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 multiple formats.
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 benefits, though.
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 repository.
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 fact.
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.
An unintegrated 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.
See the Impact of International Payroll for Yourself
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.