These are challenging as well as exciting times for global businesses. The way we work has transformed drastically due to the ongoing COVID-19 pandemic and the transition to remote working has made payroll management a more demanding role than ever. As a responsible organization with a reputation to take care of, you need to ensure that you pay your employees the right salary at the right time, across the regions. Further, a global payroll system needs constant updates with changes in regulatory scenario and technology.
Hence, if you use manual processes or a conventional payroll system, chances are that you will be facing a lot of trouble keeping up with the payroll management needs of the new normal. This is why you need advanced power of cloud payroll to keep everything under control and make your employees happy by offering them a seamless, swift and efficient payroll experience. A world-class cloud payroll system would be easily deployable on-cloud, on-premise and if you want to completely ease off the payroll pressure then you can also opt for payroll outsourcing.
A good payroll system can take care of most of the primary payroll tasks. Similar to payroll outsourcing, you can use a cloud payroll system with minimal input such as the basic employee wage information and number of hours worked. The software automatically manages most of the calculations and deductions related to benefits and taxes etc. If there is any change in tax laws in any of your operational territories, the payroll system would receive automatic updates for it. In fact, you can even fill employment tax forms and also set reminders to ensure you don’t miss the deadline.
Advanced cloud payroll system is truly a blessing for multinational companies as it allows creation of organization specific rules. You can define your own business logic for earnings, deductions, bonus, arrears, leave and attendance. You would never have to worry about compliance issues across locations and the system also takes into account the variations related to different local geographies. For instance, a cloud payroll system would seamlessly deal with multi-element, multi-decimal, multi-currency and multi-country payroll needs.
The right payroll system would come integrated with a Core HR module that will enable holistic management of your global workforce needs of employee administration, movements & exits as well as enabling various travel and other expenses through an intuitive and seamless expenses module.
One of the biggest post-pandemic challenges is to accurately measure the time and attendance for your dispersed workforce. This is where a global cloud payroll system would offer a completely integrated time and attendance module. Modern systems can support multiple time entry options such as swipe cards, online data inputs, NFC, biometric devices and even facial recognition software-based attendance.
In case you wish to completely focus on your core digital transformation and free up your HR team without having to compromise on payroll accuracy and efficiency, you can choose the payroll outsourcing route. Digitally managed payroll outsourcing services offer features such as a single platform management of payroll services as well as a self-service payroll management software for the employees. Go ahead and enjoy the power of modern technology and make your HR as well as the staff happier!