Payslip is the global payroll control platform and in this article we are going to remind you what exactly a global payroll control platform is. We’ll get into the details of how it came about, what the key driving points behind its origin were and how we know it is the purpose-built global payroll management solution that is most in need by multinational companies around the world today who are looking fora global payroll solution.
What is it?
It is a cloud-based SaaS platform, purpose built for multicountry global payroll management. It was designed and built from the ground up with specific payroll challenges in mind. The software and technology solves these problems and digitizes the end-to-end payroll process. It is the leading automation technology for the delivery & management of global payroll at large multinational companies. Some of the key digital payroll features of the platform include hyper automation technology, standardization of data and process, consolidated multi-country reporting, payroll compliance and data security.
Who needs it?
Everybody! It helps companies of all sizes manage their international payroll. If you have a global workforce and multiple payroll countries on your books, then you require a global payroll control platform to manage your full service payroll in all of these countries in one place and be able to see exactly what is happening with your payroll operations where employees are paid.
You may be a digital native or digitally advanced organization, in which case you are ideally suited to connect quickly with the global payroll control platform- or you may be a more traditional organization who is looking to move away from legacy processes and no longer fit for purpose technology, so you can manage your payroll administration with smart, innovative technology.
We help multinational companies of all sizes who are at different stages of their digital transformation to manage their multi-country payroll in a smarter, faster and better way via a payroll platform. Our global payroll control platform is in use across a range of industries- financial services, medical tech and life sciences, insurance, engineering, transport & logistics, media, fintech and more. The reason for this is that many global payroll challenges are common to all industries.
How does it work?
Data
We start with the payroll system data: We take all of the data from all of the various payroll data imports sources you are likely to have: HCM and human resources systems, Local country payroll providers, various benefits providers and financial accounting software. We bring this data into our platform, then we standardize it and categorize it at a global level as part of our global first approach to data.
Standardization
Once the data is standardized at a global level, the result is that you have a single way of working across countries in terms of data and process. Now you have visibility and control over your multi-country payroll-you can see what is happening in each of the countries, but also zoom out to get the bigger picture or global view.
Automation
Next we automate all of the data related processes where possible so that you leave behind slow and cumbersome manual processes that rely on excel spreadsheets and emails. They are replaced by hyperautomation data flows at all stages, from pre-payroll to post. Bulk file uploads containing thousands of rows of employee payroll data can be ingested into the platform and then checked & validated in seconds. This saves huge amounts of time while also increasing payroll data accuracy, because automation eliminates the risk of human error.
Payroll Integration
We then integrate your payroll process with your wider IT ecosystem. We connect your HCM and local payroll providers to the platform and also your benefits vendors and finance software. So, anywhere you have important data flows that are related to payroll processing, we integrate and automate so these happen automatically. This will free up a huge amount of time in every payroll cycle and allow your global payroll professional team to focus their attention on high priority work. Anywhere you have related functional data flows and dependencies can be connected to Payslip- this way you avoid those unnecessary and time-consuming rip and replace payroll projects that nobody has any appetite for.
Reporting
All of the above paves the way for detailed, comprehensive and consolidated multi-country reporting. The data has been standardized and automated at this point, so it is ready to be converted into the kind of reporting and analytics you need to get a clear picture of what is happening across your payroll countries. You can run 50+ reports in real time and on a self-serve basis on our global payroll control platform. These reports are split by department and are customizable-you can get bigger picture insights from the global view but also drill down into the specific pay elements that can reveal the real story behind the data. These reports allow you to respond quickly and effectively to requests from leadership teams for payroll data, especially when it comes to labor cost comparisons across countries.
It is the only truly global management solution
A global management solution is what multinational companies need for their multi-country payroll services today. There is no single provider, payroll partner or global services solution out there in the market-no individual services provider who can deliver payroll in all of your countries. What this essentially means is that payroll is always local, and you will therefore need to engage with a range of local country payroll providers to pay your globally dispersed workforce. After this, you are going to need a way to manage all of these service providers and the related data flows that come with them.
So, it is best that you stop looking for the silver bullet solution and stop listening to people who tell you that what you need to do is reduce down the number of local country payroll providers in an effort to simplify things. Wrong, you will need these local country providers, there is no way around this.
So, you are likely looking at a hybrid payroll delivery model: a possible mix of in-house software and outsourced solutions so that all of your payroll countries are covered. What we see developing as a popular model mix is a contract with a Big Four accounting firm for some countries and other countries assigned to regional specialists or country specific partners.
Whatever option you go for, without a global management solution in place, you won't have any visibility and control over what is happening across all of your countries. Your payroll will be non-standardized and disjointed, you will be operating with different data and software across countries, these systems will not be connected, operational workflows will be siloed, and your reporting will be fragmented-this is not where you want to be.
Instead, what you need is a global management solution that:
- allows you to pick and choose your own vendors-change them whenever you want
- standardizes all of your data at a global level
- integrates and connects with your local vendors, HCMs and finance
- automates data flows and end to end payroll processing, saving time and effort
- consolidates all of your data from all of your vendors into a single payroll software platform
- empowers your payroll teams with digitized processes and digital tools
- delivers consolidated multi country reporting for informed decision making
- ensures you meet your compliance, data security and privacy obligations
Payslip is the only truly global management solution out there in the market who can provide all of this. On one platform. It doesn’t matter to us what service or calculation models you choose to use; we are the solution to your question ‘ok, but how do we manage it all on a global level?’ Take a look around our platform today to find out more about the exciting ways in which we can transform how you deliver and manage global payroll at your organization.