3 things Payslip does differently with global payroll

August 3, 2022 | 5 Mins David Daly

There are a lot of global payroll solutions out there in the market right now and it can be difficult for global payroll professionals, managers and leaders to choose between them. One way to get some deeper insight into the market offerings is to find out who is approaching global payroll in a way that solves problems which really need fixing right now.

This is important as it is a key indicator of both innovation and an ability to spot and truly understand which specific global payroll challenges need solving. It is also an indicator of a move away from a one size fits all mentality and towards solutions that cater for the genuine payroll needs of digital native companies, large enterprises or high growth and scaling organizations.

Payslip is doing things right now that nobody else out there is doing. We are responding to the gaps that exist due to the shortcomings of the aggregator services model. And our automation and integration technology capabilities are far more powerful than elsewhere because they are purpose built and specific to global payroll data challenges.

Below are three ways that we differ from the competition and do what nobody else is doing.

Purpose built automation

Automation, machine learning and the deployment of robotic process automations are terms that get thrown around a lot in marketing collateral in the global payroll industry at present. Some providers do leverage it, but only Payslip has developed it in a specific and very purpose-built way for global payroll validations.

“The standard definition of RPA is that it is a piece of software that performs a repetitive task for a user on an automated basis. Payslip take this to another level because we can chain these automations together and perform things not typically seen before with RPA in payroll delivery.

We use a form of configurable automation of payroll steps similar to RPA but with the ability to perform actions that require critical thinking in specific situations”

Gus Legge, CTO, Payslip

100% of all inputs on the Payslip platform are automated

Bold statement but also a true statement. This is well above the market standard, 50% is a common figure. Payslip has recognized that global payroll automations and validations need more than 50% if they are to achieve the level of operational efficiency needed to successfully deliver and manage global payroll across multiple countries at once.

Automation and automated validations in the platform are happening at all stages of the pay cycle. This is direct automation from source software or vendors into the Payslip platform for automated input, checking and validation at each stage in the workflow. In Payslip, we currently have over 60 automated validations, where no manual intervention is required.

Rapid new country onboarding

Speed and efficiency are crucial to effective global payroll delivery and management-but they are still pretty rare in the industry today. Global payroll is defined by complexity, challenges and local country nuances-none of which lend themselves to particularly fast or speedy payroll.

This is particularly evident in the length of time it commonly takes for global companies to onboard a new local country provider when they are scaling into a new country. It can often take several months, or longer-this is a pretty unsatisfactory situation for a scaling organization who is looking to hit the ground running and seize new opportunities in new countries or has recently grown as a result of mergers & acquisition activity. They are simply finding that their global payroll process cannot keep pace with their ambitions.

When connected to the Payslip global payroll control platform, you can onboard a new local payroll provider in a new country in a matter of days. As soon as you onboard one country with us, you have an implementation playbook to follow and a standardized data process in place that enables the rapid onboarding of new providers very quickly. You also have a dedicated client success team to support you and keep everything moving along.

The reason for this is that the groundwork has been completed in the form of standardized data and processes. We help you develop a single way of working across all of your global payroll countries and this facilitates smooth, fast and easy onboarding of new countries whenever you need them. The platform is also vendor agnostic, you maintain full control and choice over your local providers, with the ability to swap out or change them anytime you need to.

General ledger report production

Consolidated multi-country reporting has always been core to the Payslip platform. But we have also always recognized the connection between payroll and related departments such as finance and HR.

 

Read our Whitepaper on Reporting

A key frustration for finance professionals at multinational companies around the world in recent years has been the wait time to receive their crucial general ledger report.  In the absence of innovative digital reporting tools and smart technology, it can take up to four working days to produce this report.

Payslip can deliver the GL report in a single day

But, of course, busy finance professionals want to be able to access it as soon as possible. On the Payslip platform, this report can be sent to them in one working day after the pay run has ended.

3-screens-reporting-cut

Our global first data approach means that GL codes are mapped and classified at the start of the process- this level of standardization of the datasets facilitates rapid reporting and the production of the general ledger report, among many others. Payslip clients have 2 options for general Ledger reporting:

1
Self-serve access inside the platform
2
The platform sends the GL you approve direct to your accounting software on a specific date each month.

This is game changing speed-nobody else in the market is doing this. Our clients tell us how under pressure finance professionals really appreciate the rapid turnaround times for this report when it comes to delivering their mandatory reporting duties.

 

For more information about our Global Payroll Control Platform contact us today.

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