The Payslip platform: 2022 Review/2023 Preview

December is always a good time to reflect on the achievements of the year, while also taking a moment to look forward to what is coming down the line. 2022 has been a game changing year for Payslip and we have been very busy building out fantastic new tools and features on our global payroll control platform.

We have also undergone an intense period of recruitment and added significant numbers to our global workforce. We are ready to hit the ground running in 2023, helping multinational companies around the world to solve their payroll problems and harmonize their global payroll operations.

We ran a webinar last week reviewing the year just past and looking ahead to global payroll priorities at multinational companies for 2023, and the specific ways we are ready to help. 

You can view a recording below.

3 Key Highlights of 2022

Automating ADP Flexiform dataflows

We have been hearing for years about how painful and slow it is for global payroll professionals when filling out an ADP Flexiform for each payroll country. So, as part of our ongoing commitment to automate as much of the payroll process as possible, we created the Flexiform Automator. This is the automatic generation and transfer of Flexiform file data.

Thanks to the automatic delivery of payrun data into all required Flexiforms, there is no more endless data entry and wasted hours for those processing payroll using ADP. Payslip takes care of all of this entry work for them resulting in huge time savings and much faster & more accurate payroll.

ADP customers are facing a lot of tedious hours of manual entry- we built the Flexiform Automator to standardize and automate how these forms are produced for ADP. This saves a tremendous amount of time- global payroll people can actually leave work on time!

Read our ADP Flexiform Integration data sheet

Automated GTN and GLs

Automation underpins everything we do on the global payroll control platform and in 2022 we took it to a whole new level with hyper automation. This is next level RPA which ensures all payroll critical actions of gross to net validations and authorizations within the platform happen via our unique automated ingestion and verification process.

General ledger accounting is crucial data for the finance team who normally have to wait up to four days to receive it. It is usually processed and delivered by an external third-party provider with a fee attached. In Payslip, we have automated the generation of GL reports. They are self-serve, can be run at the touch of a button and generated in minutes at any time during the payrun.

Automations and integrations are running through all payroll steps: with our automated GTNs, the client only needs to get involved if there is a discrepancy- there is no work for them, it all happens within the platform.

We use the GTN file, which is the single source of truth, to create the general ledger, which is automatically created and can be automatically sent direct to a finance system.

Finance Analytics

This year we also introduced new finance analytics with a range of helpful visualization and filtering options offering instant access to everything you need to make data-driven decisions around payroll costs. It is a challenging time just now for global businesses, so additional reporting and data that can help with informed decision making around cost management and head count can be particularly valuable. A selection of payroll analytics they can access include:

• Country cost comparisons
• Global Total Employee Cost
• Employer contributions costs
• Workforce payroll changes

Our clients are looking at reporting for the entire payroll year and providing this information to financial analysts engaged in cost management initiatives and financial models for recession preparation and potential downsizing.

These analytics can help with cost clarity & country comparisons while also highlighting key trends & patterns. This is instant data feedback for actionable insights.

Looking ahead to 2023

2023 is going to be a big year for global payroll as multinational companies around the world get to grips with a range of new challenges in the payroll landscape. News media reports indicate several countries could be heading for recession, so cost management initiatives will be high on the agenda at leadership teams-and there will be a surge in interest in detailed and accurate reporting that can help them fully understand payroll costs across all of their countries.

High growth mode has stopped temporarily- now there is a different driver- you have a cost ceiling and need to be efficient and strategic with your hiring-scaling up in some areas and downsizing in others-standardization is needed to get a clear view - this is how you navigate the recession.

Recession Reporting: More reporting and financial analytics, especially around country cost comparisons.

Further automation: We will ramp up our hyperautomation activity to introduce even more speed and agility into payroll processing. This will include more automated error detections, validations and controls.

Input Confirmation reports: These are in big demand from our clients as they wish to receive confirmation that information & new pay elements they are sending across to local country payroll providers are being accurately reflected in the pay run data flows.

Vendor management tools: These tools will help monitor SLAs and performance levels at local country vendors so that companies can make assessments about quality and performance in their multi-vendor approach.

Payslip expects that more and more multinational organizations will choose to adopt a hybrid model in 2023. Instead of looking for some mythical silver bullet solution, they will engage with service providers and whatever number of local vendors they need to deliver their payroll.

It then becomes a question of how to manage it all and Payslip is perfectly positioned to help these companies bring all of their data, people, processes, service providers and vendors into a single location (our global payroll control platform) for full operational oversight and management at a global level. Everything is tracked within the platform, so global companies have full visibility over the operational flow in a standardized way. This is managing whatever hybrid model that works best via a technology platform.

For more information about our Global Payroll Control Platform contact us today.