As a payroll professional, you are looking out for every dollar of your company’s money and it’s important to trust your treasury services partner. You are turning over large financial transactions for your business and you want to ensure they can not only process the transactions but can do it right.
In getting it right, an outsourced provider needs to make sure your employee and third-party payments are made correctly in each country; additionally, you are trusting your provider to deliver:
Partnership with your global payroll provider, who knows your payroll, and has the goal to simplify the end-to-end process with you, will allow you to know the provider is working with you to meet your goals for your payroll, including your treasury options.
- Time efficiency
Having an outsourced provider handing your treasury payments frees up your time and allows you and your payroll team to spend time on other value-added activities.
- Cost reduction
Working with a global payroll provider that already processes a high volume of foreign exchange transactions and payroll-related payments will allow your company to benefit from the better rates that provider can negotiate for those exchanges and transactions; therefore, reducing the overall cost of getting your global employees paid.
- Mitigated risk of errors
With the complexities of cross-border financial transactions, using a treasury service with automated processes and experienced staff, will reduce the likelihood of errors and non-compliance.
- Audit trail
Payroll Treasury Services are available for audit. Global payroll treasury providers will maintain a record of all transactions as they occur, meaning a statement of account, including treasury transactions, is available at any time, for internal or external audit.
- Part of comprehensive service
The treasury service is the last step in the end-to-end payroll process. Having a global payroll provider that can also provide the treasury service allows one outsourced company to manage your payroll form A-Z, keeping all records within the same system and format, and with a company that already know you and your payroll.
A treasury service team for global payroll should be experienced and knowledgeable in processing payrolls and other related payments, as well as having a deep understanding of correction methods in case a payment is not received. These subject matter experts put together a client-centric calendar, while working around public holidays in varies time zones to ensure your employees are paid on time and accurately.
In global payroll, there is an expanding risk landscape as a company expands across multiple countries. Working with a trusted partner can alleviate emerging issues and concerns. With market complexities and changing regulations as you build out your treasury program, there is increasing value in moving beyond the status quo of bank files and manual processes. In addition to enabling business-as-usual (BAU) activities, treasury services can support the execution of company-wide money movement strategies.
iiPay’s Treasury Services
With iiPay you work with a trusted partner that provides confidence in managing your money movement, innovative technology, reporting, and meeting your overall global payroll requirements.
Partnering with our clients is an important factor in retaining and growing a successful relationship in Global Payroll. At iiPay, this includes the relationship with Treasury Services and has an impact in the success we have in managing money movements for our clients.
Our goal is to simplify the payment process for our clients across their international payrolls. We appreciate that the employee and employer payment rules vary by country and our clients may have a multitude of funding currencies. For each client and payroll, we define the payment process and build this into our managed service deliverables and contract. iiPay offers options for our clients including local bank files, centralized funding, and payment output files, as well as a hybrid solution. We work with each client to build a global solution that meets their needs.
Our experience working with money movement/treasury services, have led us to help companies focus on three strategic areas to improve their global treasury function:
- Centralize the treasury functions globally
- Strengthen governance
- Increase the use of technology
We want to share more about how you can support your company in making the best decisions around money movement. Come join us on May 27th for a webinar to learn more about the three areas above and how to improve your current treasury services process. Click here to register.