With interest rates low and the dollar strong, it’s no surprise that 81 percent of companies surveyed by Wells Fargo & Company said they expect they will soon increase their international business activity. Those that do will face some familiar challenges, including communications, red tape, and human resources issues.
In this space, one of the biggest challenges is payroll. An organization can have local payroll providers in different countries and currencies, with different compliance requirements, that speak different languages, and who want payroll data provided in different ways. Bringing that kind of chaos under control is a clear need, but beyond mere compliance, what should an organization look for when trying to create a scalable global payroll?
Consistency in reporting. A single system allows local, regional, and central teams to use the same processes and integration methodologies, irrespective of payroll complexity and size. This allows for granular, global reporting at an employee and corporate level.
Single point of contact. A payroll solutions provider should be willing to, through a single master service agreement, ensure compliance within every jurisdiction included within the scope of a project. It should be able to ensure that all local payroll requirements are met and in compliance with legislative requirements.
Integration for Accounting. Scalability with efficiency is best achieved through a single system that integrates with HCM/HRMS systems for static data and sources for variable data, and offers integration of payroll data for general ledger.
Access to online ePayslips. Payroll organizations shouldn’t have to reference multiple vendors or wait for exports. A centralized global ePayslip service helps payroll administrators reduce operations costs and improves the experience for employees.
One database for payroll information across all countries. Companies need control of and visibility into payroll, so demand the ability to consolidate and report on all payroll data, with access to any transaction, at anytime, in any currency. Also look for access to historical data without having to move from system to system by country.
Expertise, Experience and Access to Technology
Making the most of international business opportunities requires companies to scale their payrolls globally. To do that, an internal payroll team needs a payroll provider that can act as an extension of the team. That provider should have the expertise, experience and access to technology required to make the process seamless.
