How Can Global Payroll Automation Improve Your Business Efficiency?
Over the past decade, international movement by employees has grown significantly. Deloitte details in a recent Global Payroll Management Report how economies, capital, trade, technology, and HRM are now interconnected globally, and why, therefore, businesses need global connections to survive, thrive and expand.
As businesses expand internationally, the need for systems facilitating human talent’s effective movement has also grown. Among the most integral elements required to help improve human capital mobility is state-of-the-art global payroll automation systems. To that end, Mercans, an expert in fully compliant multi-country payroll outsourcing services, has designed customizable end-to-end services and all-in-one native SaaS solutions for HR and Payroll to support the global expansion of its customers.
Global Payroll Solutions are Mandatory in the Context of International Expansion
In today’s globalized economy, many companies look into international markets for growth. Global expansion, however, frequently requires securing a flexible workforce in various foreign countries. Many companies utilize a variety of payroll systems for international workforce management and multi-country payroll management. These systems, however, are usually not designed for complex multi-country operations and tax & legal compliance; they generally go through multi-layered processes requiring much effort to deliver on-time and error-free global payroll.
To meet this need, the Mercans software, HR Blizz™, powered by ML and AI, is designed for easy navigation, scalability, and quick deployment across all HR and payroll operations in all industry verticals, centralizing under a single platform all the necessary steps in the process, ensuring timely implementation of employment tasks and streamlined global payroll and HRM procedures.
Each Jurisdiction is a Compliance Challenge
Each jurisdiction where your business might have a workforce will possess its own set of challenges with local legal and regulatory compliance. This poses a challenge to small internal human resources teams due to the breadth and complexity of daily difficulties, becoming a distraction for your globalizing company teams and draining resources when you can afford it the least.
Payroll compliance for multiple jurisdictions requires substantial manual effort, which increases the chances of costly mistakes caused by human error. Employers operating in multiple geographies must manage and process salaries in a compliant fashion, including holiday, leave days, or benefits – all in addition to the processing of regular payroll items. Mercans’ global payroll services make compliance much easier via standardized processes and consolidated data under a user-friendly interface and a customizable dashboard. Our teams help clients plan, prepare, and execute global mobility strategies in compliance with all labor laws, employment regulations, and tax requirements in every location.
Lack of Payroll Compliance can be Costly
Companies operating in multiple jurisdictions internationally – are faced with the necessity of having to comply with complex and fluid payroll laws and regulations – in each jurisdiction where they do business. Should businesses fail to comply with local payroll laws and regulations – they often face massive fines and even reputation damage. Mercans single secure platform addresses these issues by centralizing all data and procedures for your entire extended workforce in real-time and at a reasonable cost, adding value to your growth strategy.
Automated payroll systems ensure compliance with all local, regional, and international regulations in each jurisdiction you operate – while also helping you manage internal rules and policies related to pay periods, holiday time, and overtime. When companies use automated payroll systems, they help ensure their risks are reduced because these systems allow them to focus on expansion rather than time-consuming and labor-intensive tasks.
Automated Global Payroll Creates Efficiencies
When companies adopt automated payroll systems, they significantly reduce time and resources dedicated to processing information about employees, including salaries, benefits, taxes, and career-related information. Automated payroll systems can also help organizations manage time-keeping performance reporting and human resources employee monitoring systems, payments, development, and reports. When companies deploy these systems for these purposes, they can access updated and accurate historical salary and performance data in seconds – without the need for time-consuming manual searches.
When automated payroll systems provide quick and accurate expense reporting – it ensures corporate management has access to real-time information that is accurate and available about all members of a global workforce. This data will include job information, including attendance, allocations, and expenditures. The use of an automated payroll system improves business efficiency by reducing the likelihood of human error.
The elimination of human error also eliminates costly mistakes in employee payments – while also reducing legal risks related to global compliance. Those compliance risks can lead to expensive legal judgments, penalties, and litigation. To make payroll more efficient and effective for growing international businesses, Mercans has developed HR Blizz, a global payroll and HRM suite for simpler processes, offering unified customer service and military-grade data security.
Automating Payroll Helps Ensure Accuracy
Globalizing companies need to ensure their payroll is accurate. To achieve accuracy, the amount of human processing time and effort should be reduced wherever possible. For example, the computation of income tax information and other deductions is subject to frequent errors, consumes much time, and can be stressful. Too, tax rates and changes in local, regional, and national laws related to payroll make it particularly challenging to produce an accurate payroll.
The analysis of global payroll data provides valuable intelligence for relevant corporate decision-making. Mercans is committed to providing its clients with the most accurate payroll data and actionable talent management data in real-time on centralized platforms. When correctly measured and leveraged, global payroll data can boost clients’ growth by increasing efficiency, eliminating errors, and allowing stakeholders to leverage any valuable information.
Automated Payroll means more International Growth
Companies seeking to expand globally face several complex challenges. Every time your company enters a new market, a new and unique set of challenges will show up. For your company to grow in this challenging environment, it’s critical to utilize a cost-effective automated payroll system, increasing business efficiency, accuracy, security, standardization, and, most notably, local compliance.
Without an automated payroll system in place, your business will unnecessarily expose itself to potential human errors, which can be costly. These continued risks can lead to significant legal and regulatory risks. Mercans possesses the global knowledge and resources to scale up and quickly adjust services to match ever-changing local HR environments and payroll requirements. This quick adaptation to local environments ensures your business has maximized continuity and can focus first on growth, not paperwork.