HR and technology: how innovation is revolutionizing global payroll @PaySpace
Business growth is exciting, but with it comes some significant challenges. Opening offices in new countries is a complex process that needs to take into account many factors such as language, culture, custom and of course – legislation. Businesses need to navigate a range of unfamiliar regulatory requirements to ensure compliance and get up and running as quickly as possible...
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ultinationals typically enlist local consultants in each country of operation to help them establish their new offices. This creates a huge amount of extra administration for the HR team. They have to source and then oversee trusted suppliers in each country, and in some countries, they even have to employ and manage in-country payroll teams. In the pursuit of greater efficiency, businesses are increasingly looking for service providers that can assist them with various functions across multiple countries. Thanks to innovative technological developments, this is possible. The advent of cloud-based software enables multinationals to consolidate their global payroll needs and manage their processes from one location far more efficiently. Less admin, more time Multinationals operate in a very 16 / Issue 13
Bruce van Wyk, Sales & Marketing Director, PaySpace A founding member of PaySpace, Bruce has over 16 years of experience in designing, conceptualising and implementing functional payroll and HR solutions for local, multinational and blue-chip organisations. Bruce heads up Finance and Sales at PaySpace with a love for entrepreneurship. Exposure to the technical, consulting and client requirements have given him vast experience in solution design, comprehensive international tax legislation, quality human resource approaches, talent trends and client relations.
competitive business environment. One way to stay ahead of rivals is to spend time more efficiently. Employees tend to spend many valuable hours on administrative tasks like updating reports, spreadsheets and reviewing contracts. This time could be better spent elsewhere. A cloud-based global payroll platform liberates HR teams from onerous administration, and gives them more time to work on more strategic areas like succession planning and expansion. An automated cloud-based payroll system also provides businesses with better access to critical information from anywhere in the world. For example, regardless of where the payroll manager is based, they can log in and pull all the data they need in real-time, from any device at any time. All authorized users have a holistic view of the business at all times which means they can access information faster and make better strategic decisions.
Team work Cloud software makes geography irrelevant. Two colleagues, in different locations, can work together on a project in realtime without any disruptions or duplications. Email is great for many reasons, but it’s not an ideal collaborative tool as documents can easily get lost or filed incorrectly. The enhanced collaboration associated with a global payroll system helps create an agile working environment that is responsive and far more productive. To boost team work and efficiency even further, companies can also integrate their global payroll with other business systems like accounting. PaySpace for example, integrates with Xero which improves inter-departmental transparency and collaboration. This global access to company information may cause some concern. However, cloud
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