Improving Your Payroll Through Data
Streamlining your international payroll services can save a huge amount of time and lower the risks of error, ensuring your payroll is adding value to the business, and freeing up resources to be used elsewhere in the business. And the most accurate and efficient way to achieve this is through data.
Analysing Your Payroll
Analytical tools are able to bring transparency to the payroll process now more than ever before, to help eliminate waste and optimise processes when expanding your business abroad. Here’s how to use analytical tools to monitor payroll, gather data, and implement a continuous improvement plan.
Before you begin, it’s important to ensure you have software that can be easily modified according to your organisation’s specific needs. And if possible, ensure you’re using one Human Resource Management System rather than using various ones for analysis, to keep the process straightforward.
The first task is defining what you need to measure, and how you’re going to measure it, as well as having a plan for how the analysed data will inform the implementations needed to rectify and improve in the areas that may require it.
Effective analysis of your payroll data can help inform numerous decisions and opportunities, including assessing the impact of incentive schemes, and check improvements over time. You could measure data that will give you insight into inflated costs, determine the end-to-end processing time of your payroll process, and which tasks within it are taking the longest to complete.
Improving Your Payroll
With the data extracted, you can then use it – both quantitative and qualitative – to evaluate exactly where in the business and in which countries improvements can, and need to be, made. The best way to glean clear results is to ensure you only use the relevant data and focus on controllable factors to avoid generating endless reports that are mostly unrelated to the data you wanted to extract, and that will waste time if you have to go through and analyse them.
It’s then very important to redesign the process when you have collected and analysed the relevant data, and identified the problems, and then to monitor improvements over a certain period of time. To get access to real-time data, international payroll providers can use cloud technology.
After going through the process of bringing your data sources together in the cloud, your company’s stakeholders will be able to access a centralised dashboard that pulls in information from across every country you operate in, simply at the touch of a button. This will no doubt help keep a tab on efforts made to delve deep into your data to monitor and analyse your global payroll’s efficiency.
Galvin International is on hand to help at every stage of expanding into international market, including advice on global payrolls. Our payroll services are comprehensive, and we always ensure that they are compliant with local law. We find your business the right overseas payroll services wherever you expand and oversee your registration as an employer with local authorities in your target market. Get in touch with us to find out more.
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