“Progress is impossible without change, and those who cannot change their minds cannot change anything.”- George Bernard Shaw
Global Payroll is beginning to move into the digital era and utilise smart technology, however we at Payslip still see too much reliance on the spreadsheet to store valuable payroll data and build reports.
Many payroll departments now deal with the challenges associated with managing payroll across several international countries while trying to stay compliant with local laws and regulations. Data security within payroll is vital, payroll is an attractive target for cyber-attacks due to the sensitivity of the personal and financial details held by HR, Finance and Payroll Departments.
For most businesses, spreadsheets offer a simple way to perform key business functions, such as accounting, data analysis or chart creation. But many of the user-friendly advantages of spreadsheets also make them susceptible to data or security errors that can create nightmares for organisations if overlooked, it’s best to avoid their use when it comes to global payroll calculation, tracking and reporting.
In order to run successful low risk and secure global payroll, multinational businesses need a global payroll management software.
One centralised global payroll platform – Single source of truth
When talking to, and meeting with global payroll professionals across various industries and locations the conversations always come back to one main point, the need for better visibility and consolidated reporting for multi-country payroll.
The introduction of technology has empowered companies to manage their payroll on a global scale. Payroll information that is available on-the-go through smartphones and tablets is necessary in a world where we are increasingly more used to having instant access to information at our finger tips.
Payroll models from the past give the feeling that the organisation is married to the vendor network or aggregators chosen partners, but this does not have to be the case. The introduction of innovative global payroll management software allows choice. Companies can choose or change vendors at any times, seamless integrations make change easy and accessible.
International companies were once forced to run payroll on a country-by-country basis. Nowadays, multinational employers can manage their global payroll operations, providers, and data all on one cloud platform. Payslip’s global payroll management software uses an automatic workflow to give a bird’s eye view of each of the companies’ payrolls, alerting staff when actions need to be completed during the pay-run cycle. Most importantly, however, it provides global consolidated reporting across all payrolls and countries with payroll provider integrations.
In today’s technology-focused world, multinational employers need to provide their global employees with access and visibility to their own payroll data. An employee self service portal is becoming a must have and not a nice to have.
Payslip’s employee self service portal allows employees to access their payslips, compensation and deductions information and year end data directly from the platform. The access is secure and requires a two-step factor authentication which provides additional security over employees’ personal data. An employee self service portal reduces down the time and resources used answering queries from staff in addition to creating a positive employee payroll experience.
Real time reporting and analytics – Big data analytics matters!
Payroll is one of the largest expenses for a business. Organisations are increasingly turning to analytics to provide visibility over payroll costs and the data they need to make confident business decisions. Analysing payroll data can provide accurate forecasts and inform future strategies, can help manage budgets and cash flow in times of change or growth.
Automated global payroll management and reporting saves time and resources. Payslip’s user friendly reporting tool provides transparent and intuitive multi-country reporting.
The introduction and tightening of data protection legislation in response to an increasing amount of cyberattacks on Personal Identifiable Information (PII) puts additional stress on payroll professionals. Payroll departments are holders of an extensive amount of personal information and are responsible for protecting it.
The 2018 data breach at Nasa involving former and current employee data, employed at Nasa during the period 2006 to 2018 where a server housing personal data including social security numbers was hacked underscores the importance of keeping data secure.
Storing sensitive payroll information in expensive servers is not necessarily best option. Multinationals are now looking to migrating to cloud options for housing data.
A cloud-based global payroll software minimises risk. Payslip helps companies catalog their employees’ personal data, simplify how they manage and monitor the personal data of their global workforce. Payslip provides the tools and resources needed to help international companies meet the General Data Protection Regulations (GDPR).
Contact us to learn more about how Payslip can help you achieve global payroll success.
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