Global Payroll Consolidated Reporting

GLOBAL PAYROLL CONSOLIDATED REPORTING

Detailed and comprehensive global payroll reporting has become very important for global payroll operational oversight. It can also help lay the foundations for both competitive and strategic business edge.

| Global Payroll Consolidated Reporting

1 1

Table of Contents

The need for consolidated reporting 01

Page 3

02

Visibility and control

Page 4

Compliance and risk management

03

Page 5

04

Delivering better reporting

Page 6

05

Payslip and reporting

Page 7-10

| Global Payroll Consolidated Reporting

2

1. THE NEED FOR CONSOLIDATED REPORTING

New Demands

Multinational companies around the world are scaling into new regions at a faster rate than ever before. This creates an urgent need to set up payroll operations quickly to facilitate the hiring of new staff and quickly become operational in a new territory. When this happens across several countries, workforces expand at a very fast rate and payroll teams suddenly find themselves with several payroll countries to manage at the same time. New countries, new employees, new data and new payments means a lot of moving parts in play. Detailed, comprehensive and consolidated global reporting is needed to create a clear view of what is happening both at a country and regional level. These reports need to contain payroll cost information, trending statistics and predictive analytics so both global payroll managers and business leaders are in possession of actionable business intelligence.

Informed Decisions

Global payroll data can reveal a lot about the financial health of an organization and data stored within the global payroll function is now considered critical information when it comes to strategic decision-making. This data can be particularly useful when it comes to evaluating the overall costs of employing a workforce if a multinational is considering expanding into a new country or region. A key challenge facing many multinationals today is how best to extract, collate, deliver and present this data in a way that it can be understood and lead to actionable business decisions by leadership teams. They require readily available real-time data insights to help them understand payroll performance in context and also drive long-term strategy. Standard reporting is no longer sufficient. Consolidated global reporting delivered in real-time from a cloud-based global payroll platform is the solution that is needed here, and it can also serve to highlight where processes can be improved, and costs can be saved.

| Global Payroll Consolidated Reporting

3

2. VISIBILITY AND CONTROL

Standard reporting usually involves running a system generated report so that an in-country payroll manager can get some insight and analysis around the cost of paying employees along with examining other metrics like KPIs and SLAs. This is a straightforward way to get some high- level visibility and control and it can work fine if you have one country on your books and a relatively straightforward payroll process. The reality of the modern, digital economy we live in is that of a global workforce spread across different nations, time zones, cultures and currencies. This brings with it a number of variables that complicate matters- these include local legislation and regulation, tax nuances, different public holidays and annual leave allocations along with detailed and specific pay elements that can vary with each country. The vast majority of payroll operation technology systems were simply not designed to account for this level of detail and complexity. So, how do you get visibility and control over your global payroll when all this is happening?

Consolidated Reporting

The answer is innovative technology designed to deliver consolidated reporting in real-time. Such reporting tools are usually found on a wider payroll technology platform designed to be a single source of information providing visibility over the entire global payroll process. Reports can be scheduled and customized, allowing you to filter information by country, employee, cost or other pay elements such as bonuses and ad hoc payments. Further visibility comes from real time cost analysis and audit trail reporting functionality. This level of reporting helps introduce crucial oversight and visibility around cost. Without it, accessing a single report to highlight how much payroll is costing a company in a particular country or region may not be possible as non – standard data being exchanged between multiple disparate systems makes reporting very difficult.

| Global Payroll Consolidated Reporting

4

3. COMPLIANCE AND RISK MANAGEMENT

Consolidated reporting can add value to any risk management process in place at a multinational. Reporting and data which identifies which authorized individual did what and at what time can provide an accurate audit trail and apply significant control to help mitigate risk. Compliance is a key issue for global payroll and leadership teams need clear and consolidated reporting to prove they are meeting their obligations in this matter. Consolidated reporting is especially useful when large multinationals are paying employees in a range of different countries and continents. Employment law, tax regulations and local country nuances mean there are a lot of moving parts at play and it can be very difficult to keep track of whether or not you are actually compliant in an individual country.

Reporting can be scheduled to run at specific times to prove compliance obligations have been met and things like tax returns have been filed with the appropriate local or international agency.

Reporting can also be used to manage and confirm data privacy regulations such as GDPR are being consistently met. Audit trail reporting can prove if sensitive employee data was viewed, modified, moved or deleted in accordance with specific guidelines and GDPR legislation. Reporting can also verify that only the necessary, minimum collection and storage of personal identifiable data occurs.

| Global Payroll Consolidated Reporting

5

4. DELIVERING BETTER REPORTING

Business leaders want access to detailed and comprehensive reporting that provides instant answers to their questions. Some legacy global payroll systems struggle to provide information relating to workforce management, meaning there is a real lack of visibility around what is happening with global payroll in terms of who is getting paid what amounts and where.

Effective global consolidated reporting should be able to answer the following:

How many employees do we have under management? Spilt by location

How much does it cost to pay them? Spilt by individual country/region or pay period

How many new people joined and how many have left in the last month/quarter or year?

Why did global payroll cost the company less/more in the previous quarter?

What is the total difference in global payroll spend between UK and the USA?

How do I know I have met compliance obligations in Germany?

What contracts are due to expire at the end of this quarter/year.

A technology partner can help you integrate with their platform and connect the reporting applications with your existing global payroll software systems and processes. This will involve a move towards innovative technology in a cloud-based environment. The tech partner will help you standardize your data so that all data capture and data integrations feeds into the reporting tool to enable huge improvements in the quality, detail and delivery of your global payroll reporting. You can benefit from significant improvements by choosing to upgrade your consolidated reporting technology alone, but far greater gains can be realized in a global payroll department if these upgrades are implemented alongside a wider strategy that involves standardizing processes across countries and automating workflows to reduce manual inputs. This approach can result in the use of data analytics to streamline processes, reduce errors and optimize resources. It can help to establish a foundation where data driven insight is used to drive long term operational improvements.

| Global Payroll Consolidated Reporting

6

Payslip

Payslip provides Automation & Integration technology that delivers standardized global payroll management to multinational employers, including consolidated reporting. We operate a cloud- based platform which features a reporting tool called Global Payroll Reporter.

Take a Free Trial

| Global Payroll Consolidated Reporting

7

5. PAYSLIP AND REPORTING

Payslip provides Automation & Integration technology that delivers standardized global payroll management to multinational employers, including consolidated reporting. We operate a cloud- based platform which features a reporting tool called Global Payroll Reporter.

One of the core features of the platform is that it standardizes data and automates processes, making the delivery of consolidated reporting much faster and easier. A range of different reporting requirements can be met with the Global Payroll Reporter tool which also allows you to automatically schedule or customize the reporting.

KPI performance reporting

External payroll provider reporting

Real-time global payroll cost analysis

Multi- currency General Ledger reporting

Compliance and audit trail reporting

| Global Payroll Consolidated Reporting

8

The Global Payroll Reporter helps you achieve visibility and control over your multi country payrolls. The software lets you filter by country, region, employee or pay element for greater visibility and the reports are run in real-time. Employee Headcount Report: Displays all the employees active or inactive on the system and their locations. Can be filtered to show Joiners and Leavers within specified periods. Payrun Report: Allows you to compare two or more payruns to view the changes between different pay elements per payroll and employee Total Employer Cost Report: Shows the total labor costs for the employer and can be split out by country, company, cost center, department or business unit. Audit Workflow Report: Shows your team and payroll provider’s performance as measured against workflow deadlines over time. Helps to measure payroll providers against SLAs. This reporting functionality enables multi-national employers to transform their global payroll operations so that they can see, manage and control their employee and payroll data on a single platform. The Payslip platform integrates with other key business functions such as HCM and Finance, supporting the secure exchange of data flows between systems for enhanced reporting. The platform can deliver the kind of cost analysis reporting needed to support strategic decision making while also allowing leadership teams to get immediate, high-level visibility over all end to end global payroll operations. “Using Payslip, we can manage all our payrolls across nine in - country vendors on one platform. When the global Covid-19 pandemic arose, it was not an issue from a payroll perspective, and critically getting everyone paid. The Payslip platform enabled continuity for our international payroll service including the fast and seamless implementation of the Payslip Employment Self Service during this time.” Colin Smith, Payroll Manager, LogMeIn

You can implement Payslip’s Global Payroll Reporter faster than you might think, and our experienced team are here to help you get started. For more information, talk to us today.

| Global Payroll Consolidated Reporting

9

Take a Free Trial

payslip.com

| Global Payroll Consolidated Reporting

10

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10

payslip.com

Made with FlippingBook Ebook Creator