A single payroll system grows business across borders
Without doubt a business’s most valuable asset is its human capital which, without an effective integrated HR and Payroll system, can be put at great risk. It can be a tricky process to retain good staff and attract high-end talent across a variety of business units and multiple borders, as well as addressing complicated regional tax compliance requirements.
Another important business growth influencer is the transparency that payroll offers to your bottom line. Effectively determining employee cost to the company, right down to expenditure across a range of currencies, is a major influence on investor and customer decision-making. Therefore, a highly responsive stand-alone payroll system offers massive strategic value in supporting growth by maximising value, improving engagement and transforming visibility across all business units.
“One of the greatest challenges for companies growing globally is to find a payroll system that’s capable of keeping them legislatively and tax compliant,” says Stephen Howe, co-founder and director at Times 3 Technologies, a Sage Platinum Partner offering all services around consulting, training, development and support using intuitive cloud software.
“Every country has different mandated requirements for payroll systems, and some do not accept certain types of platforms, which means that companies find themselves juggling multiple payroll solutions across different employees and jurisdictions. This is not ideal, and often results in unnecessary errors and time-consuming admin.”
Failing to be compliant can negatively impact a company’s local reputation, result in fines and in employees being held liable for company errors. It will further dampen the talent acquisition strategy as highly skilled people are hard to find and it is necessary to do thorough research before committing.
Therefore, combining payroll and HR functions into a single system is crucial as it provides one source of truth. This allows multiple users across borders to benefit from a single entry of data into one system, saving time from repetitive data capturing and money from licence fees for multiple systems.
“Companies need one system that encompasses the complete employee profile across both payroll and HR functions,” says Howe. “This will ensure that payroll is compliant and legislatively accurate across all employee profiles in multiple jurisdictions. In addition, this system will ensure that they are all paid on time. Employees value this level of reliability and feel that they can then trust in the company, which improves engagement and enriches the culture of the organisation.”
Sage 300 People is one of the strongest-performing, cloud-connected solutions focused on process efficiency and productivity. A single master dataset is used for payroll which allows the full HR function to run using one source of truth. It’s scalable and customisable to suit any industry and sector. This system ensures compliance, resulting in happy employees who are paid on time. Companies can track performance, measure productivity, improve training mandates, enhance recruitment and fundamentally transform the vital role of payroll within the organisation.