One of the major challenges for Multinational businesses is payroll reporting. With many currencies, time zones, languages and laws, multinationals cannot rely on manual, localized payroll systems and outdated reporting methods.
Instead, to manage and profit from this quantity of data in its many varied forms requires automation and organization. Global businesses need an efficient, integrated global payroll solution. One that absorbs many data feeds in many formats to produce clear, consolidated and real-time reporting. Payroll is usually the biggest single overhead for international corporations. One survey put the cost at between 50 and 70 percent of expenditure. A lack of efficient, accurate and timely global payroll reporting on this expenditure can dent a competitive edge. From not paying employees correctly or at all, to inadvertently breaking local laws or making ill-advised business decisions based on old data. The risks are many.
Innovation in technology has made this level of reporting accessible to organizations. For Global Payroll, technology is crucial to gain control and governance over your business through consolidated reporting. Without accurate reporting on the payroll function, your business will miss opportunities for scale and be open to the risk of escalating employee costs which can be effectively managed with the right reporting.
These are some of the benefits that come with a global payroll reporting solution.
Efficiency is a concern for every reporting function in a business, especially payroll. Payslip’s payroll platform is automated, meaning employees spend less time on repeatable manual processes and data entry. When payroll professionals’ time is not being sucked into manual tasks, they have more time for analytics. In a survey, 73 percent of business leaders noted that improved efficiency gave their executives more bandwidth for value-added tasks. With automation, reports are generated more quickly. On-time and centrally stored, they are more useful and relevant to every function in the business than a report which took months to collate by hand. Efficiency is good news for the company bottom line as employee time becomes more valuable to the business as a whole.
Real-time decision making
When a business is operating on a global level, it can fall victim to confusing and disparate processes across different countries. Payroll operations that span many currencies, languages, and formats can result in global reporting that is slow to produce. Slow reporting is often out of date by the time it gets reviewed.
With Payslip, your payroll data is centrally managed and streamlined across borders. Real-time data analytics is possible with all the information formatted and reconciled in one platform. No more waiting until the end of the month for the payroll run or trying to make sense of an amalgamation of several local payroll systems. Instead, make quick and accurate decisions at any time of the month with international payroll reports available at any time.
Real-time payroll processing allows you to solve problems as they arise and even predict future problems. You can identify business strengths and weaknesses and review headcount, performance and labor costs daily. With access to past payroll data, managers can analyze overarching trends to make better long-term strategies. Payslip’s Variance Reporting will compare your planned outcomes with the actual results. This allows for greater business insights and understanding. Meanwhile, the Total Employer Costs report lets you know exactly what you’re spending across all countries and currencies. By reviewing fluctuations and trends, you can make the necessary adjustments with agility and accuracy. This comprehensive and flexible reporting tool enables informed decision making, central governance, and local country accountability and transparency.
With old payroll operations, human-operated manual data entry was the root cause of inaccuracies and errors. These errors could cause issues in reporting or even mean that employees did not get paid. With payroll technology, data collection is automated, processes are streamlined, and information consolidated. This all but eliminates the risk of human error, improving data accuracy and value. Payslip’s Variance and Validation Reporting function improves accuracy and delivers information on review areas. Local payroll teams can use this reporting to tackle issues on a local level. This service reduces the time teams spend on manual reviewing. The team’s ROI improves as they become more efficient.
Compliance becomes a significant issue the more countries a business expands into. Particularly in cases where expansion is rapid. Local legislation can trip businesses up if they are not prepared. Global payroll technology helps businesses avoid risk. With Payslip your chosen local payroll vendor will remain abreast of the near-constant updates to pay and tax laws for you. Integration technology allows them to update your payroll calendar and functions as required through the platform.
As we head into 2020, the need for detailed real-time reporting continues to grow. Right now, more and more countries are following the UK’s lead in requesting Gender Pay Gap reporting from businesses. Payroll technology can incorporate these reports into your package. As laws protecting personal data – such as the GDPR in Europe – become more common, payroll tech becomes invaluable. They will keep systems and data legal and safe and protect reporting in line with legislation. Finally, with global payroll technology, you have a clean trail when it comes to audit time. With Payslip’s Audit Trail Reporting the system is accountable. There are direct lines of responsibility to each country’s payroll.
A strong payroll processing system must be adaptable and flexible to the business’s expansion into different countries. Each new country requires adaptation of the HRIS in line with new fields and formats of data to achieve accurate and reliable reporting. The beauty of working with global payroll technology is that your reporting is flexible and scalable. There’s no need to switch systems as your business grows, adapts and changes to market conditions. You can add new employees, new countries and new laws without needing to migrate and retrain.
Finally, through integrations, your business can unite finance, payroll and HR reporting, unifying a fragmented landscape. This will give you the ultimate agility, flexibility and business intelligence. The most effective global payroll reporting is customizable. Payslip’s Consolidated Payroll Expense Reporting offers comprehensive payroll reports which are customizable. Using a range of filters, you can browse reports by date, by country, or by the site. This level of personalized reporting can be the difference between business failure and success.
With Payslip, the transition to a unifying global payroll across one platform is straightforward. The migration is phased, adaptable to your needs and business goals and provides an instant productivity boost and ROI.
To learn more about how Payslip can standardize Global Payroll contact us today