Does your payroll solution allow you to track your payroll performance?

Don’t look for just any software when selecting a payroll system. It's important to choose a solution that provides analytics to effectively report on payroll performance - so you can make better-informed business decisions.

Navigating the waters of global payroll delivery comes with the inherent challenge of managing multiple payroll systems across numerous territories, with a variety of format outputs, languages and currencies.

Our recent survey with the Global Payroll Association (GPA)* found that around two-thirds of businesses do not yet have the ability to view the payroll processing status across each of their operations. And a staggering 79% of businesses do not have a solution capable of consolidating a single format global payroll report.

In fact, 1 in 5 companies do not have any multi-jurisdictional payroll processes or policies, and are instead managing each country on an individual, local basis.

Visibility and control

It is obvious, whether you are a small local business or a large multinational corporation, your payroll system and its inherent reporting features have to support your business needs. If they don’t you face business inefficiency, inconsistency and frustration.

Would you like to see payroll costs in a single currency to aid global cost analysis?  Do you need to share reports with management located around the world in a single format? Do you aspire to greater control and consistency in your global operations?

Here is some criteria you should keep in mind when deciding on a solution:

  1. Process Status - Visibility of processing status on an individual payroll basis, across the globe, with easy access to data through a standard global reporting tool that eases everyday workloads. Look for comprehensive dashboards – charts, heat maps and metric statistics - that enable you to fully visualise your payroll results.
  2. Accessibility – Your solution should allow management to access the right payroll information at the right time, and from anywhere in the world.
  3. Consolidation – Being able to consolidate your payroll data from disparate systems into single format, global reports will help you produce meaningful insights that can drive better-informed business decisions.
  4. Efficiency – Your chosen payroll solution should help your team do their job more effectively.  A selection of standard reports, or the ability to download core data into your own data warehouse for internal reporting helps improve efficiency. It also reduces frustrations, enhances employee engagement and thus provides an improved payroll service.
  5. Control – Key performance indicators are common in the payroll industry. But how visible are they in your current operations?  Ensure you have access to KPI monitoring dashboards to keep track of both supplier and own service deliverables.
  6. Audit – You should have a comprehensive audit facility and reporting tool, to give your auditors peace of mind.

Payroll is an important core function in any business.  However, selecting payroll system software is no longer the only prime objective, especially where multiple countries are being delivered.  A comprehensive service and technology solution to underpin this base payroll delivery is essential to provide a world class payroll service that also supports accurate and timely global reporting, analytics, visibility and control of your core data. 

Take a look at TMF Horizon, a payroll solution supporting our unique managed payroll service that helps you to overcome many of these current challenges in global payroll delivery.

Want more information? Make an enquiry to get in touch with us today.

 

 

*Published in October 2016 by Bloomberg BNA, The Global Payroll Management Survey interviewed 165 multi-national companies to determine how organizations are set up to manage global payroll and what protocols are employed to facilitate confidential data movement across borders.

 

Darren  Beal
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