The Payslip global payroll control platform comes with built in reporting functionality that has proven to be a big hit with all of our global clients. In a post-covid world, access to detailed comprehensive and consolidated multi-country payroll reporting has become vital.
Leadership teams at multinational companies around the world are looking to get a handle on costs but also have a better general understanding of how payroll data can impact decision making at the highest level.
In the past, it has proven extremely difficult to achieve the level of desired reporting, this was largely down to the nature of global payroll which required disparate and non-standardized data to flow across several different systems and internal processes. Visibility and control around what was actually happening with global payroll was a challenge with such a process and it certainly did not lend itself to easily extractable data for comprehensive reporting.
Many companies were simply flying blind because the data was trapped in complex, disconnected systems and data flows. So, they were forced to do the best they could with what was available-this was a deeply unsatisfactory situation because many members of the leadership team were aware that they were making somewhat uninformed decisions. They knew the data was there somewhere, they just did not have a global payroll process that could facilitate reporting and extract this crucial data.
In this article, we are going to explain how our global first approach to data facilitates multi-country global payroll reporting from a global level down to local level, and then we will examine three reports that the finance team can benefit from when running reports via the global reporter tool on our platform.
The Payslip approach…
…is global first in nature- by this we mean that we standardize and categorize the data for all your payroll countries on a global level. This involves mapping and classifying pay elements so that a standardized process is put in place for payroll delivery and management. Once all of the data is gathered from all of the payroll input sources- HR systems and HCMs, connected financial software and the local country payroll provider software, we then standardize it on a global level while also accommodating pay elements that are unique and local to specific countries. It is this approach that underpins our global payroll control platform and paves the way for detailed, consolidated and comprehensive multi-country reporting. With this in place, various stakeholders across the business can benefit from bigger picture insights and data driven reporting via our Global Reporter tool. Finance operations executives and the CFO are interested stakeholders. Here are three key reports that they often run on our platform.
The General Ledger Report.
This is a crucial report that the finance team run on a monthly basis and one that the CFO likes to keep an eye on. It is an important, revealing and insightful report and a key frustration for finance professionals at multinational companies around the world in recent years has been the wait time to receive it.
Without reporting functionality in place, it can take up to four working days. It's such a business-critical report that 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. This is game changing speed and a major value-add to under pressure finance professionals when it comes to delivering their mandatory reporting duties.
Our global first data approach means that GL codes are mapped and classified at the start of the process and a standardization playbook is put in place for any new codes that may be needed as an organization expands and moves into new countries. It is this level of standardization of the datasets that facilitates rapid reporting.
Global payroll or finance professionals can run general ledger reports one working day after the payroll period has ended.
The Global Payroll Report
This report shows the total employer labor costs which can be split out by country, company, entity, cost center, department or business unit. Finance operational professionals and the CFO are often involved in cost management initiatives and need to analyze core payroll data and metrics like these to get full visibility and bigger picture insights.
When it comes to budgeting, cash flows, predictive analytics and planning annual spends at multinational companies, this is the kind of data driven reporting needed for informed decision making and actionable insights. Without it, finance professionals risk making decisions without being able to see the full picture. This is a position that they never want to be in, they are a group of stakeholders who will always request up to the minute real time data to help them make crucial strategic business decisions.
Global Pay & Taxes Report
This report allows you to extract & view a complete global list of pay elements, deductions, and contributions in your company. This is a good example of the kind of detailed and comprehensive reporting needed by finance professionals today.
It is often the case, when limited reporting functionality is in place, that they only have access to basic payroll spend information and are unable to drill down to a micro level and examine what is happening at a specific pay element level such as bonus, tax or pension contribution. Essentially, they are unable to see the bigger picture and cannot drill down into the details they need to form this picture.
This report facilitates multi-country comparative reporting on pay element level. The picture becomes a lot clearer when a professional can compare one country to another in a standardized way via a single currency. The Payslip global reporter enables them to do exactly this and is proving hugely beneficial when it comes to informed decision making in finance departments.
The Global Reporter provides multinational employers with essential and comprehensive global payroll reporting at the touch of a button. Use it to gain immediate insight into key global payroll data by county, region, employee or pay element.
If immediate access to real-time reporting and analytics for informed decisions is a priority at your organization, talk to our team today to arrange a quick demo and see how our reporting suite can transform payroll data into actionable insights and also empower decision making at CFO and C-suite level.
Download WhitePaper: Global payroll reporting
For information on the Payslip Platform contact us today.