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Benefits of automating global payroll

One of the incredible things about technological advancements is how it makes life easier. We can pay electricity bills from our bed, make cross-border money transfers from our tiny desk, and even automate our bills, so we do not miss any mandatory payments. These simplified processes may not appear to be a big deal, but they make life easier and save us from a lot of challenging operations.

So imagine simplifying global payroll processes for organizations. Primarily, global payroll management for organizations, regardless of size, is usually challenging, time-consuming, and demanding. Therefore, automating key global payroll processes reduces the potential for errors, reduces manual labor, saves time, enables cost-effectiveness, and generally improves the effectiveness and overall efficiency of your workforce management functions.

What is global payroll automation?

Global payroll automation involves processes that simplify paying your employees and contractors accurately and on time. Instead of manually inputting payroll data and calculations, global payroll automation manages, collates, collects, and processes employees’ payroll while automatically making the necessary tax and benefits deductions.

Automating global payroll is a streamlined process that eliminates human error and ensures accurate and timely employee payments.

Benefits of automating global payroll

Eliminate errors

Global payroll involves making payments to people in different time zones, with varying pay rates, working hours, and various currencies. Even if the payroll process was for fewer workers in the same region and with similar pay rates, the payroll process will still have to account for individual overtime, varying tax deductions, and many more intricacies.

While manual payroll accounts for a significant amount of human error and is time-consuming, automating global payroll eliminates human errors and calculates global payroll faster.

Save time

According to the American Productivity and Quality Center (APQC), it takes low-performing organizations 5 to 10 days to rectify payroll errors. And this long period it takes for organizations to resolve payroll errors is due to manually crying out payroll processes.

Automating the global payroll process eliminates the need for organizations to carry out payroll operations with spreadsheets and paper works by seamlessly integrating all payroll processes and automating payroll for easier processing.

Security for sensitive payroll data

Payroll management for every organization involves access to employees’ sensitive information such as government names, bank account details, and social security information. By manually processing payroll, important payroll information is documented on physical facilities, exposing the information to security risks. However, by automating global payroll, the organization protects the information and keeps the data secured. Also, global payroll automation platforms ensure the organization does not lose sensitive data with its integrated firewall protection feature.

Compliance and a simplified process of filing tax

Global organizations must ensure they comply with the different country’s employment laws and tax regulations where they have employees or carry out business operations. Manually carrying out payroll exposes the organization to compliance errors and wrong tax filing operations. With an automated global payroll platform, organizations can fully comply with the different employment laws and ensure taxes are filed according to country-specific regulations.

Accessibility to global payroll records

Many countries require organizations to have a backlog of employees’ payroll records, sometimes covering three years of payroll information. These records are meant to account for employees’ working hours, overtime, payment rates, and dates of payments. Automated global payroll platforms make it easy for organizations to keep and track records.

Skuad — A platform for automating global payroll

Global payroll management can be challenging and time-consuming. However, with an automated global payroll platform like Skuad, organizations can pay employees and contractors without hassle.

Skuad is a global employment and payroll platform that enables organizations to hire full-time employees and contractors in over 160 countries without setting up subsidiaries. Skuad’s platform also allows organizations to make accurate and timely payments to employees, ensure efficient payroll management and enable the employees to receive payments in multiple currencies and the currency of their choice.

Skuad’s global employment and payroll platform handles the entire employment lifecycle of organizations so they can scale business operations with a top-tier payroll platform and an efficient HR administration.

To know more about Skuad, book a demo today.

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Skuad PTE Ltd

Skuad PTE Ltd

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