Loading...

Follow iiPay | Integrated International Payroll - Ch.. on Feedspot

Continue with Google
Continue with Facebook
or

Valid

A global team spanning dozens of locations around the world needs a globally integrated system for their business to survive and thrive. That’s an unavoidable fact, but many companies are still trying to find ways to make their square peg (their unintegrated global payroll systems) fit into a round hole (efficiency and scalability).

The Square Peg: Unintegrated Systems

The reality is: an environment without integration is an environment where you won’t be able to scale your processes as your business grows. A lack of integration means having multiple systems in place to complete the central task of payroll services, including an HCM or HRIS system to maintain employee data, a finance and/or accounting system and separate time clock system to track attendance. The “square peg” in this instance is when these systems are not connected. Each of these systems has to be separately operated and maintained, and since they all require a similar dataset, your company is wasting precious time and resources essentially fulfilling the same task of data entry over and over again. In an integrated environment, these systems would be able to “speak” to each other and work seamlessly together.

Another issue that arises in unintegrated global payroll systems is the lack of standardized global processes. Without any kind of global guidelines to follow, local payroll has to create their own, following their own procedures in their own languages and with their own reporting methods. Trying to organize such a fragmented payroll system on a global scale has its obvious obstacles to overcome, and when you add in the problem of manual processes, the endeavor becomes almost impossible.

With the existence of disparate systems operating to make your global payroll process work, employees end up with huge manual workloads that demand their time and resources to complete. Country-specific requirements, currencies, languages and processes add up to a lot of paperwork needing completion. The costs of all this paperwork and of employee time spent completing it and maintaining accurate records adds up over time, and your company must account for these costs when you decide not to integrate your global payroll.

The risk for inaccuracies and compliance issues grows for your business as employees contend with more complex processes in an unintegrated payroll system. The larger and more disorganized the data that manual payroll systems must handle, the greater the likelihood that employees will make mistakes. Having a few small errors here and there is not the end of the world, but when these issues result in incomplete pay data or employees not being paid on time, that can make your company noncompliant with business regulations as well as some very unhappy employees. The prevalence of such problems can hurt your company in a number of ways, such as reputationally or legally.

If all these issues exist in your company, any future plans you may have to grow and expand your business will be filled with unnecessary struggles and complications. In order to create an environment where you can reach your business goals, you first need to make global payroll integration a priority.

The Benefits of Global Payroll Integration

Integrating your systems will save you from the inefficiencies and inaccuracies detailed above that you’ve no doubt experienced. Across all your systems – HR, Finance, Accounting, Timekeeping – data will only need to be entered once, saving you time, money and other resources.

The benefits of an integrated global payroll reach far beyond greater efficiency and ease of use, though. Integration can lead to better global performance and open up more opportunities to scale. Below, we outline the benefits you can expect from streamlining your global payroll through integration.

Improved Productivity

An integrated system allows you to restore productivity to your business processes by relieving your employees of the heavy, manual workloads they endured in an unintegrated payroll system. Integrated payroll only requires initial data entry, streamlining the process and freeing your payroll professionals up to complete other tasks and responsibilities. System integration lessens the number of touchpoints your employees need to manage. Instead of employing people around the world to handle disorganized systems and cumbersome processes, you can optimize your workforce by moving your staff into more strategic analytical roles and cutting overall staffing costs.

Streamlined Process

By integrating all of your systems, you will finally be able to unify your global payroll process. All local, regional and corporate teams will be able to access payroll data in a standardized format within a centralized repository to help keep everything organized and to simplify reporting in the future. Senior management also have a better understanding of the entire global payroll process due to the insights an integrated system provides them. Knowledge of payroll processes from the local all the way to the international level will give them confidence in the business to set goals and scale.

Accurate Data Input

Global payroll integration ensures that all of your data is transferred to your payroll provider without unnecessary and repetitive data entry. By providing a clear pathway between data from your HCM/HRIS, finance and accounting systems to your payroll, errors are much less likely to occur, and you can be certain the system is meeting compliance standards. Your payroll professionals will be more productive when they don’t have to spend so much time hunting down and amending mistakes.

Faster Onboarding

As a growing enterprise, integrating payroll helps you expand at a faster rate by easing the onboarding process for both new employees and your HR. New employees mean a lot of new data to enter, but in a fully integrated system, that data entry only needs to happen once. This means your company will be able to meet the fast turnaround times for newly minted members of your workforce or those that are changing positions.

Better Reporting and Analytics

Reporting and analytics on an unintegrated system is nearly impossible. There are no centralized, global reporting processes in place, so instead, you receive a variety of reports in a variety of languages and formats, making them difficult to compare and aggregate. Having a single, secure location to store your payroll data will finally allow you to run more comprehensive reporting and analytics on your global processes. You can instantly access both present and historical data on payments and deductions. Through review, analysis and reporting, you’ll have the ability to optimize and standardize your global payroll and accounting procedures.

Reduced Environmental and Delivery Costs

No matter the type or size of the company, we are all trying to find ways to leave a smaller environmental footprint, and as you grow that challenge only grows with you. By adopting an integrated payroll system, your business can move away from the wastefulness of manual processes, especially paperwork. With all payroll data stored in a secure, cloud-based location, employees can receive their payments digitally and access their current and historical data instantly. This integrated system is more beneficial for everyone including employers who need a more streamlined and cost-effective approach to payroll management, employees who want to receive their payments on time and conveniently, and the environment which will appreciate your company’s reduction of unnecessary waste.

Rounding Off the Square Peg

If you’re wondering if you can survive without properly integrating your many systems, the answer is yes. At least, for a while. As your company expands, the manual input will continue to increase, and you will eventually hit your ceiling. Payroll system integration is the solution to rounding out that square peg, getting rid of pre-payroll processes and ad-hoc manual intervention, creating a thriving company that can continue to expand and meet ambitious goals.

To learn how your global business can reap the benefits listed above, request a demo with iiPay and see for yourself what global payroll integration can look like for you.

The post The Benefits of Integrating Global Payroll appeared first on iiPay.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

A global team spanning dozens of locations around the world needs a globally integrated system for their business to survive and thrive. That’s an unavoidable fact, but many companies are still trying to find ways to make their square peg (their unintegrated global payroll systems) fit into a round hole (efficiency and scalability).

The Square Peg: Unintegrated Systems

The reality is: an environment without integration is an environment where you won’t be able to scale your processes as your business grows. A lack of integration means having multiple systems in place to complete the central task of payroll services, including an HCM or HRIS system to maintain employee data, a finance and/or accounting system and separate time clock system to track attendance. The “square peg” in this instance is when these systems are not connected. Each of these systems has to be separately operated and maintained, and since they all require a similar dataset, your company is wasting precious time and resources essentially fulfilling the same task of data entry over and over again. In an integrated environment, these systems would be able to “speak” to each other and work seamlessly together.

Another issue that arises in unintegrated global payroll systems is the lack of standardized global processes. Without any kind of global guidelines to follow, local payroll has to create their own, following their own procedures in their own languages and with their own reporting methods. Trying to organize such a fragmented payroll system on a global scale has its obvious obstacles to overcome, and when you add in the problem of manual processes, the endeavor becomes almost impossible.

With the existence of disparate systems operating to make your global payroll process work, employees end up with huge manual workloads that demand their time and resources to complete. Country-specific requirements, currencies, languages and processes add up to a lot of paperwork needing completion. The costs of all this paperwork and of employee time spent completing it and maintaining accurate records adds up over time, and your company must account for these costs when you decide not to integrate your global payroll.

The risk for inaccuracies and compliance issues grows for your business as employees contend with more complex processes in an unintegrated payroll system. The larger and more disorganized the data that manual payroll systems must handle, the greater the likelihood that employees will make mistakes. Having a few small errors here and there is not the end of the world, but when these issues result in incomplete pay data or employees not being paid on time, that can make your company noncompliant with business regulations as well as some very unhappy employees. The prevalence of such problems can hurt your company in a number of ways, such as reputationally or legally.

If all these issues exist in your company, any future plans you may have to grow and expand your business will be filled with unnecessary struggles and complications. In order to create an environment where you can reach your business goals, you first need to make global payroll integration a priority.

The Benefits of Global Payroll Integration

Integrating your systems will save you from the inefficiencies and inaccuracies detailed above that you’ve no doubt experienced. Across all your systems – HR, Finance, Accounting, Timekeeping – data will only need to be entered once, saving you time, money and other resources.

The benefits of an integrated global payroll reach far beyond greater efficiency and ease of use, though. Integration can lead to better global performance and open up more opportunities to scale. Below, we outline the benefits you can expect from streamlining your global payroll through integration.

Improved Productivity

An integrated system allows you to restore productivity to your business processes by relieving your employees of the heavy, manual workloads they endured in an unintegrated payroll system. Integrated payroll only requires initial data entry, streamlining the process and freeing your payroll professionals up to complete other tasks and responsibilities. System integration lessens the number of touchpoints your employees need to manage. Instead of employing people around the world to handle disorganized systems and cumbersome processes, you can optimize your workforce by moving your staff into more strategic analytical roles and cutting overall staffing costs.

Streamlined Process

By integrating all of your systems, you will finally be able to unify your global payroll process. All local, regional and corporate teams will be able to access payroll data in a standardized format within a centralized repository to help keep everything organized and to simplify reporting in the future. Senior management also have a better understanding of the entire global payroll process due to the insights an integrated system provides them. Knowledge of payroll processes from the local all the way to the international level will give them confidence in the business to set goals and scale.

Accurate Data Input

Global payroll integration ensures that all of your data is transferred to your payroll provider without unnecessary and repetitive data entry. By providing a clear pathway between data from your HCM/HRIS, finance and accounting systems to your payroll, errors are much less likely to occur, and you can be certain the system is meeting compliance standards. Your payroll professionals will be more productive when they don’t have to spend so much time hunting down and amending mistakes.

Faster Onboarding

As a growing enterprise, integrating payroll helps you expand at a faster rate by easing the onboarding process for both new employees and your HR. New employees mean a lot of new data to enter, but in a fully integrated system, that data entry only needs to happen once. This means your company will be able to meet the fast turnaround times for newly minted members of your workforce or those that are changing positions.

Better Reporting and Analytics

Reporting and analytics on an unintegrated system is nearly impossible. There are no centralized, global reporting processes in place, so instead, you receive a variety of reports in a variety of languages and formats, making them difficult to compare and aggregate. Having a single, secure location to store your payroll data will finally allow you to run more comprehensive reporting and analytics on your global processes. You can instantly access both present and historical data on payments and deductions. Through review, analysis and reporting, you’ll have the ability to optimize and standardize your global payroll and accounting procedures.

Reduced Environmental and Delivery Costs

No matter the type or size of the company, we are all trying to find ways to leave a smaller environmental footprint, and as you grow that challenge only grows with you. By adopting an integrated payroll system, your business can move away from the wastefulness of manual processes, especially paperwork. With all payroll data stored in a secure, cloud-based location, employees can receive their payments digitally and access their current and historical data instantly. This integrated system is more beneficial for everyone including employers who need a more streamlined and cost-effective approach to payroll management, employees who want to receive their payments on time and conveniently, and the environment which will appreciate your company’s reduction of unnecessary waste.

Rounding Off the Square Peg

If you’re wondering if you can survive without properly integrating your many systems, the answer is yes. At least, for a while. As your company expands, the manual input will continue to increase, and you will eventually hit your ceiling. Payroll system integration is the solution to rounding out that square peg, getting rid of pre-payroll processes and ad-hoc manual intervention, creating a thriving company that can continue to expand and meet ambitious goals.

To learn how your global business can reap the benefits listed above, request a demo with iiPay and see for yourself what global payroll integration can look like for you.

The post The Benefits of Integrating Global Payroll appeared first on iiPay.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

In our previous blog, we discussed the major drivers and trends that are driving the global payroll industry in 2019:

  • The role of data and automation to reduce risk and improve accuracy.
  • An even higher adoption of cloud-based services and need for centralization.
  • Increased data protection legislation in the digital era.

So, you know what to expect in 2019 and you’re preparing for the challenges ahead? Good! In this blog, we look at taking the next step and establishing a Strategy for Success to ensure you and your organization are ready for the rest of 2019 and beyond.

A Global Payroll Strategy: What Do I Need to Consider?

Your Global Strategy will be shaped by a combination of your Goals and the Current State of your Global Business Landscape. Goals will vary from industry to industry, and business to business, and hopefully you and your organization have given significant thought to what those goals are or should be. For this blog, we’re going to focus on the State of your Global Landscape, and the areas that are going to have the greatest impact on forming your Global Payroll Strategy. We see these four key areas as the bedrock of consideration for starting your strategy:

  1. Your Global Employee Population – Who are they, what are their needs, and what is their Payroll Experience?
  2. Existing Global Systems and Processes – How well are they fulfilling their purpose?
  3. Business flexibility and Scalability, Employee Experience, and Compliance and Governance – Is the Current Landscape Managed Comprehensively?
  4. Structure, Hierarchy, and Resources – What are the Limitations of the Business?
1.     People

Payroll is a business-wide subject, and entire global population impacts and is impacted by it. At its most fundamental level, payroll is about getting your employees paid accurately and in a timely manner. However, when you start to consider that your population is spread over multiple countries, each with its own unique laws and legislation, the environment becomes more complicated. Your Global Strategy has to allow for all the varied differences in country legislation in every location in which your population is based.

To address this in your Strategy you must start with the basics:

  • Who are your Employee Population – Blue/White Collar Workers, Full-time/Part-time, Contractors – and what are their requirements and expectations?
  • Where is your Employee Population – What are the prevailing conditions, both legislatively and culturally, in those locations, and what is considered ‘normal working practice’ in those locations?
  • What is the State of your Employee Population – are your employees happy with the current payroll set up, do you meet all your obligations regarding employee payroll easily or is it a manual process which sees errors, and are your employees benefitting from the way you approach payroll?
2.     Systems

Whether easily visible and understood or hidden in the background and managed by specialist teams, your systems – hopefully a smooth combination of technology and process – underpin your entire payroll approach. It’s also one of the easiest areas for mistakes and burdensome payrolls to begin. Whether it’s old and manual processes or technology that requires manual intervention to remain compliant, or a thousand and one variations, getting a smooth flow between your systems should form a core part of any long-term payroll strategy. This doesn’t mean starting fresh every time though – your existing systems represent a major investment of time, cost, and resources and are a great springboard to greater things for your organization. Consider how this investment might fit into your future goals as part of your systems considerations.

To incorporate your systems into your Strategy, you need to consider how you want to manage your payrolls (more on that below), and ensure they are aligned. It’s crucial to ask if they are fulfilling the purpose for which they were implemented. If your Strategy evolves over time, as it should, your systems need to be considered and flexible for scalability; preventing the increase of overly manual processes, the need for large dedicated Global Payroll teams, and the significant increase in risk for human error, all of which lead to employee dissatisfaction.

3.     Existing Strategy

Building your future Strategy on a shaky old strategy foundation is a recipe for disaster, but just because your strategy is built on an old foundation, it doesn’t always mean you need to start again. Strategy is an evolving process; chances are your existing strategy has gotten you to this point and may well be fundamentally sound, resulting in an adaptation exercise rather than a total restart.

Your existing strategy is just that; how you are approaching and managing payroll today from a high-level global perspective to ensure consistency across your Global Landscape. That strategy encompasses some of the most important aspects that can drastically affect your future strategy. Your existing strategy will have been established to achieve a certain set of objectives, based on conditions at a certain period in time, and it is important to challenge whether those goals are still current, and if the overall strategy is a) reflective of your current intent, and b) is going to deliver against your goals in line with your existing systems. Your Strategy will govern how flexible the business can be, how responsive your teams can be, and their readiness and ability to support Global Change, making it a great foundation to spring forward from – or a terrible pitfall if it is in poorly planned.

The simplest way to evaluate your existing strategy is to ask two key questions:

  • Why do we manage our payroll in this way? Just because it doesn’t detract from current or future plans, doesn’t mean it’s benefiting them either.
  • Does this strategy align with your organization’s goals in the short, medium, and long-term?
4.     Business Architecture

A nebulous term, business architecture refers to organizational forces inherent to your company. For example, resource limitations for in-country payroll support, multi-system structure, or decentralized offices requiring manual processes, etc.

When contemplating a Strategy to deliver on your payroll vision, it is equally important to consider the areas in which you have restrictions, as well as those where you have strengths. This will allow you to construct a truly Global Strategy that sets out reasonable objectives that won’t leave the business disadvantaged against resources or gains it never had.

One of the easiest ways to secure an appreciation of realistic business limitations is to engage with a broad demographic of employees from all levels of the business in the planning of your Strategy. The views and perceptions of a Head Office Executive compared to an In-Country Payroll expert are vastly different but both important in planning your Strategy.

What’s Next?

By considering these four initial areas, you have hopefully gained some clarity around the areas you may wish to consider. This will help give you and your organization the best opportunity to construct a robust, compliant, and resilient Global Strategy to take you through 2019 and into 2020 in line with your organization’s short, medium, and long-term goals.

If you’d like to learn more about establishing a Global Payroll Strategy, feel free to contact us at iiPay.

The post Establishing a Global Payroll Strategy: Where to Start appeared first on iiPay.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

The global payroll industry evolved quickly in 2018 with tighter integration needs, increased regulations and a higher demand for cloud technology. As we consider lessons learned from 2018 and their outcomes, we also look forward at the trends we’re predicting for 2019 and the insights driving them.

As a trusted go-to resource for global payroll, we see the following trends coming this year:

  1. Working smarter, not harder: the role of data and automation to reduce risk and improve accuracy
  2. Flexibility and support for business: an even higher adoption of cloud-based services and need for centralization
  3. Data security and compliance: increased data protection legislation in the digital era
Working Smarter, Not Harder

In the 1930s, Allen F. Morgenstern, an industrial engineer and creator of the work simplification program, which was designed to increase people’s ability to produce more with less effort, coined the term “work smarter, not harder.” Nearly 90 years later, those four words ring just as true. From a new demographic of employees whose working expectations vary drastically from previous generations to the explosion of data, dealing with information in the same old way is no longer an option. The utilization of artificial intelligence (AI) and the strategic deployment of robotics and automation within the payroll industry delivers increasing efficiencies in time and accuracy and provides a catalyst for your payroll employees to increase their value.

Here’s our top three reasons why working smarter, not harder in 2019 can benefit you:

  • Low risk, high consistency data processing: Using robotics in payroll, you can impose stricter controls for repetitive tasks, improving accuracy and consistency, while reducing the chance of human error and reducing risk. Take data verification as an example … as a manual task, only a portion of the total data may be sampled to confirm accuracy. However, when using cognitive technology like robotics, you can compare the entire database rapidly, delivering greater accuracy.
  • Automation: Whether it is data sourcing, increasing the number of data points collected or simplifying data sharing and collection, automation opens the door to better decision making. The higher the degree of automation the greater visibility you will see across geographies, as well as better compliance and more reliable global reporting.
  • A catalyst for improvement: Helping your employees work smarter increases efficiency by cutting down avoidable errors and increasing organizational bandwidth. In payroll, this means you spend less time manually processing and more time focused on a more holistic view of your business for further improvements and growth.
Flexibility and Support for Business

Employment trends shifted even further last year with more flexible hours, remote settings, and employee mobility all on the rise. Businesses face the challenge of ensuring they can continue delivering services to their clients, and for payroll, this means employees get paid accurately and on time and that the company remains compliant with regulatory requirements.  For continued success, businesses need to combine a flexible, nimble approach with clear and meaningful data, to intelligently support their employees in this new work environment.

These are the top three ways you can be flexible and provide support in 2019:

  • Cloud-based services: While not a new trend, this shows no signs of stalling anytime soon. In fact, Forbes estimates that by 2020, 83% of enterprise businesses will be cloud-based. The cloud offers accessibility from any point with an internet connection, minimized risk with a range of secure backup and disaster recovery functions and a solution that can scale easily according to the needs of the business and clients.
  • Human resource (HR) system integrations: HR management systems are becoming more necessary as the need to work with large amounts of data, often globally, becomes more common. Within payroll, to ensure you’re getting the most efficiency gains from your solution, it is important to have a single source of truth for your employee data. By establishing two-way integrations with your systems, you create that source of truth and can work with the data for detailed analyses or establish business plans, all within the framework you apply to your global business.
  • Centralization: Payroll companies are increasingly investing in data centralization for its efficiencies in processes, greater clarity in financial matters and insight into the application and health of the global payroll approach. By bringing your payroll data together in a centralized source that can integrate with HR systems, you gain greater insights into your data to support your business in driving payroll efficiency in line with your business requirements. This data centralization is an increasingly sought-after part of delivering a modern efficient, and compliant global payroll solution.
Data Security and Compliance

In an increasingly connected world, data security and compliance continue to make big headlines. Last year, the EU General Data Protection Regulation (GDPR) was rolled out and the conversation surrounding data privacy and control intensified. In the payroll and financial industries particularly, employees and clients now require concrete guarantees concerning their data.

According to the EU GDPR website: “The GDPR not only applies to organizations located within the EU but also applies to organizations located outside of the EU if they offer goods or services to, or monitor the behavior of, EU data subjects. It applies to all companies processing and holding the personal data of data subjects residing in the European Union, regardless of the company’s location.”

In 2019, we expect to see these three data security topics continue to develop:

  • Digital trust and intelligent identification: The digital mindset is moving businesses toward identifying users based on normal profile activities to improve threat detection and prevention. Security by design: As new systems are developed, there is a need to build security and access controls from the ground up to restrict potential security gaps.
  • Continued rollout of new data protection legislation: With GDPR and Notifiable Data Breach (NDB – Australia) launching last year, we expect to see other nations implementing equivalent regulations. Additionally, the overall impact of GDPR is expected to become much clearer in 2019 as the one-year anniversary of its rollout approaches in May.

Leading-Edge Companies Embrace Change

Global enterprises that aim to be on the cusp of change must continually challenge themselves to outpace the competition. In the global payroll environment, this means anticipating change, keeping up with technological advancements, being agile enough to comply with new legislation and adopting practices and processes that provide transparency.

In the coming weeks, we will discuss these topics in much greater detail to analyze the direct impact on your payroll. Will you be an early adopter that sets the pace or lag behind the leaders? Global enterprises don’t need to “break the bank” to be leading edge. Follow iiPay and our trends at www.iipay.com.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Human capital management (HCM) applications are the backbone for organizations, enabling them to manage all aspects of their workforce. However, when it comes to a business process as complex as global payroll, more and more organizations are decoupling their payroll functionality from their HCM applications, according to a recent Gartner report.

Decoupling is a viable approach and becoming the preferred means for organizations that process a global payroll. The payroll provider is responsible for the integration to and from the HCM as well as processing, servicing and supporting all payroll functions. When it is time to begin an implementation project, there are three strategies to consider to effectively guide the integration of your HCM technology with your new global payroll provider of choice.

Mapping the Data

Mapping your data between systems is of the utmost importance to the success of your integration. Your global payroll provider must fully understand your HCM system and its nuances and successfully align and map all data from one system to the next. The implementation team is responsible for ensuring that “value A” from “system A” feeds into “system B” and goes to the correct place. For example, a bonus payment may be tagged as “bonus” in one system but may be tagged as something different in another system. If that isn’t caught, addressed and fixed across all systems, then preventable problems post-implementation can occur.

A global payroll system provider can this bring knowledge and expertise, however the buyer must be knowledgeable about its data and help the provider understand these nuances. A common disconnect in the implementation and integration process is that people making the decisions on what to do with data aren’t always the ones on the ground using the system(s) daily. Figuring out how to mitigate and reconnect that issue is vital. Your strategy needs to include a platform that can accommodate nuances and that ensure your data is in a much better place.

Handling Data Changes

Personnel data is constantly changing in organizations, so much so that there is virtually a real-time constant feed of data changes. This does not fit the typical payroll model, which usually collects data updates and processes any changes on a per cycle base. For most systems, this adds a layer of complexity. An alternative and more flexible option is one that is configurable, allowing users to map a layout and automate the process of data changes. Ideally, you want as little human management and manipulation of data as possible. Instead, one system routes the data into the other system, which then configures the data appropriately, according to the mapping already in place. This frees up more time for your team to find errors instead of processing the changes—a more high-value activity.

Standardizing Implementation

While it may sound simple, all implementations need to start with a deep and detailed discussion, so the global payroll provider can learn your requirements, both from a system and processes perspective. Failing to align business requirements and objectives with the implementation methodology can lead to many headaches, inconsistencies and eventually failure. Once the business objectives and requirements are adequately communicated, the provider will be able to take those requirements and fit them into their standard implementation procedure that should be based on best practices from lessons learned.

Ensuring a successful integration between your current HCM technology and your global payroll solution is critical to the success of your payroll organization. iiPay’s solution and commitment to excellence in international payroll technology and service exceeds client expectations in every aspect of the global management process.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Reward Strategy Recognizes iiPay for Leadership in Customer Service, Technology, and International Payroll

Integrated International Payroll (iiPay) has been recognized as a finalist in three categories for Reward Strategy’s distinguished annual awards, The Rewards 2018. The Rewards ceremony is the most distinguished event on the industry’s calendar, recognizing high achievement and celebrating excellence in payroll, HR, pensions, reward and employee benefits.

iiPay is honored to be recognized as a finalist for:

  • Customer Service Award
  • Technology Award
  • International Payroll Award

The company is excited about the global payroll leadership recognition across multiple disciplines. In an ongoing pursuit to change global payroll, the iiPay team continuously invests in people, processes, and transformative technology enhancements that make the payroll process easier for end users.

The Rewards ceremony will take place on November 7 at the Hilton London Bankside. For more information on The Rewards 2018 visit: https://www.reward-strategy.com/awards/the-rewards

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

iiPay will exhibit at the 21st Annual HR Technology Conference & Exposition in Las Vegas, Nevada from September 11-14, 2018. As the industry’s leading independent event for 20+ years, HR Tech has been a key catalyst for tens of thousands of HR and IT executives in their quest to leverage technology and secure HR’s role as a pivotal component in their company’s overall success.

If you’re attending this year, stop by Booth #343 and:

  • Discover how modern enhancements to technology, process automation, and systems integration is revolutionizing the payroll process and enhancing user experience
  • Experience our new Insights Dashboard – an innovative data visualization system enhancement that leverages the power of the iiPay platform’s reporting capability to display relevant data points in a visually compelling manner.
  • Learn more about our solution and services by scheduling a demo of our system on site.

We invite you to see how iiPay’s strength of technology and commitment to service excellence is rapidly changing global payroll.

Who will be there and what are the participation benefits?

HR Tech is the world’s leading independent event on HR and technology. It’s the one event where attendees can find unbiased educational sessions delivered by industry thought leaders and seasoned practitioners on the entire HR tech landscape, as well as how to successfully buy and implement technology. Nowhere is the convergence of HR and technology more visible than at the world-famous HR Tech Expo. With access to 400+ HR technology product and service providers under one roof — you’ll be able to effortlessly comparison shop the offerings of every category market leader.

What if I can’t attend?

If you want to book a demo or arrange a personal consultation with one of our experts, click here to submit a contact request and a member of our team will be in touch directly.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

iiPay returns to the 29th Annual Texas Payroll Conference, in The Woodlands, Texas from September 12-15, 2018. We are proud to announce that we are this year’s Charity Sponsor for TPC partnered with The American Heart Association.

If you’re attending this year, stop by Our Booth and:

  • Discover how modern enhancements to technology, process automation, and systems integration is revolutionizing the global payroll process and enhancing user experience
  • Experience our new Insights Dashboard – an innovative global data visualization system enhancement that leverages the power of iiPay’s reporting capability to display relevant data points in a visually compelling manner.
  • Learn more about our global solution and services by scheduling a demo of our system on site.

We invite you to see how iiPay’s strength of technology and commitment to service excellence is rapidly changing global payroll.

iiPay Speaking Sessions:

Session: Global Change Management
Date: Thursday, September 13, 2018
Time: 9:45 to 11:15 a.m.
Speaker: Danita Lewis, Global Account Director, iiPay
Description: In this session, we will discuss the top three investments to make when looking at change management: people, processes, and technology. Successful change management begins and ends with people. Employees will support change when you create ‘buy-in’ to what needs changing. People will especially support what they help create, whether it’s through contributing ideas or leading the charge. When investing in a change to processes and technology, it is important to make sure your investment is well-spent by getting the support of the people who will be impacted the most.

Session: When Companies Go Global
Date: Friday, September 14, 2018
Time: 10:15 to 11:45 a.m.
Speaker: Danita Lewis, Global Account Director, iiPay
Description: Do you process payroll for an international company? Maybe you’re hearing rumors that your company is going global in the near future? In this session, we will explore what ‘going global’ means in payroll, and discuss some of the differences between U.S. payroll and global payroll. We will also discuss best practices for simplifying the process, allowing payroll personnel to spend their time in more strategic and analytical roles. What are some of the ways companies can avoid pitfalls and meet the complex requirements of global payroll?

Who will be there and what are the participation benefits?

The Texas Payroll Conference is the largest statewide conference in the US.  An affiliate of the American Payroll Association, TPC provides a wide compliment of classes and opportunities for individuals in or associated with payroll to learn or refresh their payroll knowledge. Last year, TPC had over 440 attendees, 42% of attendees are decision-makers or influence decisions and 77% of the attendees have more than ten (10) years of payroll experience!

What if I can’t attend?

If you want to book a demo or arrange a personal consultation with one of our experts, click here to submit a contact request and a member of our team will be in touch directly.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

iiPay returns to the 36th Annual Congress from the American Payroll Association (APA), in National Harbor, Maryland from May 15-19, 2018.

If you’re attending this year, stop by Global Pavilion Booth #240 and:

  • Discover how modern enhancements to technology, process automation, and systems integration is revolutionizing the payroll process and enhancing user experience
  • “Display where you Pay” through the interactive iiPay Global Pavilion activity board try your hand at the iiPay bean bag competition
  • Scan your badge for a chance to win a custom, James Bond-themed martini set

We invite you to see how iiPay’s strength of technology and commitment to service excellence is rapidly changing global payroll.

Who will be there and what are the participation benefits?

The American Payroll Association’s 36th Annual Congress will hold more than 180 workshops. More than 2,000 attendees are registered to attend the world’s largest payroll, finance and account payable expo with 26.5 CPE credits available for attending each pre-Congress session, general sessions and workshop sessions

What if I can’t attend?

If you want to book a demo or arrange a personal consultation with one of our experts, click here to submit a contact request and a member of our team will be in touch directly.

We look forward to seeing you at Congress!

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Offering stock options as an employee benefit is a long-standing practice that many organizations across the world have adopted as a standard recruiting perk. The practice enables those organizations to attract and compete for top talent, retain talent and encourage an “ownership” mentality across its work force. While the practice has become commonplace, the processing can be challenging, especially when it comes to processing an employee’s “trailing stock” in your global payroll organization.

Trailing stock is stock that was awarded to an employee in one country but vests after the employee has transferred to another country and is no longer on the original, offering country’s payroll. That vested stock is taxable, but since the employee is no longer on that payroll, the processing becomes challenging. Confused yet? Good. You’re at the right place.

Let’s offer an example. Bill works for Company A and is on the U.S. payroll. Bill is awarded a restricted stock unit and two years later gets transferred to Company A’s Singapore office. Because of this transfer, Bill is then removed from the U.S. payroll and opened on the Singapore payroll. Approximately one year later, his U.S. stock vests, Bill collects his $2,000 USD and now owes $500 USD in taxes. Company A must now consider the following two questions when it comes to processing Bill’s trailing stock.

How do you process trailing stock?

The simple answer is Company A must convert the tax liability to Singapore dollar and process it through that specific payroll. So, continuing with the example, the tax amount (or percentage) is first figured in USD since that’s where the stock originated. Then, that $500 liability will be brought over to the Singapore payroll and converted into Singapore dollars. Next, you must deduct the converted amount from Bill’s paycheck, process it on his employee record and transfer the payroll records back to the U.S. office for payment.

Which vendor processes trailing stock?

The tricky part here is that most global payroll organizations use multiple vendors for different entities, so it’s likely the U.S. payroll is processed by one vendor and the Singapore payroll is processed by another. In this situation, the processing slows as it is not done in real time. The U.S. vendor would need to create the employee as a new starter, process the payroll, make the deduction and then transfer those payroll records to Singapore. Then, the following month, Singapore converts the currency, makes the necessary deductions and then pays it to the U.S. office through something like a cross-invoice between the two companies.

When using separate vendors for your global payroll, these three extra steps cause processing trailing stock to be cumbersome and delayed:

  • The processing typically cannot happen in the same pay cycle. They pay out of the tax liability occurs in one month but can’t be collected until the following month.
  • The U.S. entity has to re-open the original employee record or create Bill as a new starter, because he is no longer linked to the system.
  • The cross-invoice between the two legal entities must be processed by both parties.

Another potentially big issue with multiple vendors arises in the reporting phase. Can each vendor process and report consistently? Is the reporting separate or combined? And what about the stock value, taxes due and conversion into the second currency? Can both vendors align as well as capture all the variables and requirements in the same report? With multiple vendors, the likelihood for inconsistencies and different formats increases, further complicating the process.

The iiPay difference

When considering trailing stock and all its intricacies, there are multiple steps in the process and multiple regulations to be followed. The ability to take all data feeds and roll them up into one view can increase operational efficiency and accuracy. Does your technology allow you to process trailing stock online, in real time and in one employee record across multiple entities? If you’re interested in similar information, read our blog on From In-Country to Zero-Touch Payroll.

Read Full Article

Read for later

Articles marked as Favorite are saved for later viewing.
close
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Separate tags by commas
To access this feature, please upgrade your account.
Start your free month
Free Preview