As your team identifies new goals, challenges, and improvements for 2020, one area of the business that is always evolving is payroll. For multi-national companies, payroll gets more complicated each year, but with so many payroll solutions available, it can be difficult to identify what really works. Have you been using a different provider in each country? Do you have access to reporting or real-time information related to the payroll costs across different countries? These are just a couple of the challenges companies face, but as the new year begins there are trends to consider to get payroll under control.
As technology evolves, so does the complexity of managing employees in multiple countries. Trying to manage payroll in each country using a different provider often leads to inefficient and manual processes, lack of reporting, and no aggregated view of your global payroll. Using one platform to manage global employee payroll allows you to view payroll in real-time, identify errors, and get customized reporting across all countries and currencies. Regardless of the time zone, language barrier, or payroll regulation in each country, your payroll solution should provide customized, aggregated reporting, automated updates for new regulations in each country, and integration with time and attendance, HR, and other company systems. To reduce resources and ensure compliance, your payroll technology should be working for you, not the other way around.
It is easy to believe that if you are using a payroll solution it must be “compliant” with local in-country regulations, but how do you know when there is a change in each country that your payroll is keeping up? Countries all over the world are cracking down on compliance mistakes, and it can cost thousands to correct payroll errors. Mistakes in tax filings, pay slips, and holiday pay account for most of the compliance issues companies are found liable for, so if your payroll technology is not staying ahead of regulations, you could be at risk. Ensure your payroll technology is keeping up with regulations and automating regulation changes within the platform to ensure compliance.
As you plan for 2020, it is important to review your current payroll technology and compliance to identify changes or improvements that can be made. As countries make new changes and enforce regulations, your payroll solution must adapt to ensure compliance, avoid fines and penalties, and reduce resources needed to manage your global payroll process. If you are expanding into a new country, or need to improve current operations, we can help. Click here to learn how Blue Marble simplifies global payroll with cloud-based technology, customized reporting, and in-country experts in 145+ countries.