As a company expands into new countries, there can be a rush to get employees hired and start payroll. Often it seems easier to find a local vendor to manage the in-country payroll, since they know the requirements and deadlines for the specific country. But as the company grows and adds new countries, this piecemeal approach to payroll becomes a large problem for the organization. Over time, using multiple vendors and data sources across several countries creates a gap in data, no standardized processes, and lack of reporting.
This is a frequent problem that multi-national companies face – they have a process that is so segmented that when they need reporting or want to get a handle on costs, it can take months to get the real picture. Lack of reporting is one of the main reasons companies decide to consolidate payroll processes or switch vendors. The idea of switching systems and vendors can seem daunting, but if you don’t have access to real-time payroll data, your company could be losing thousands to errors, compliance fines, or even fraud.
So, what should you look for when searching for a new global payroll solution? To start, you need all your countries on one platform – using multiple systems is the root of the data issues and only causes more pain in the process. Consolidating global payroll allows you to view all countries in one place, view costs in real-time, and identify errors before the payroll run takes place. With one platform you also have real-time reporting capabilities across all countries and currencies – that sounds like a dream!
Now factor in your US payroll – what system are you currently using, and can you integrate with your global payroll solution? That is the gold standard of multi-national payroll – one system of record for employees in every country. Accurate, monthly global payroll reporting is the key to managing costs across the organization and ensuring compliance in each country. Having access to customized reporting for your organization is a game-changer – no more wondering what is happening in each country – you have it right in your payroll solution.
Blue Marble has changed the way companies manage global payroll with a cloud-based platform to manage employees across 150+ countries. Our customized reporting tool lets you create the reports you need for your organization in real-time – no more waiting for each vendor to provide the data you need each month. If you are struggling with reporting (or lack of reporting) we can help. Talk to our team to get started and simplify global payroll reporting in 2022.