Welcome to the fourth 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
Transparency, visibility and a full understanding of what story the global payroll data is telling is a common challenge at multinational organizations. The problem often arises from legacy technology that was simply not designed to deliver the level of comprehensive, consolidated and nuanced reporting that is needed for informed decision making today.
Another issue is that essential data flows from HCMs and finance software are not present, so much of the reporting is not capable of delivering the full picture. Most global payroll reporting functionality available in payroll systems is also not designed to compare countries, costs and specific pay element data. But this information is simply essential could providing global payroll managers and the wider leadership team with the crucial information on payroll spend that they need on a global level.
How Payslip solve it
The Payslip platform features a Global Reporter tool which delivers consolidated multi-country global payroll reporting in real time. This self-serve functionality allows multiple stakeholders to run their own reports and drill down into specific detail via a range of helpful filtering options.
You can compare costs across countries and regions, examine specific pay elements like bonus and overtime, run multicurrency general ledger reporting as well as essential compliance and audit trail reporting.
The tool provides real-time access to consolidated pay and cost data, delivering analytical insights on entity, country, payroll, or gender and employee level. Pay and deduction elements are categorised at global and local level, and specific cost codes, people IDs and action logs are maintained.
The tool delivers the kind of cost analysis reporting needed to support strategic decision making while also allowing leadership teams to get immediate, high-level visibility over all end-to-end global payroll operations.
Stakeholders who benefit
Global payroll professionals
They are equipped with smart reporting technology and an agile suite of reporting tools that lets them run the reports they need in real time anytime they want to. The reports are generated instantly, and professionals can save time and focus their skillsets on high value work such as reporting and analysis. Popular Payslip reports include Total Employer Cost, Employee Headcount and Employee Payroll Changes.
Global payroll professionals
Payroll managers get to enjoy visibility and transparency around payroll processes, deadlines and payroll country operations along with vendor management and performance metrics. HR managers get instant, self-serve access to crucial reporting such as payroll costs, staff turnover, gender pay gap analysis and employee data changes.
Global payroll professionals
The C-suite need rapid access to labor cost information and country cost comparison reports. This level of detailed and comprehensive multi country reporting provides then with essential payroll data and helps inform decision making around cost management as well as efficient growth and scaling opportunities.
If a lack of consolidated global payroll reporting is a 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.