Welcome to the third in our 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 platform is designed to solve these challenges. Let's dive right in.
The Problem
The lack of automation in the delivery and management of global payroll is a significant and growing problem at multinational companies. Global payroll professionals are still relying on manual processes such as excel spreadsheets to input and validate payroll data while hugely sensitive employee payroll information is still being shared via email. These manual processes are not secure, not efficient and no longer sustainable. Global payroll professionals deserve better.
Manual processes lead to significant risks: data breaches, information protection & privacy issues along with local and international compliance are a few. They also slow payroll down, reduce visibility and control, increase the likelihood of human error and negatively impact operational efficiency as well as payroll professional morale.
How Payslip solve it
The Payslip platform automates any repeatable and recurring payroll process such as data entry and validation. Bulk files containing data on thousands of employees can be uploaded, checked and validated in seconds. This creates valuable breathing space in each monthly payroll run, allowing payroll professionals to focus on higher value work such as checking anomalies and running important reports.
The platform facilitates secure payroll data exchange for end-to-end automated workflows. Automated global payroll data transfers are exchanged between HCMs, financial accounting software, external payroll providers and the Payslip platform. Payroll inputs are collated centrally & standardized and there are automated calendars, alerts, and authorizations for smoother, faster, and more efficient multi country global payroll processing.
Payslip is a secure, cloud-deployed platform that enables global employers to leverage smart tech to automate and innovate their global payroll processing function.
Reduction of manual tasks
Reported decrease in manual tasks due to automation and system memory.
Stakeholders who benefit
Global payroll professionals
Automation reduces the likelihood of human error and eliminates the need for endless hours of data entry and validation. Automation offers them control, visibility and agility- they get to use intuitive, responsive next generation technology that helps them do their jobs in a faster, smarter and better way.
Compliance managers
These managers are always interested in any technology that helps reduce risk while also improving transparency. Automation removes human error from the process while also leaving behind a transparent digital audit trail showing who interacted with global payroll data, when and why. This greatly facilitates the meeting of local and international payroll and employment compliance requirements.
The Finance team
Automation dramatically speeds up the processing of global payroll delivery- this can result in finance teams receiving crucial post payroll and general ledger reports much faster than a manual process could deliver- the quicker they can access these consolidated reports and figures, the easier it is for them to meet their financial reporting and accounting obligations.
General ledger reports can be delivered in 1 working day.
If a lack of automation is 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.