Struggling with your global payroll operations? Address these 3 crucial areas and take control.
Many organisations that are growing internationally share common payroll ‘pain points.’ The good news is, you’re only 3 steps away from resolving these, no matter where in the world you need to pay personnel.
Step 1: Improve your payroll data exchange
Still using email to interact with your supplier to process the payroll data for employees? You’re not the only one, many companies surprisingly use this mode of communication. In our Bloomberg BNA survey of global payroll professionals:
- 61% said they use the inherently insecure method of email for cross-border communications.
- Just 38% apply password protection.
- 23% don’t apply additional security procedures when emailing data internationally.
- More than a third of firms1 choose to stick with their usual domestic procedure.
But with company data breaches increasingly hitting the news headlines, multinational payroll departments must secure their methods of data exchange. Sending and receiving employee data over one simple, secure channel is possible and ensures this is supported by a comprehensive audit log.
Step 2: Get a clear view of your global payroll processing
Global business growth regularly drives constant change under short time frames. As a result, many payroll controllers inadvertently find they lack visibility of processing and data. Both systems and processes are often disparate. In fact, 65% of practitioners who took part in our insight into multi-country payroll processing Global Payroll Association report said they weren’t able to view their payroll status across all countries. Remove the blinkers and ensure you’re seeing the complete global processing picture. Then you can identify, and resolve, any process malfunctions and eliminate any prospect of missed payments to your employees.
Step 3: Get the most out of your trusted partner
At times of rapid organisational expansion, the relationship with your third party provider becomes more important than ever. They are your local administrative experts, and are equipped to ease the pressure on your in-house team. Together you and your supplier can form a formidable team. But how often is this relationship stretched by poor communication and one party believing actions lie with the other? The team is only as effective as the processes they operate. Establish clear process workflows, accountabilities, timescales and tracking to know exactly how the team is progressing your payroll processing, allowing appropriate feedback and approvals.
The result of following these steps? Increased accountability and support that will ultimately keep your company’s payroll running smoothly, with you in clear control.
How can TMF Group help you with this?
Take a look at TMF Horizon, payroll processing technology that supports our unique, peer-to-peer global payroll delivery.
Need more information? Make an enquiry to get in touch with us today.
1 with less than $100m in annual revenue