Global payroll consolidated reporting

Global payroll consolidated reporting

Detai led and comprehensive global payroll reporting has become very important for global payroll operational oversight. It can also provide the kind of bigger picture view and actionable insights needed for strategic decision making.

| Global Payroll Consolidated Reporting

Table of Contents

The need for consolidated reporting 01

Page 3

02

Visibility and control

Page 4-5

Compliance and risk management

03

Page 6

04

Delivering better reporting

Page 7-8

05

Payslip and reporting

Page 9-13

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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, trends and country comparisons 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. There is a need for bigger picture insights that tells the story behind the data. Standard reporting is no longer sufficient. Consolidated global reporting delivered in real-time from a cloud-based global payroll control 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.

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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 will inevitably 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?

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Consolidated Reporting

First you need the data to be standardized and categorized in the same way across countries and then you need innovative technology designed to deliver consolidated reporting in real-time. Such reporting tools can be found on a global payroll control platform designed to standardize and automate payroll in a way that paves the way for consolidated reporting. Reports can be scheduled and customized, allowing you to filter information by country, employee, cost or other pay elements such as bonuses, tax and pension. Reports can compare labor costs across countries, reveal the true cost of employing an individual and offer a single currency view. This creates genuine business insight that is actionable. 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.

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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 transparent 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 that 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.

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4. Delivering better reporting

Business leaders want access to detailed and comprehensive reporting that provides instant answers to their questions and lets them compare costs across countries. 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 costs, headcounts, trends and pay element changes.

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.

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A technology partner can help you integrate with their platform and connect their reporting functionality 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 will have a standardized view across your countries with consolidated data. You can benefit from significant improvements by choosing to adopt 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 reporting 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.

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Payslip

Payslip delivers a scale- up advantage for today’s global business leaders, harmonizing global payroll operations to fuel growth efficiency. Our global payroll control platform features a reporting tool called the Global Reporter.

Take a Free Trial

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5. Payslip and reporting

One of the core features of the platform is that it standardizes data and automates processes, facilitating the delivery of consolidated and detailed multi country reporting. A range of different reporting requirements can be met with the Global Reporter with reports split by department/stakeholder interest: HR, Finance and Payroll.

KPI performance reporting

Compliance and audit trail reporting

Country cost comparisons

Multi- currency General Ledger reporting

Self-serve access, real- time reporting

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The Global Reporter helps you achieve visibility and control over your multi country payrolls. You can filter by country, region, employee or pay element for greater visibility and the reports are run in real-time. Get macro to micro analysis on the details that matter.

Global Workforce Headcount 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 Variance Compare two or more pay periods within one company/payroll and display results in categories such as employee taxes/deductions or employer contributions- helping you monitor costs and detect differences. Total Employer Cost Consolidated total employer costs across all countries and payrolls for cost center, department or business unit. Global Workflow Audit Shows company and payroll provider’s performance measured against agreed workflow deadlines consolidated across all countries and payrolls.

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This reporting functionality enables multi-national employers to transform their global payroll operations so that they can see, manage and control their entire workforce and payroll data on a single platform. 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. With the Global Reporter, employers are finally able to harness payroll data for actionable insights and fully informed, real-time decision making.

“With Payslip global reporting you can straight away look at any country and you see the data in the exact same format and the same layout. It's just much easier for everyone to review and analyze at that stage.”

Senior Manager, International Payroll

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

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