6 must-have features of a global automated payroll system

May 12, 2022

Do you love doing calculations by hand? How about allocating a big chunk of your budget to processing payroll? 

Probably not. 

A global automated payroll system can simplify your process, reducing the amount of time and money you spend on payroll. And that’s just the beginning—let’s take a look at all the perks of investing in the right payroll automation tools. 

What is an automated payroll system? 

An automated payroll system uses technology integrations to remove manual payroll tasks, making the payroll process more efficient.  

Global automated payroll systems often use a combination of technology-based tools and knowledgeable third-party service providers to get the job done. This gives you the best of both worlds—local payroll expertise and data precision. 

Types of automated payroll systems for multinational companies 

When you think of automation, technology may be the first thing that comes to mind. But buying more software to run your payroll processes isn’t the only option on the table.  

Automated payroll can include technology that streamlines in-house processes and improves efficiency. But it can also involve combining those technologies with global outsourced payroll services. Beyond just paying your employees, global businesses should choose a combination of automation solutions that cover: 

  • Attendance reporting 

  • Timekeeping 

  • Tax filing and compliance 

  • Employee types 

  • New hires 

  • Separations 

  • Employee benefits administration 

Top features and benefits of payroll automation 

While the business case for automated payroll is easy to make, especially for complicated multinational payroll processing, no two providers or business models are the same. Take some time to familiarize yourself with what’s possible using automated payroll interventions. Then, shop around for the best fit for your needs.  

Here are some of the most common features—and their benefits—to look for in your payroll software and services. 

1. Never miss a compliance deadline again with calendar automation 

When you run a global company, your payroll manager has a complicated list of compliance needs to keep track of. Missing a payment deadline, for example, can have significant financial consequences. That’s why the right payroll automation tools include calendar automations that help you stay on top of important dates and compliance requirements. 

2. Save money, time and effort with robotic payroll processing 

One clear benefit of automated payroll is that it eliminates the need for tedious spreadsheets and time consuming, manual calculations. Ultimately, this reduces the workload for your staff and lowers your payroll costs, producing more accurate payroll in a fraction of the time. 

Payroll accuracy and efficiency is the top priority among 85% of global employers. And many are solving their payroll challenges using robotic automations. These technologies aim to increase day-to-day efficiencies, as well as increase the availability of insightful payroll data. 

If you think about it, payroll is the perfect place to adopt automations. The financial calculations are largely rules-driven and vary only based on the inputs to the calculation. Side by side, machines are clearly better at running these numbers than humans. 

Multinational employers can also use robotic payroll processing to complete thorough and effective audits, which provide more control over payroll spending and processes, ultimately supporting strong operational growth. 

3. Improve precision with automated error detection 

Fewer errors are a big win for payroll—and for the company. An automated payroll system eliminates the human error variable in the equation.  

We’ve all heard (or witnessed) a horror story about a misplaced decimal or miskeyed number. While your payroll department is undoubtedly full of exceptional talent, it’s too easy to make a simple data entry mistake that has big consequences. 

Precision and accuracy is one area where automation wins.  

4. Stop mistakes before they happen with built-in validation 

Not only can an automated payroll help you detect errors, but in many cases, it can prevent them from ever occurring in the first place. 

Pesky data entry errors are to blame for the majority of payroll errors. Did you know that 32% of global companies struggle with inaccurate source data as a top cause of costly payroll errors? 

Automated payroll systems can restrict inputs by field and require additional verification of sensitive information, ensuring that all inputs are entered correctly and verified for accuracy before any payments are processed using that data. 

These validation steps go hand-in-hand with the ability to detect payroll fraud.  

5. Simplify your process review and identify trends with automated payroll reports 

Built-in reporting features can automate your payroll reports, providing you with a clear and concise look at exactly what is going on with your payroll any time you want it. You can also use automated payroll reporting to feed your data into a dashboard that helps you to identify emerging trends (at the click of a button). 

How much time does your company spend analyzing data?  

With an automated payroll system, you can see real-time data on: 

  • Attendance 

  • Earnings 

  • Taxes 

  • Cash flow 

  • And more 

These automated reports cut your payroll analysis time down from days or hours to mere minutes. They also help the business to make better decisions so you can be responsive to changing labor needs. 

6. Uncover fraud with at-a-glance analysis 

The same automated reporting features that will help you stay on top of your payroll activity will also help you flag suspicious activity and identify payroll fraud.  

Take advantage of automation features to: 

With automated payroll, it’s easier to see emerging trends that might point to possible payroll fraud. Plus, the technology provides enhanced security measures that can help to prevent fraud from the get-go. 

Data security features like two-factor authentication and encryption offer a lot more protection than emailed spreadsheets and printed hard copies. Half of all data breaches involve compromised payroll data; an automated payroll system with the right security features can help. 

The bottom line on automated payroll for global employers 

Technology can offer plenty of fancy bells and whistles for your global payroll process. A lot of these features are genuinely useful, but others are more for show. Choosing the right automations is an individualized choice. To reap the rewards of global payroll automation, you need a solution that aligns with your needs.  

Curious what automation features Safeguard Global offers? Visit our website to learn more about our Global Managed Payroll solution or drop us a line.  

 

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