Companies with international employees have to balance payroll, benefits administration, and compliance to maintain a strong global workforce. If you have employees in more than one country, managing the logistics and keeping costs under control can quickly get out of hand. When it comes to payroll and compliance, do you have the reporting you need?
Here are a few key components of global reporting that are vital for every multinational business:
- Can you access your employee payroll in real time? Payroll and benefits data should be easily accessible for all countries of operation. If there are errors or inaccurate tax withholding, you need to know about it right away before the next payroll cycle. Without access to real-time information, it can be difficult to understand your costs as well. Look for payroll and HR solutions that offer real-time access to payroll and HR data so you can stay on top of any potential risks.
- Is your payroll reporting aggregated? If you are operating in more than one country, you need to know what you are spending across all countries – not just one at a time. Being able to view payroll across all countries (and currencies) gives you instant insight into what is happening with your employees across the world, and you can make adjustments as necessary with the right information.
- Do you have customized reports for your business? One size does not fit all, and the same can be said for reporting. If you don’t utilize the data in your reporting, what good is it doing for you? Access to customized monthly reporting should be a deal maker or breaker when it comes to global payroll – if you can’t access the information you need each month, it’s impossible to know if you are in compliance or over budget.
Reporting sounds like a “nice to have” feature of global payroll, but in reality it is a fundamental piece of the puzzle when it comes to managing expenses and compliance. If your reporting isn’t giving you the data you need, or the data you want, you’re missing out on potential opportunities for improvement and potential compliance issues. Payroll is usually the largest expense item in the budget for most employers, so global payroll reporting should be at the top of the list of requirements when you’re looking at global payroll solutions. Talk to us today about your reporting challenges – we’ve revolutionized global payroll reporting with aggregation, real-time data, and customization unlike anything in the industry.