Welcome to the sixth in a series of short read blogs where we discuss a range of challenges being experienced at global payroll departments at multinational organizations around the world and specifically, how the Payslip global payroll control platform is designed to solve these challenges. Let's dive right in.
The Problem
Compliance and the complexity surrounding it is a major pain point for global employers today. Global organizations need to pay employees across several different countries and continents- each of whom have different laws and employee legislation that needs to be adhered to.
A lack of integrations means that the data flows into the centrally managed function at the global employer are not clear enough to offer visibility and control over multicounty compliance. Ultimate responsibility for compliance lies with the global employer and there are significant financial penalties for non-compliance. A technology solution is needed to help employers see, manage and control global payroll compliance.
How Payslip solve it
The Payslip global payroll control platform makes it easy for the key players in the global payroll ecosystem to share and receive payroll data. Integration functionality connects HCMs, financial accounting software and local country payroll provider systems with the employer software. Secure integrations ensure that essential global payroll data does not get missed, while also protecting it with robust security features.
Digital tools such as digital calendars and digital audit trails create much needed transparency in monthly global payroll processing cycles. The audit trails create documented and clear digital evidence that accounts for what payroll data was collected, who has access to it, what they did with it and when-enabling global employers to digitally prove compliance on a local country and overall global level.
Stakeholders who benefit
Global payroll managers
They have a responsibility to ensure local and global compliance-they have struggled to do this due to an inability to access the relevant data or a lack of visibility over how the local country vendors are managing compliance obligations. Payslip provide them with transparent audit trails that prove compliance and a process that helps them remain compliant across the globe.
Finance managers
The responsibility for compliant sometimes falls on the financial operations team who require access to data and reporting that can help them respond to internal and external compliance queries. The digital audit trails on the Payslip platform as well as the self-service reporting functionality makes their job a lot easier when it comes to addressing compliance issues.
Local country providers
They are being asked during the RFP process to outline how they meet compliance obligations. They benefit from a technology stack that helps them share compliance related data in an easier way with their multinational clients. The easier it is for them to accept and share employer personnel data into and from their systems, the easier it is for them to help their clients meet local country compliance obligations.
If compliance concerns are a global payroll challenge that you would really like to be solved at your organization, then talk to Payslip today-a member of our team will be happy to talk you through our platform and show you in real-time.
For information on the Payslip Platform contact us today.