Truly understanding what your global payroll looks like and what it costs your organization requires a clean, standardized view that can be difficult to achieve given limitations inherent in local providers.
But a standardized global payroll is possible, and the returns make it imperative.
Optimizing and automating payroll is a huge benefit to global companies. It not only increases efficiency and reduces costs from maintaining disparate systems, but provides better data for finance and human resources functions. With dependable processes, management can be provided the type of clean data that’s needed to make informed, reliable decisions.
Standardize your data input
Standardization demands that the data input into the payroll system be in a single standard format. Regardless of the format received from the company, the provider should be able to make that data consistent so the output is in exactly the same format. This allows the organization to know exactly what the payroll register will look like regardless of the country.
Standardized input produces an end result that is not just easier for payroll administrators. It is more accurate; and makes it possible for data to be reported on in a consolidated manner, providing more meaningful analysis.
Standardize the payroll process
One of the biggest frustrations for a company doing individual country implementations is the repetitive process of providing information over and over again to individual local offices. With standardized processes on a global level, organizations don’t have repeat processes for every single payroll. A proper global software solution can be configured to consolidate data and processes across all payrolls and all countries.
The first key is to standardize the collection of payroll instructions and add control measures. The second is to process payrolls on a single system to eliminate country-specific nuances. The result is a single view of all payroll results for sign off and analysis.
Find a tailored payroll provider
While technology plays a major role in standardization, the monitoring of performance and regulation is imperative to success. Companies should expect a provider that can deliver both.
iiPay focuses on providing timely and accurate payroll management globally while enhancing processes and workflow, and enforcing best practices. The iiPay system is a platform which consolidates global and local payroll processes while maintaining detailed payroll data, in maximum granularity, for every transaction, payroll, employee and country.
Global employers need a comprehensive view of global payroll with the flexibility and scalability to adapt to rapid change, so they can effectively manage all aspects of their resource costs. iiPay delivers technology wrapped in world-class service.