Home » The Impact of Instilling a Global Reporting Platform
More than any other
businesses, multinational businesses need to run on efficient, integrated
systems. These businesses operate in different countries, different currencies,
different languages and different time zones. They need a well-oiled global
platform that can automate and organize the chaos of multiple data feeds in
No area is more
important for a business than an international payroll system. Payroll is one
of the most important departments at a company – if it is not operating at its
best, you risk not paying your employees – either correctly or not at all – and
additional business functions will suffer. Implementing a global standard for
payroll reporting is the clear solution to guaranteeing greater efficiency and
the assurance that your company will continue to meet the needs of your people.
An integrated international payroll platform has several more surprising
Payroll reporting on a
disjointed system is typically a muddled process wherein each country follows
its own procedures and submits data through a different format. Establishing
one international payroll reporting platform allows for real-time analysis of
payroll information, with all data centralized and aggregated into a single global
A centralized system
consolidates data, eliminating the issues caused by differences in formatting
and procedure. You can quickly and easily analyze data and gain a better
understanding of your payroll costs through reports run on your global payroll
data. The benefit of this is that you are able to make decisions in the moment
that are backed up by accurate data instead of waiting to month-end or year-end
when payroll data is manually gathered for reporting. Real-time analysis allows
you to pre-empt problems, or problem-solve on the spot instead of after the
Late or inaccurate
payrolls are unfortunately more common than you may think. Whether employees
have been paid the incorrect amount, been paid at the wrong time or have had
their paychecks bounce – inefficient payroll affects millions of employees
around the world each year. This can be due to the company missing important
attendance information, employees failing to provide or update payment
information or the company having incorrect data in the system.
Regardless of the
issues a company faces with its own payrolls, developing an international
payroll platform that consolidates information, standardizes processes and
automates the collection of payroll data will result in more accurate, on-time
payrolls. This is because automation and real-time data collection reduces the
level of human-touch in the environment and can provide automatic data validation.
The less time payroll employees need to spend manually moving and managing
data, the less opportunity the system has to accumulate errors.
international payroll system is rife with time-consuming manual processes such
as inputting data, performing repetitive tasks and implementing corrections.
These processes call for employees to touch data several times over the course
of rolling out a single payroll and take them away from the central
responsibilities of their jobs.
By instituting a
global payroll solution, you can eliminate these unnecessary manual processes
and consolidate payroll data such as personal employee information, hourly or
salaried specifications, work related information and data that must be
reported to government entities.
In order for a system
to manage international payroll data, it needs to be as flexible as it is
powerful. Global companies generate a lot of information, specific to country,
currency and a variety of other conditions. In order to consolidate this data,
it must be built with an infrastructure that can handle this level of
functionality as well as integrate or take a feed from the many systems a
company uses around the world.
Such a flexible
platform also gives you and your company flexibility. Whether a global company
has 500 or 500,000 employees, unintegrated systems divides the process too
much. It’s impossible to have any level of maneuverability when you must jump
from system to system to find reporting on different information such as time
and attendance or personal employee data. Centralization of payroll gives you
the ability to adapt to new scenarios, easily add a new country to your payroll
or export data for statutory reporting purposes. With good data consolidation,
you can achieve an independent, eco- system that brings together finance, HR,
time and attendance and payroll services into one easily managed platform,
supporting business agility, flexibility, and business intelligence functions.
As one of the largest
expenditures at your company, you need payroll to work efficiently and
accurately. An international payroll platform gives you just that, and it’s a
straightforward and predictable process to institute this kind of integrated
solution into your company’s framework. Through a series of steps, you can
onboard countries and integrate global payroll with your other systems.
Throughout this phased approach, you can easily detect and respond to unique
situations proactively, resulting in a targeted, flexible system designed
around your business goals and enhanced productivity.
Discover the impacts of instilling an integrated
international payroll platform by reaching out to the experts at iiPay, today.
We look forward to learning how we can help your global business succeed.
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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