Payroll is a key part of any business process but can become strained and complicated when spread across a global scale. What are the top 5 global challenges, and how can you resolve them?
1. Payroll Compliance
Challenge: Payroll compliance is always a challenging task for organizations, but with a global payroll, the complexity level rises with each additional location point, as every country has its own deadlines for filing reports and paying taxes. It is also important to note that payroll taxes and their respective rates vary between jurisdictions.
Solution: Businesses can minimize compliance risks by getting advice from local experts or by outsourcing payroll completely to an external service provider. Automatically transform and validate payroll transactions to ensure compliance with corporate business rules with As1®.
2. Multi-Vendor Management
Challenge: Working with multiple payroll vendors means having to deal with various different processes and systems, which can be complicated and inefficient. 43% of companies with global operations work with between two and five payroll partners. An additional 19% manage between six and ten providers.
Solution: To avoid wasting time comparing numerous providers, organizations can look into global payroll solutions that work with a network of pre-vetted payroll partners. As1 is a world-class automated solution that connects all your data sources, HRIS and existing payroll systems or providers allowing you to manage your global payroll as one.
3. Lack of Transparency and Visibility
Challenge: Data coming from different payroll vendors isn’t standardized which makes it harder to track global payroll costs and compare them across different geographies. Data transparency and data insights into global workforces are crucial.
Solution: To solve this global payroll challenge, businesses should invest in a payroll solution that standardizes and consolidates all their global payroll data into a centralized system. Additional global payroll reporting capabilities offer even more insights into data. Standardize and secure data transfers between all payroll data sources, payroll providers and systems with As1®. Over 50 different major local and global payroll providers have already been integrated with As1®, so what are you waiting for?
4. Manual Data Handling
Challenge: 30% of organizations identified manual data entrance as the most time-consuming aspect of payroll processing. This problem increases as soon as data from different payroll providers need to be entered manually into central HCM and accounting systems. Not only does this result in wasting valuable time on dull administrative tasks, but it also opens the process up to more room for errors.
Solution: Make your existing processes more efficient and without disruption by centralizing the local calendars into a payroll workstation with workflows and automation. This way you can validate the full cycle by comparing what came in from multiple sources and sending it to payroll providers running customisable controls.
5. Data Protection and Security
Challenge: Employee data is sensitive and warrants the utmost security and protection procedures. Having this sensitive data spread across various different data streams to and from the business’s central systems can quickly become a real security risk if not moved properly. This is why it is vital that global payroll complies with different data security laws.
Solution: As1® ensures data flows securely and timely to each country system or provider. You benefit from a myriad of security features, including multi-factor authentication, encryption-at-rest, and encryption-in-transit to name a few.
Only As1® allows you to put to work any HRIS and any data system with any payroll provider. Book a demo today.