We hear from global payroll professionals all the time how their day-to-day lives would be greatly enhanced if they had access to some innovative technology tools that could help them make payroll processing smarter, faster and better.
Helping them do this is one of the reasons why we built the global payroll control platform - we recognised that there are a lot of challenges out there for global payroll professionals and a host of new challenges have come to light since the global pandemic.
So, digital tools and cloud-based technology in a payroll system has moved from a nice to have over to an urgent necessity-it is simply not possible to accurately deliver and manage multi-country payroll in 2023 without digital tools. Without them, the risk of payroll error and compliance failure is just too high. Payroll professionals need help and they have been underserved by technology and innovation for far too long. The global payroll department has looked on with envy as other departments inside the multinational have received funding for technology that has transformed the way they do things. Many are left wondering why the same thing cannot happen in global payroll.
In this article, we're going to focus on just a few of the kind of cloud computing technology tools that are being increasingly demanded by payroll professionals to run payroll at multinational companies around the world today.
Automation tech for global payroll
This is the biggest and most urgent need among payroll professionals especially in the pre-payroll data gathering and cleansing stage. They are tired and frustrated with Excel spreadsheets and manual transfers of data- it is too risky and error prone and is far too time consuming.
They want hyperautomation so that all of the pre payroll data flows, from all of the relevant sources such as local country vendors/ payroll providers, HCM and time & attendance applications, are fully and 100% automated. This would free up hours and even days in the monthly pay run cycles, giving them back huge amounts of time to focus their talents and energy on priority work such as analysis and reporting.
Payroll is ready for automation workflows and artificial intelligence, the need is there and the consequences of not having it are coming to light more and more in the form of payroll errors and operational inefficiency. Simply put, it is time to fully automate payroll operations: from pre payroll data inputs right out to last mile reporting.
Digital dashboards
This one is really about real-time visibility-being able to see and feel in control of what is happening with each country payroll on a daily basis. Digital dashboards, such as those available inside a global payroll control platform, can provide payroll professionals and team members with a quick snapshot and summary of their day- including a to do list, outstanding tasks, urgent issues that need escalating and a clear traffic light system indicator of what is happening with each of their payrolls.
This payroll technology provides them with a great deal of comfort and confidence-once they can see what is happening in each payroll country, then they are in a position to respond and take relevant action. They are no longer flying blind, waiting for confirmation on tasks or wondering what is happening. Digital dashboards enable them to plan out their day, meet specific payroll deadlines and complete necessary tasks accurately and on time-this is the level of visibility and control that they really want in their workforce management day-to-day jobs. It is really not asking that much, is it?
Compliance Calendars
Compliance calendars would also be a major digital tool addition in the day-to-day delivery and management of multi-country payroll. Compliance is a fluid and nuanced delivery that is mandatory and non-negotiable-one of the key challenges faced by global payroll professionals everywhere is keeping track of all of the individual compliance obligations across their countries.
Compliance obligations change regularly, and global payroll professionals often lack a specific mechanism to monitor, track and keep pace with all the regulatory changes. A digital compliance calendar, such as those available on a global payroll control platform, enables them to map out all of the key compliance calendar dates for the year right at the start of the payroll year, so that they know well in advance what compliance obligations need to be met, in what country and when. It would result in far greater transparency and an end to any confusion and anxiety around compliance obligations inside global payroll teams.
A Workday integration- global payroll solution
Global payroll processing requires data from multiple sources including human resources systems such as the Workday platform. As this is one of the largest and most popular human capital management systems in the world, an integration with global payroll software would be a real addition to any global payroll team.
It would mean an end to duplicate data flows and figuring out what data inside the Workday platform is needed for global payroll. An integration with Workday would mean the data flows needed from this HR system for global payroll would be automated and flow seamlessly into the global payroll software for faster and more efficient payroll calculation and processing.
Employee Self-Service Portal
Employee self-service portals are becoming increasingly popular among payroll teams in the payroll function. These portals enable employees to access their payslips, tax forms, and other important payroll information through a secure web portal.
Employee self-service portals also enable employees to update their personal employee data information, such as their address, bank account details, and tax withholding preferences. This reduces the administrative burden on payroll teams and ensures that employee information is accurate and up to date.
Employee self-service portals also provide employees with real-time access to their payroll information, which reduces the number of inquiries and requests to payroll teams. This enables payroll teams to focus on more critical tasks, such as compliance and data analysis.
Time and Attendance Software
Time and attendance software is another essential tool for payroll teams. It automates the process of tracking employee attendance and hours worked. It also helps to prevent time theft and other forms of time fraud.
Time and attendance software also integrates with payroll software, which enables automatic calculation of hours worked and ensures that employees are paid accurately and on time.
In conclusion, these tech tools are in high demand by payroll teams everywhere to meet business needs. They enable payroll teams to streamline their processes, reduce errors and fraud, ensure compliance with regulations, and provide employees in the global workforce with better access to their payroll information. Investing in these tools can help organizations to improve their payroll processes, reduce costs, and increase employee satisfaction.
For more information about our Global Payroll Control Platform contact us today.