With multiple countries, multiple languages, and multiple currencies, managing global payroll can be a daunting task. But, iiPay can simplify this, and even make it ‘easy.’ How is this possible?
As companies go global, they must face the challenges involved in managing its payroll across various countries. Those challenges are many, and iiPay’s solution faces them head-on. The iiPay system’s central purpose is the consolidation of multi-region payroll data into a single database, allowing our clients to efficiently construct reports to analyze data in their chosen currency and format to help create a more meaningful level of analysis and to meet the requirements of different audiences within the company. At the same time, this single solution provides our clients with absolute visibility and accessibility to their data in its most granular form to ensure informed business decisions and quick issue resolution.
In managing the globalization of payroll across countries, multiple currencies can present challenges for funding the payroll. iiPay is able to complete the treasury and funding process on behalf of our clients in a number of alternative ways according to the optimum process for our client. The iiPay system is a comprehensive solution with the ability to send payments to multiple countries in a variety of currencies across the globe. The system is flexible allowing our clients to fund payroll in a single currency and pay beneficiaries in multiple currencies and countries. iiPay’s solution is also a highly configurable platform capable of generating payment output files which can be uploaded into whichever local banking institution(s) our client utilizes. iiPay can configure a payment output file in the format of our clients’ banking institution, enabling the company or iiPay to produce a payment output file for submittal to our client’s bank.
Flexible features of the iiPay system for treasury options include:
- Any number of payment output files for each payroll.
- Split pay which can be distributed between bank files.
- Multi-currency output.
- Split payments can have different dedicated exchange rates.
All of these features help our clients manage the global payroll process, and simplifies the tasks related to multiple countries, multiple currencies, and multiple languages. The iiPay single solution holds all pertinent payroll data in its most granular form, in local currency; that is every pay item, on every payslip, for every employee, in every country, indefinitely. The client’s employees are able to access their centralized ePayslips and the company administrators can generate on-demand, multi-payroll, multi-period reports from one system to empower various communities within the company to run detailed analysis.