global payroll & expenses: why your process is outdated
TRANSCRIPT
GLOBAL PAYROLL & EXPENSESWHY YOUR PROCESS IS OUTDATED
Global payroll is complicated.
As your organization expands internationally, the complexity of your
operations will increase.
Payroll and expenses are no exception.
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Processing multinational payrolls, paying employees on time, managing expense reporting, tracking vacation time and
complying with local regulations can leave room for error and potential exposure to
significant compliance penalties.
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It can feel like a maze.It’s full of complications such as language barriers, currency differences, operating difficulties and local nuances.
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Many companies are not prepared for global payroll challengesChallenges include cultural differences, varying time-zones, a lack of global leadership, incompatible technologies, multiple currencies and data-privacy compliance.
Unlike HR, finance or accounting, payroll cannot wait.As soon as you’re global, you must address payroll.
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As a result, many companies have dispersed operations.They end up with many different vendors and many different ad-hoc, haphazard solutions.
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Multiple vendors often means inconsistent service levels, which is damaging to reputations.
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The process and flow of information should be the same regardless of the
country and the geography.
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Payroll should of course be streamlined, but you must allow for the idiosyncrasies of local
processing and capabilities.
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What’s already in place?Who do you have on the ground locally and what are their roles and capabilities?
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Understanding who you have and what they do will help you make some strategic decisions.
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What are your operating costs? Understand today’s costs as well as future costs for each country of operation.
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Carry out an internal gap analysis.
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Maintain a balance between the need for centralized processes and efficiencies and the need to comply with local requirements and cultural differences.
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Make sure local requirements are known and addressed.
Are your teams working with a global mindset?
This will ensure consistant data reporting and tracking.
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Do you have confidence in your international suppliers?
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Do you have a system that is fit for purpose, and can you manage expenses, timesheets and PTO at a global level?
From your employees’ perspective
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Operational details can get in the way of overseas productivity and employee satisfaction.If you don’t have automated expense reports, timesheets or vacation tracking, now is the time to start!
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There are some key considerations for ensuring your expense system can support your global expansion ...
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Value-Added Tax (VAT)Advanced and automatic calculation helps ensure compliance.
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Multiple currenciesDo you have a central system that automatically converts currencies?
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Corporate policiesDistance from headquarters can result in noncompliance.
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Web and mobile accessYou’ll need the ability to submit expense reports anywhere, anytime, with cloud-based security.
Corporate credit cardsCorporate cards are a great a great tool for global spend management.
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of people we asked were concerned about their international employees feeling connected to and supported by headquarters.
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Make sure you can handle global payroll and expenses.
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