One of the largest line items on every budget is payroll. But when it comes to payroll reporting, many multi-national organizations find global payroll reporting is inconsistent, delayed or inaccurate across countries. Global payroll reporting is a key component to strategy and in-country compliance, so it is concerning that companies rely on inaccurate or incomplete data to make complex decisions. Let’s look at the potential impacts of inconsistent global payroll reporting on your in-country compliance:
Vendors and Systems
Global payroll gets complicated when there are multiple vendors across countries and currencies. Every vendor uses different payroll systems, which leads to reporting that is not standardized from country to country, with varying deadlines for payments and tax filings. Lack of consistent data or delays in monthly reporting can cause missed processing errors, in-country compliance issues, and problems with employee pay accuracy.
Real-time Data
It is vital to have reporting in real-time to identify payroll costs by country, how many employees are being paid in each country, if you have starters or leavers each month, and year-over-year expenses. You can’t determine a long-term strategy for the organization unless you understand the unique costs in each country. With real-time reporting you can view if specific countries are having hiring or turnover issues, if one country is more expensive from a payroll and benefits perspective, and other driving factors for your overall strategy.
Strategy and Growth
As leadership teams look at the longer-term strategy for the organization, global payroll reporting has become a strategic tool used to identify areas for growth, or countries that should be scaled back due to compliance or cost issues. Centralized, aggregated reporting helps provide key metrics to drive strategy and ensure compliance in each country.
Blue Marble provides one platform to manage employee payroll and compliance in 100+ countries, with aggregated reporting built into the platform. You can view data in real-time, create reports for one country, or aggregated across all countries and currencies. With automated updates to in-country payroll regulations, you can ensure compliance in each country. We provide a dedicated U.S.-based service team as well as in-country experts to help when questions come up. Learn more about our global payroll reporting capabilities