Heavy rain lashes the pavement as our hero cautiously moves along the darkened streets. A pair of gleaming red eyes pierce the darkness. His pace quickens. The unmistakable sound of metal grinding against concrete greets him as he turns to face his pursuer. The towering metal beast lets out a deafening roar........and hands him a penalty notice for tax evasion.
Ok, so the above scenario may sound like something from an H G Wells novel but the reality of Artificial Intelligence (AI) is very real. (Spoiler: HMRC are already considering using AI to counter tax evasion)
What kind of impact could AI have on the Payroll Industry? And, how can you harness its potential? This article will explain.
How could AI affect the payroll industry?
Making life easier
Carrying out repetitive tasks is bread and butter for many who work in the payroll industry. Inputting data, checking that data, making corrections; all of this currently requires human input at some stage. As AI systems improve we may find that they can take over some of these tasks for us. "Alexa, clear out the duplicates from the payroll database" may not be as far away as we think.
Saving money
Using machines to carry out tasks frees up time and energy for us humans to do other things. Imagine an AI system that could identify and process allowable expenses for each contractor based on their individual circumstances and the latest guidance from HMRC.
Improving compliance
As mentioned in our intro, HMRC are considering using AI to counter tax evasion. Currently, they use a chatbot named Rita to help with queries on social media. The indications are that this is just the beginning of AI use within HMRC. https://www.civilserviceworld.com/professions/article/hmrc-explores-use-of-ai-for-compliance-and-complex-tax-cases
Could AI be used to track down and identify compliance issues? It seems entirely possible.
How can your payroll business harness the power of AI?
Undoubtedly the Artificial Intelligence revolution is coming. Rather than resist the changes why not adapt your business to meet them? Talk to your staff and your customers, get their feedback on how they feel AI could improve your business. Don't be afraid to embrace new technologies, even in small ways. For example, the featured image at the top of this article was created using an AI image generator (credit: https://hotpot.ai).
We'd love to hear how you think AI could improve your business, feel free to contact us and share your thoughts.
