If getting clear, contextual insights on your
payroll management is proving challenging, you may not be getting optimal
efficiency and enabling you to scale fluidly. Harmonizing your payroll
management with your overall company objectives is key for long term payroll
Without integrated global payroll solutions, payroll often defaults to being managed across all localities with a piecemeal, fragmented system, that provides minimal-to-no standardization. Each local office has their own way of managing payroll and reporting, and each reports information in their own formats and currencies. Surviving on a system built this way is likely to result in more errors and less visibility. Less visibility can cause undesirable consequences such as budgeting issues as payroll is one of the largest expenditures for any company; thus, limiting the benefits payroll data can bring to making strategic business decisions.
There are several inherent challenges
associated with attempting to understand your payroll costs. When your global
processes lack standardization, for instance, the undertaking becomes very
difficult on a global scale. It’s laborious to gain any kind of strategic oversight,
and even if you have visibility of your payroll process for each country, you
may still lack local or global context. When the data you have reports spend in
different currencies and formats, it’s difficult to compare without time
consuming and often manual conversions. Further manual intervention is needed
to acquire strategic insights into this data, and with manual reporting methods
invariably being high touch, errors are likely to be introduced.
The key to obtaining visibility into your
payroll costs is integration. Integrated global payroll solutions allow you to
end your practice of localization that complicates the global payroll process.
You’ll have the ability to see all facets of your payroll and gain full insight
into your data with the assistance of standardized reporting and formatting.
A global management platform also aids in
strategic decision making by helping you understand your costs better. It
provides your business with a repository for information, and with this central
database, you are able to quickly generate reports for further analysis.
In modern business, data is vital to being
able to make strategic decisions and maintain steady growth. For payroll in
particular, the job of payroll professionals is much easier if the data they
are working with is trustworthy. A more accurate system makes everyone happier
– employees receive correct paychecks on time and you have confidence that the
right amount of money is going out. In payroll processes, as with the rest of
your business, accuracy is the goal.
Through an integrated payroll management
system, you are able to remove manual intervention and create more accurate
processes. By reducing the amount of manual data input and management required
for the system to run, you are able to create a low-touch environment.
Integrated global payroll solutions significantly reduce the need for manual
tasks such as input, reformatting, data validation, and data conversion in
which payroll employees must interact with the data directly – increasing risk
through human error. The less the data is touched, the less likely an error is
All aspects of payroll management can be
improved through introducing more automation into your processes. It ensures
your payroll employees spend their workdays on productive tasks by saving them
time inputting data, reducing errors (and the time it takes to fix them), and
preventing the waste of resources through unnecessary manual processes. With an
automated system, you’ll have the assurance that nothing in your payroll has
changed because employees haven’t needed to touch it several times to complete
payrolls. This predictability gives you peace of mind as well as ease of use.
One of the most important areas that
automation can improve payroll processes is through the configuration of
general ledger (GL) files. They’re prepared across all business departments,
contributing to the bigger picture combined general ledger for the company, but
the payroll GL is especially important and it’s vital that the GL is correct
for Finance to make accurate assessments of the business’ financial health.
Because the GL pulls data from different sources for one report, automation can
be a huge asset and dramatically speed up this process.
Automating the configuration of GL files – and
automation in general – isn’t possible without integration, though. Otherwise
someone needs to pull data together manually from multiple locations and do the
work to contextualize it.
Through a management information system, you can build an integrated and standardized global payroll. These three pillars – Understanding your Costs, Improving Accuracy and Adopting Automation – are the scaffolding your global business needs to gain strategic focus and scalability.
If you would like to discuss these benefits to
your business more, contact the experts at iiPay. We’d love to speak with you!
What sets us apart? Here are four key areas of focus that have enabled us to become the world’s leading cloud-based payroll services company.
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