For companies to expand their businesses internationally, they must figure out how they are going to handle the process of paying their employees around the world. With different laws and regulations across a multitude of countries, this can quickly become a headache for payroll departments.
Additionally, with today’s business environment being technology-centered, and information accessible at our fingertips, there is an expectation for payroll departments to have the latest technology, to be able to produce data and reports quickly, and most certainly produce accurate and timely payroll. Choosing one solution that covers all these challenges has been near impossible in the past. Let’s take a quick look at some of the most common payroll models companies use, how those models have evolved, and how iiPay is changing global payroll for our clients.
The History of Payroll Models
Local Provider Model:
For many years, companies relied solely on In-Country Providers (ICPs) who were familiar with the regulations in their specific country. This resulted in employees getting paid, but left the company with data in inconsistent formats, languages, and currencies, which made it difficult to consolidate data and have a global view of payroll cost. Many companies still use this model, settling for a lack of consistency, visibility, and control. Other companies sought out assistance from accounting firms, or business process outsourcers. Unfortunately, many of the same inefficiencies still existed.
The aggregator solution consisted of a global payroll company who “aggregates” the ICPs to create a more consistent solution. However, from provider-to-provider, there are many differences; some only offer their technology, and some offer varying levels of support. While this model was a significant improvement, many of the same challenges persisted, primarily that it still didn’t provide a truly global view of a company’s payroll data.
The Evolution of Global Payroll
The Hybrid Model:
iiPay was created to change global payroll. Our solution operates within a new methodology that consolidates in-country expertise with an in-house gross-to-net function. This creates unparalleled accuracy and compliance, creates efficiency in the payroll process, reduces workload, and gives companies a global view of their data in a standardized format.
Our revolutionary global payroll technology platform brings together the missing pieces. The system, built and updated by iiPay staff, integrates with existing HR systems for static data, as well as sources for variable data. It provides instant access to:
- Consolidated payroll data
- Global reporting
- A single, centralized system
- One vendor and one point of contact for your global payroll
As the only payroll provider with these capabilities, we have carved out our own unique niche within the global payroll marketplace, and are saving our clients unnecessary costs and time. Our technology is built upon a foundation of operational and service excellence. We diligently monitor processes and update our technology to ensure service levels are consistently maintained.
The Future of Global Payroll
iiPay continues to innovate, and is moving toward creating a zero-touch, automated global payroll solution for our clients. Discover the power of the iiPay solution and discuss our roadmap to change global payroll by scheduling a demonstration.