A Global Payroll Solution is Strategic, Not Administrative

Global payroll solutions

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Introduction

Wish payroll was as simple as the payslip you get every month? 

“Back in 2018, I was working for a global BPO and service provider. They had call centers in multiple countries including Mexico, the Philippines, India, and Brazil. However, with multiple entities came the complexity of maintaining global payroll. There were always gaps in communication and delays in filing taxes. The company also had limited control or insight into its payroll process as a whole. 

It was decided to hire a global payroll service provider since the BPO had already established local entities in each of these countries. These payroll professionals helped them streamline the whole process. They made the lives of my mates in the HR department much easier.”

But not all HR teams are lucky. Statista did a study on companies with less than 2500 employees. This study concluded that only 15% of these companies were outsourcing their payroll process. Delayed implementation of a new platform and high licensing costs are the two main reasons why HR managers are still not convinced. There are more affordable options now available in the market. Cloud-based technology and unified platforms can do much more than handle payroll for you.

HR managers are always trying to simplify the payroll process in their organization. This is because payroll is one of the most time-consuming processes for them that wastes too many manhour resources. A leading platform can help you elevate your HR functions by using data in exciting ways. Organizations can reduce time spent on payroll and use it for strategically important activities. A platform can also help you control errors and inefficiencies, scale payroll, and finally finish your search for an efficient and convenient payroll system. While all this sounds very administrative, global teams are finding out the strategic importance of global payroll platforms.

Why do you need to use global payroll solutions?

External Benefits

Rapid international expansion 

Today’s globalization era is fueled by technology. Companies are growing continuously and expanding in international markets. It can be a very difficult and expensive task for them to set up new entities and place local dedicated processes in advance before they start operations in a particular country. Finding the right partner for your business needs can include a process of research,  troubleshooting, and analyzing your exact expectations from the platform. International payroll solutions offer faster hiring and same-day onboarding for new employees. This is useful when you are adding new employees each week and the management needs to get insights into their data

Compliance

Integrated reports and real-time dashboard metrics can help you track and regulate your payments. This will ensure local compliance and free you of regulation liabilities.

Scalability

Businesses have the opportunity to grow and scale internationally every year and in turn, need to hire more employees. Features like consistent and accurate reports, online payslip generation, and integration for accounting functions assist in scaling your payroll as your business grows.

Internal benefits

Process automation

Let's be realistic, payroll processes are outdated and are still being managed via Emails and spreadsheets. A global payroll service can integrate your entire payroll information on their platform. This can save you the slow and tenacious process of finding local vendors who have the technology to do this for you. For example- Why would you invest in developing 20 different employee portals for taxes and salary slips for 20 different countries. You can pay for one service to do this for you. 

Payroll leakage

Payroll management also has its fair share of misdemeanors.  Employees try to take advantage of the manual payroll system every day. They submit false timesheets, expense claims, and forged data to cheat the system. Payroll leakages happen every day and are a major problem for HR departments everywhere. Deloitte estimated that payroll leakage can account for almost 2.5% of total labor costs. A global payroll solution that gives you full control of your payroll and tracks key insights can help you lower the chances of fraud and leakage.

Flexibility

An international payroll service can contribute to the expansion lifecycle of your business. Flexible pay and HR solutions can ensure faster adaptability to your business’s expansion lifecycle.

Efficiency

Intelligent AI helps you manage payroll by measuring relevant KPIs such as performance measurement, turnover costs, the average time to solve employee issues, etc. This will ensure you key insights into your HR function and help improve overall business efficiency.

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How do global payroll solutions work for your diverse/international team?

Global payroll solutions use sophisticated AI-driven platforms to manage the payroll process for you in any corner of the world. Their accounting, finance, tax, and HR capabilities make them the number one solution for any company looking to expand globally.

A global payroll service provider can do much more than just manage transactional processes.

Let’s explore.

Seamless integration

Data-driven dashboards and metrics help you integrate all your payroll data in one place. It will give you better insights and control over your employee's information and payroll. They can help you integrate time and employee management to ensure the least errors in the data processing.

Taxes and compliance

A company has to comply with a new set of laws and regulations every time they hire an employee from a new country. These laws include local labor laws, local taxes, and employee classification rules. Failing to comply with these laws as per the country’s norms may lead to audits and fines from regulating bodies. A global payroll provider will help you pay all your employees in multiple countries taking care of local laws and compliance on their end.

Multiple currencies

A global payroll provider can help you pay in many currencies to employees in different geographies. Organizations do not need to worry about currency exchange rates, accepted modes of payment, and bank fees.

Real-time transparency

Maintaining payroll is generally a cumbersome task with loads of data processing to be done for insights on your employee payments.  An international payroll service can help you with more efficient data processing and generate detailed reports for all key metrics that matter to your business. It makes sure your employees are happy with timely payments and HR managers can track these payments in real-time.

Data Security

There has been a drastic increase in the number of data security breaches in major companies all over the world. The security of employee data is a major concern when choosing a global payroll solution for your business. International payroll services follow global regulations for data protection like GDPR so that the data is secure and handled responsibly.

Questions to ask yourself before choosing a Global payroll solution.

1. What countries do they have offices in?

It is important to define your service requirements to the payroll service and check how many countries they can provide you the service. This might depend on your company’s future expansion strategy or the type of employee you are looking for. Skuad’s EOR platform can help you hire in over 160+ countries and in more than 100+ currencies.

2. Do I need to switch during a new payroll cycle or can we switch mid-year?

A mid-year switch at the start of the third quarter of the year (starting 1st July) is the best. It is also the most cost-effective time to switch your payroll service providers. One or two months into the second quarter is the time for businesses to identify and cut costs and payroll is the easiest cost to manipulate. Mid-year switch can also help you avoid some serious tax headaches. Consult your new payroll service to understand how they will deal with your unpaid taxes if you switch mid-year.

3. What security features do they have to protect employee data?

  • Infrastructure in isolated networks with audit access
  • Advanced firewalls for data protection and security
  • Regular security audits and updates on the platform
  • Access permission manager with layers.
  • 2 Factor authentication for login of employees
  • Daily backups of all data into cloud servers with protection

Conclusion

The intervention of technology can bring a tectonic shift in how businesses carry out their operations. This helps in driving better financial and experiential outcomes. This is what Skuad’s Global Payroll solution truly does. It modernizes how HR departments manage payroll tasks and allows them to truly focus on employees.

Skuad’s global HR and payroll platform takes away the pain from global payroll management and takes care of onboarding, taxes, and compliance for all your employees. Speak to Skuad’s talent experts to see how our global payroll solution can transform your business.

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