The function of global payroll is to manage and process payroll for employees across multiple countries efficiently and accurately. Global managed payroll can appear daunting due to complexities like language, currency and legislative compliance, but it simplifies compliance and helps businesses navigate these challenges effectively. Key functions include:
- Centralized Payroll Management: Consolidating payroll data from various countries into a single, unified system.
- Compliance Monitoring: Continuously tracking and updating local tax laws, labor regulations and reporting requirements.
- Automated Calculations: Automatically calculating taxes, benefits and deductions specific to each country.
- Reporting and Analytics: Providing detailed reports and analytics for insights into payroll data across different regions.
- Employee Self-Service: Empowering employees with direct access to their payroll information through self-service portals.