According to a survey by Personio, 45 percent of payroll managers spend at least three full workdays per month preparing payroll, reviewing changes, or correcting errors. Nearly two-thirds of respondents regularly encounter problems such as incorrect calculations or missed deadlines. A staggering 44 percent report that employees raise complaints about incorrect payroll multiple times per year.
The new product of the Munich company aims to simplify payroll processing for small and medium-sized businesses. According to the company, this is the first real-time payroll processing solution. This will ensure continuous data validation and real-time previews of payroll data. The solution is designed to ensure that payroll data is correct the first time and can be processed in compliance with legal requirements at all times. Maria Angelidou-Smith, Chief Product and Technology Officer at Personio, says:
"With Personio Payroll, we offer a payroll solution that is deeply integrated with our HR software: payroll and HR in one. This integration significantly minimizes the time spent on manual calculations, double-checks, and manual data transfer. This reduces the risk of errors and increases efficiency in HR teams, which is more important than ever in these challenging economic times."
“With Personio Payroll we are rethinking payroll”
During the payroll process, data is reconciled with the Personio HR software, and errors are flagged in real time. This means payroll processing should be completed in minutes instead of days. Hanno Renner, Co-founder and CEO of Personio, says:
"With Personio Payroll, we're rethinking payroll. The launch marks a significant milestone in our development as a company: With the first real-time payroll solution, we're addressing the needs of SMEs based on our customers' wishes and shaping payroll as it should be: precise and simple."
The new solution is currently in the Early Access program and is expected to become regularly available this year.
