Why Outsource Global Payroll?
Visibility into Total Labor Costs
For clients who are currently managing their payrolls in-house, the level of visibility they have will vary significantly across markets, and maintaining consistency in the data across markets is an administrative burden. When you outsource global payroll to a centralized vendor, data will be provided consistently and accurately across their international markets.
A third-party global payroll partner will provide you with access to the financial and payroll information that you require -- in real time. You'll be able to view specific payroll metrics such as labor costs by country, employee specific details, etc., and easily provide these metrics to your internal teams and other stakeholders.
With these easy-to-read metrics, you'll enjoy making insightful decisions and have the ability to determine the best mix of contingent and full-time labor, as well as observe payroll cost drivers and trends.
Data Integrity and Security
One of the top concerns of payroll professionals is whether or not their data is accurate. There are many elements involved in an in-house global payroll system that can impact the accuracy of the data, which could leave the payroll professional open to risks of inaccuracy and noncompliance. By outsourcing, clients gain confidence in the integrity of their data and reduce the risk of noncompliance.
Many global payroll providers utilize purpose-built software that captures client's data at the point of entry and provides reverse data flow for Earnings Statements, Eligible Earnings, etc., all of which provide a measure to ensure that payroll data is indeed accurate and error free. Additionally, gross and net payroll approval steps, which are generally not available, solidify the accuracy of the data.
Lastly, many global payroll providers hold SSAE 16 & Safe Harbor certifications, which are distinctions that guide best practices
Risk Mitigation & Legislative Compliance
Global payroll providers keep Country Dossiers on record and continually update key legislative data for each country, minimizing the risk of noncompliance in the ever-changing regulatory landscape of multiple countries.
At SafeGuard World International, for example, In-Country Partners (ICPs) are contractually liable to keep gross-to-net calculation logic 100% compliant with current statutory stipulations, a safeguard not always available to a payroll manager running an in-house operation. By outsourcing, clients also receive technology-based "Rule Sets" that define country-specific tax rules, and this in turn, reduces internal knowledge requirements.
Flexible Integration & Worry-Free Maintenance
When the decision to partner with SafeGuard World International is made, clients enjoy the benefits of a specialized "Software as a Service" (SaaS) platform, or cloud-based technology, designed from the ground up to manage their global payroll. The complex technology requirements have already been completed and tested, which yields a rapidly deployable, configurable solution with scalability that enables real-time upgrades and updates for new hires, employee status changes, etc.
Single Vendor/Reduced Administrative Burdens
Centralized global payroll management reduces the administrative burdens of the human resource, payroll and finance departments. Clients of global payroll providers enjoy working with a single vendor with a single set of Service Level Agreements (SLAs) and Key Performance Indicators (KPIs). Having a central point of contact simplifies communications and processes, and frees up more time for the payroll manager to focus on making strategic decisions.
Value from Experienced Payroll Professionals
Having a global payroll expert on your team who has experience managing payroll for thousands of global employees is an invaluable resource in the global market. Professional global payroll managers take a strategic and consultative approach that allows clients to truly benefit from their expertise.
If you are considering outsourcing your global payroll operations, and you are ready to take advantage of the wealth of experience, security and efficiency that a global payroll provider offers, contact SafeGuard World today.
For clients who are currently managing their payrolls in-house, the level of visibility they have will vary significantly across markets, and maintaining consistency in the data across markets is an administrative burden. When you outsource global payroll to a centralized vendor, data will be provided consistently and accurately across their international markets.
A third-party global payroll partner will provide you with access to the financial and payroll information that you require -- in real time. You'll be able to view specific payroll metrics such as labor costs by country, employee specific details, etc., and easily provide these metrics to your internal teams and other stakeholders.
With these easy-to-read metrics, you'll enjoy making insightful decisions and have the ability to determine the best mix of contingent and full-time labor, as well as observe payroll cost drivers and trends.
Data Integrity and Security
One of the top concerns of payroll professionals is whether or not their data is accurate. There are many elements involved in an in-house global payroll system that can impact the accuracy of the data, which could leave the payroll professional open to risks of inaccuracy and noncompliance. By outsourcing, clients gain confidence in the integrity of their data and reduce the risk of noncompliance.
Many global payroll providers utilize purpose-built software that captures client's data at the point of entry and provides reverse data flow for Earnings Statements, Eligible Earnings, etc., all of which provide a measure to ensure that payroll data is indeed accurate and error free. Additionally, gross and net payroll approval steps, which are generally not available, solidify the accuracy of the data.
Lastly, many global payroll providers hold SSAE 16 & Safe Harbor certifications, which are distinctions that guide best practices
Risk Mitigation & Legislative Compliance
Global payroll providers keep Country Dossiers on record and continually update key legislative data for each country, minimizing the risk of noncompliance in the ever-changing regulatory landscape of multiple countries.
At SafeGuard World International, for example, In-Country Partners (ICPs) are contractually liable to keep gross-to-net calculation logic 100% compliant with current statutory stipulations, a safeguard not always available to a payroll manager running an in-house operation. By outsourcing, clients also receive technology-based "Rule Sets" that define country-specific tax rules, and this in turn, reduces internal knowledge requirements.
Flexible Integration & Worry-Free Maintenance
When the decision to partner with SafeGuard World International is made, clients enjoy the benefits of a specialized "Software as a Service" (SaaS) platform, or cloud-based technology, designed from the ground up to manage their global payroll. The complex technology requirements have already been completed and tested, which yields a rapidly deployable, configurable solution with scalability that enables real-time upgrades and updates for new hires, employee status changes, etc.
Single Vendor/Reduced Administrative Burdens
Centralized global payroll management reduces the administrative burdens of the human resource, payroll and finance departments. Clients of global payroll providers enjoy working with a single vendor with a single set of Service Level Agreements (SLAs) and Key Performance Indicators (KPIs). Having a central point of contact simplifies communications and processes, and frees up more time for the payroll manager to focus on making strategic decisions.
Value from Experienced Payroll Professionals
Having a global payroll expert on your team who has experience managing payroll for thousands of global employees is an invaluable resource in the global market. Professional global payroll managers take a strategic and consultative approach that allows clients to truly benefit from their expertise.
If you are considering outsourcing your global payroll operations, and you are ready to take advantage of the wealth of experience, security and efficiency that a global payroll provider offers, contact SafeGuard World today.
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