The global payroll landscape is rarely associated with speed. Getting people paid accurately on time is such an important, precise and even delicate business - it could never happen quickly right?
All things associated with global payroll are time consuming, and the processes involved require numerous checks & balances that make it unsuitable to agile and responsive business environments -this it a common general perception of payroll but not an accurate one, at least in our opinion.
All of us at Payslip are pleased to challenge this perception, we’re disrupting the market so challenging and correcting misconceptions is part of what we do! In this article, we're going to focus on a few features of our platform and proposition which focus on delivery speed.
Accelerate global payroll
Getting it done right does not have to mean slow, arduous and painstaking. Payslip is a digital cloud platform and features a range of innovative tools that help deliver global payroll accurately and with speed.
We operate a data first model which is all about getting all of your global payroll data onto a single platform and standardizing it. Once standardized, all your global payroll professionals across all of your countries are operating with standardized data and processes.
Now it is time to add some speed- our platform features a range of innovative digital tools to make things better and faster. First up is automation - we introduce automation wherever it can be logically introduced and ensure this automation is repeated throughout the payroll cycle, each month, every month. No data duplication, no re-entering of data that is already been entered into the system, no data validation via spreadsheets- no endless back and forth on emails.
All of this gets replaced by accurate and ultra-fast automated processes - thousands of data points can be uploaded in bulk, checked and validated in a matter of minutes using robotic process automation (RPA). This is real speed, and crucially it is value adding speed - this automation serves to create time in the monthly payroll cycle- global payroll professionals can extract themselves from manual entry and instead, focus their considerable skills on higher priority tasks like generating reports and analyzing trends.
Faster country set-up
On the Payslip platform, we work fast to apply data standardization across all countries in our global employer client’s network of payroll countries. We establish a framework for classifying and categorizing specific payroll elements in one major country and then look to quickly roll out a similar process across all countries.
We work with the data to introduce standard elements that can then be duplicated across several countries. This is about capturing a range of data inputs in a standardized format in order to facilitate a rapid data standardization roll out across many countries.
As soon as we have 2 or 3 countries up and running, the crucial data foundations are then in place to extend the rollout to more than 10 countries in quick succession. This structure and level of speed provides a basis for multi-country standardization and a predictable, repeatable process globally. This enable global employers to quickly set up new countries they may be expanding into, onto our platform in a matter of days.
Once a user is familiar our platform, they will be able to process and manage payroll for new countries, thus increasing payroll staff capacity. Payslip helps scale the global payroll system, not the manhours.
Faster vendor onboarding
The Payslip platform is vendor agnostic, meaning global employers can bring with them any of their preferred local suppliers, onboard new ones when they want to and swap out underperforming providers if necessary.
Our experienced implementations team are used to requests for rapid on boarding of new suppliers- this can sometimes happen due to a local vendor failure or a global employer may simply want to bring onboard an in-country provider with whom they have a strong working relationship with.
When Covid-19 hit, we dealt with numerous requests for new provider on boarding as multinational organizations looked to restructure their global payroll delivery model in response to the crisis.
Integrating local country providers with our platform quickly and efficiently is part of what we do. The design of our platform and the tools within it facilitate multiple vendor integrations in a speedy and efficient manner. The goal is always to have them integrate with the Payslip platform as quickly and securely as possible so that the global employer can start processing global payroll in a timely manner.
Faster payroll reporting
Comprehensive, detailed and consolidated multi country reporting is becoming an essential business requirement at global payroll departments everywhere.
New demands for country cost comparison analysis or specific pay element reporting are arriving all the time. Global payroll professionals need to be able to access tools that can help them respond to these requests and delivered reporting quickly and easily.
Our platform features a Global Reporter tool which facilitates the creation, scheduling and customization of dozens up different reports. These reports can be run in minutes, featuring real time data and they can be pulled on a self-serve basis by any individual who is authorized to do so.
When you have a team of professionals capable of pulling any reports they want to, anytime they need to - you then have a system in place that enables the global payroll department to operate with speed and become a truly agile & responsive digital function.
Faster gains, cost savings and ROI
Cost savings, productivity gains and return on investment can all be realized relatively quickly when a global employer integrates with the Payslip platform.
We understand that a business case needs to be produced to justify investment in a new digital platform and it is important for global employers to get a sense of how quickly they will experience some realized gains.
We always look to give our clients a broad outline of some of the cost savings they can expect- these are often based on our experiences with previous clients.
For example, 80% of our customers in financial leadership roles within their organization report significant cost savings after deploying Payslip. Many of our customers also state that their payroll provider management and visibility has improved by 50-75%.
Also, the automated production of multi-currency and multi-country General Ledger and Bank File reporting has proven to save considerably on direct fees to local payroll providers.
Some cost savings, productivity gains and benefits you can expect to see when you integrate with us include:
- Reduced departmental overhead due to lesser need to hire additional people to cover new payroll countries.
- Measurable timesaving producing general ledger reporting.
- Large decrease in manual tasks due to automation.
- Significant decrease in payroll error due to tighter and more transparent internal processes.
- Huge improvement in payroll provider management and visibility.
- Increase in visibility over total payroll costs due to better reporting.
- Measurable data protection and compliance control improvements.
We have always believed that global payroll can be managed and processed accurately and with speed as long as a global employer is on the right payroll technology platform and leverages innovative digital tools.
We developed Payslip so that these employers could deliver global payroll in a faster and better way. Speed can correlate to efficiency and productivity if delivered via the right digital platform tools. We know this from talking directly to our clients.
Global payroll professionals want this speed to be part of their daily duties as it creates more time in the monthly payroll cycle and gives them more breathing space to focus on specific tasks.
Integrate with the Payslip digital platform today to make speed and efficiency key components of your global payroll delivery process. Talk to our team to get started.