests and benefits.
Now they’ll be able to handle payroll itself with Beti’s tools. As payroll has traditionally been a multistep process, Paycom is attempting to add more efficiency to the process. The company webpage for Beti said the process can be done via app or from any other device. They’ll go through various tasks to collect the needed information, and then they’ll be able to approve it before submission.
From there, they’ll receive updates on how much will be deposited and when, the site said.
“With Beti, employees do their own payroll,” said Chad Richison, Paycom’s founder and CEO, per the release. “It should have always been this way, but the tech didn’t exist. Today it does, and employers and employees will win with it.”
Other payroll innovations and challenges as of late include cross-border work, IRIS Software Director of International Payroll Services David Munn told PYMNTS. He said there was a demand for cross-border payroll services with the new flux in how companies are now considering global talent pools more often.
But he said that also brings some problems with it, with the compliance differences between various currencies and countries still catching some companies off guard. Businesses allowing workers to work in other countries will have to address payroll complications. That used to be a costly thing, but newer FinTech innovation is stepping up to the plate.
Another benefit of innovation has been new technologies like early payroll, allowing companies to pay workers in ways beyond the traditional checks. Munn just thinks there has to be an effort to adapt these kinds of innovations to the global scale, making them as flexible as they need to be.