Why is consolidating Global Payroll more important than yesterday?
‘Automation’ is the buzzword in today’s business scenario. All companies are looking at automating their routine processes.
Automation helps companies make use of the latest technology to reduce risks and ensure a seamless flow of information. The current pandemic has once again proved the importance of using technology to manage various processes. One such process, where automation has proved beneficial is the Payroll function. That’s why consolidation of ‘International Global Payroll’ is pertinent.
Over the years, increased global business and the varied nature of compliance have made global payroll management a very complex process. Automating payroll and investing in a global payroll solution helps in standardizing reports, smooth funds flow and gaining control over this entire spectrum of payroll.
The International Global Payroll Consolidation solution transforms and integrates data from all possible sources. This helps a company save time, enhance deliverable accuracy, and improve compliance, thereby helping a company clear track of the company’s critical Payroll data and flow.
Our cloud solutions, a solution that is built to last, Mynd Central has been helping companies widely in administering international global payroll giving an edge over the mundane processes.
Read on to understand why you should consider consolidating the International Global Payroll and how Mynd can help you.
Simplify & enhance the User experience:
The changing situation has forced us to change the way we work, and this change is very rapid. It has become mandatory for the payroll leaders and their teams to adapt to this ‘new normal’ and enable themselves to navigate through. Companies need to focus on analyzing payroll data to obtain invaluable insights and use these insights to support critical business decisions and freeing them for value-added tasks.
Mynd Central platform offers the functional stakeholders not only critical information but also ease of operation. The platform offers the customers a sophistication of single sign-on access to multiple platforms to view multiple countries in a single glance.
While internal tools are important for payroll & HR teams to ensure a seamless flow of data, an equally important function is to enhance and simplify the experience for the users. A user-friendly platform can serve this purpose well. A mobile-compatible application makes it easy for employees to access their payroll. Not only that, the uniform UI provides a unified experience for employees across the globe. This thing becomes more critical especially during the current situation, where most people are working from remote locations. Our product offers multi-currency, multi-lingual support that can easily be customized to any country.
Data Accuracy & Availability:
Payroll data is often fragmented into different systems and files making it quite unharmonized. Integrating disparate payroll systems into a single sign-on platform not only gets rid of multiple points of contact but also eliminates potential language barriers or time differences, which helps companies decrease their response times.
The larger the visibility of the data to the payroll teams, the higher is the accuracy of the data, which companies use to model and forecast trends, collect finances and enable better business decisions.
The payroll Input- validation and aggregation in-house tool (IVAP) eliminate several mundane steps that are part and parcel of a normal payroll process. The tool is designed to analyse large data and generate ad hoc reports. The tools come with pre-emptive controls defined for each country and each client, which helps in validating the input from various sources and countries, thereby saving time and resources. The tools allow companies to generate customized reports in the format they want – consolidated or broken down.
The tool can consolidate data from multiple vendors or multiple teams across geographies and provide a dashboard view before the data is fed into the payroll engine. This does away with the need to do multiple pay runs and hence save both time and money. Integrating the HRIS system with this tool delivers a high level of accuracy, reducing manual touches, which is prone to errors.
Real-time and Adhoc Reporting:
The single source of data, however large, is easy to analyse rather than less data from multiple sources. Using standardized and consolidated payroll data can offer amazing insights through the use of smart reporting and analytics tools.
Mynd’s IVAP tool is built to empower businesses into taking strategic and predictive leadership decisions through centralized and consolidated reporting. The tool allows the process stakeholders to extract, collate, deliver and present the global payroll data at any given time. This enables them to manage, analyse and control payroll data at a country, regional and international level.
To top it all, the tool also allows toggling between multi-currencies, giving a flavour of a localized version.
Led Centrally, Compliant Locally:
Balancing between an optimized global platform and local flexibility is what an ideal International Global Payroll scenario is and thus, our tagline “Led Centrally, Compliant Locally”. The local legislative and cultural eccentricities and rapidly fluctuating legislative changes are the key inhibitions for companies to step back from the consolidation of International Global Payroll.
Thus the need to have access to local knowledge within the system is imperative and we achieve this through our in-country specialists in every jurisdiction that we operate in. The legislative changes and interpretation of the changes required on the ground is facilitated through in-country compliance partners audit firms.
Mynd’s Active Compliance tool (ACT) is an ultra-pared-down tool that tracks compliance across countries and provides real-time updates on the changes in legislation. A global dashboard gives the stakeholders a view of compliance across all countries; ring-fence and control the manner in which they achieve full compliance in all the countries.
Multi-currency payments:
Salaries and third-party payments such as pension contributions are sensitive by nature – there is little to no tolerance for errors – and are complex because each country has its own local legislation and market practices.
We manage the fund movements through centralized channels and decentralized channels, where a single market may demand local protocols.
Being Agile – our Strength:
Mynd Central is our ready to go, automated solution that will bring a difference to the payroll experience, powered by our experts at every layer. From validation of inputs, gross-to-net payroll calculations, validating the integrity and reconciliation of the payrolls, pay slip distribution, local tax filings and payments, accountability for in-country compliance, production of bank and G/L files, fully consolidated reporting, year-end filings and Employee help desk, we have them all covered under a single platform.
Mynd today supports payroll processing in countries located in Europe, the Middle East and Africa, Asia Pacific, and the United States of America. In key countries, we also provide local services that include human resources (HR) advisory services, accounting, and labour consulting.