What is global payroll?

Global Payroll is simply the management of your entire payroll function for all international offices from one central location.

Cloud technology is changing the way multinationals manage payroll. It is no longer necessary to employ multiple service providers within a country and manage multiple contracts. One service provider can handle all your payroll needs.

This greatly reduces administrative headaches, but the benefits do not end there. Global payroll can be a boon for businesses for many other reasons.

Better information

It is essential to have the right information in order to stay one step ahead of your competitors in today’s digital world. Cloud-native global payroll systems can offer your business greater access to crucial information. It doesn’t matter from where your payroll team is situated, they can pull any data they require from any connected device at anytime.

To keep your competition in check , you must reduce the amount of time your team spends on tedious and time-consuming administrative tasks such spreadsheets or reports. One centralised team that manages one global service provider is much more efficient than having a team at each office to manage many small service contracts.

You will see a more complete picture of your company and have more time to use it. Your payroll team will be smarter and faster. Being competitive and relevant is all about being agile.

Work better together

Your payroll team can seamlessly work with other departments and offices using cloud software. Geographical distance is irrelevant. Collaborative projects that involve colleagues located in different parts the world are not affected by time zones or distance. All parties can simultaneously access all the information they require.

No more email pinging back-and-forth. No more duplication or loss of work. No more anonymous updates or revisions. This transparent process makes it easy for everyone to see the progress and creates a collaborative, agile environment. This increased collaboration can also extend to other departments. Payroll is linked to important functions like finance and HR by integrating your global pay with, for instance, your accounting software.

How to set up a global pay system

Is global payroll a benefit for your company? To make the transition smoothest possible, keep these three things in mind when you move your business to a worldwide payroll system.

• Your current technology
  Are you able to access your payroll from anywhere in the world? It is possible to move to global payroll if your company’s payroll is already in the cloud. All of your data will be accessible from anywhere around the globe. Don’t worry if your current system is still on-premise. It’s possible to migrate without affecting your day-to-day operations. Make sure you choose the right provider that has the right technology to meet your needs.
• Compliance
  For international businesses that have multiple offices across the globe, compliance is crucial. Every country that your business operates in is bound by the laws. Any deviation from these regulations could lead to severe sanctions. Avoid this by making sure your global payroll system covers all relevant countries.
• Change management
  For most people, change is difficult. Your employees may be reluctant to use new technology. Change management programs can help you get your new payroll system running smoothly. This would include an internal communications campaign to inform your team, as well as training programmes or a responsive Q&A. Your employees must be available and willing to learn the new system right away.

In conclusion, What is global pay? Global payroll is for businesses that want to be more efficient and smarter across multiple locations. You can outperform your competitors with real-time information and free yourself from tedious administrative tasks. Your business will stay relevant. For More Information Reach Us at Robbert Murray & Associates