When you hear the term “global payroll management,” it can be quite deceiving. Payroll management sounds like only one element of your operation: making sure your employees receive their paychecks on time. While this certainly is part of it, international payroll management is significantly more complex than just a signature on a paycheck.
For companies with employees around the globe, remaining compliant with each country’s policies regarding pay calendars, hiring, holiday schedules, and even allotted vacation time, can become complicated and difficult for a small team of internal staff. With the right solution, however, led by the right global payroll manager, these complications can become a problem of the past, and allow your company to focus on the projects that will lead to success.
Global payroll management helps alleviate your company’s headaches when it comes to the aforementioned details. A series of coordinated efforts means both businesses and governments benefit from the implementation of these solutions. The management plan can be customized to the needs of any company, and therefore provide unique solutions from an adjustable platform.
The Advantages of Global Payroll Management
Automated global payroll management systems perform all the mathematical functions that would otherwise have to be checked and re-checked by an accountant. All documentation is stored in one place so that you don’t have to go looking for different files such as pay slips and work permits. Additional advantages include tax compliance and audits when documentation must be submitted on time to avoid fines.
The right answer for managing your company’s global payroll can also provide the necessary security. Only those with passwords or administrative rights have access to enter the program. Simultaneously, employees with necessary rights can make changes in real time. The platform notifies you of modifications that have been made to the document so that you don’t have to search for them yourself in case something is missing, incorrect, or has been lost in the process. In addition, you will be able to see the relevant information for any criteria, whether country-based, employee-based, or project-based.
With well-developed global payroll management, your company can minimize lack of transparency, the complexities of international compliance, human error in spreadsheets, and extra costs needed in order to keep all data organized and well-managed.
Don’t Let Payroll Put Borders on Your Company
In the April 2017 Lighthouse Research study backed by Papaya Global regarding Global HR practices, it was found that many companies lacked an understanding of policies regarding international HR, or often local hiring policies altogether. Many companies interested in expansion of their network simply do not have the resources to cover all the details that need to be addressed. By introducing an all-encompassing technological solution, businesses are provided the needed tools to assist with international expansion.
A successful international payroll management system allows your business the freedom to expand into different arenas around the world. Without concerns that your firm will be unable to manage local challenges, whether through assistance of local management companies or an international database of relevant knowledge, global payroll management helps firms ensure better business operations around the world.
As more companies expand on to the global scene, international payroll management has become more important for companies of all sizes. Resources are required that can be attuned to the specific needs of different businesses. A global payroll management solution needs to be put in place for each company as they make their moves around the world.
If your company is expanding internationally, it is best to work with a team of trusted suppliers who have gone through a global payroll management certification program. These teams have been trained in local implementation, in coordination with your company’s systems, in order to facilitate a smooth transition to new territories.
One Word: Simplification
The right technology can be the key for your business to take its next step in expansion or development. Trevor Brown states in Global Payroll Magazine that the key of integrating internal processes by simplifying them overall can give companies a competitive advantage. By reducing the amount of time and manpower needed to spend on basic processes, more attention can be paid to the projects at hand. Global payroll management solutions are the next technological step in business intelligence: they not only help with compliance, but also integration and organization; they streamline your business, making it more efficient, transparent and affordable, and allow you to focus on other aspects of your daily operations. Business intelligence has taken the next step. Now your company can follow suit with confidence.