How can global payroll companies boost efficiency and streamline financial operations?
Global payroll companies face numerous difficulties when it comes to paying wages to employees all over the world and it can lead to delays, excessive fees, and a disjointed user experience. Sending payments to a vast number of employees in various currencies can be difficult to track and cause issues with different currencies the companies need to pay out in. Not only that, but global payroll companies can be vulnerable to fraud and cybersecurity threats, which can impact reputation. With the right technology however, this process can be made much simpler and smoother for global payroll companies.
What trends are global payroll facing
Cybersecurity is just one of the global trends impacting their ability to be innovative, and according to the World Economic Forum, this is one of the top five risks impacting global businesses. Secondly, companies expanding their operations into new markets are facing increased compliance requirements, a concern of 72% of global payroll companies according to a survey by KPMG. Adhering to varying laws and regulations in all jurisdictions they operate in can cause complications if not provided with the right support.
There is a growing demand for digital payments as the rise of online banking continues, so global payroll companies will need to be able to keep up with this rising trend and provide digital solutions. This can include transfers via online platforms, as opposed to more traditional cheques, as well as instant deposits using digital wallets.
A final trend that impacts global payroll companies’ financial operations are currency fluctuations as they juggle sending payments across different currencies, which can lead to exchange rate losses and high fees.
So introducing the right technology that will make the process simpler must have intelligent functions such as automation, real-time tracking, and currency exchange without high exchange fees. This gives them the freedom and control to pay employees in every currency and non-sanctioned country.
Success with the right tech
Finding the right payment platform that values compliance is essential to give confidence to the company, employees, partners, and shareholders as it depicts commitment and reduces concerns over fines and penalties. Staying compliant for global payroll companies means having an understanding of the requirements for each country, which can prove expensive and timely. This efficiency can be increased with a payments provider like Verto that strongly values compliance across every country we operate in and the 200 countries our customers can pay out to. Verto’s multi-currency wallets allow for instant exchange of funds across 50 currencies to any other Verto wallet holder. So delays and troublesome currency exchanges become a thing of the past, leading the way for innovative global payroll.
Global payroll companies can also increase their efficiency by choosing a non-traditional payments method that is designed for cross-border payments as it allows for low-cost and secure transactions, while still providing complete control over where the funds end up. Having a single dashboard which accounts for the vast array of countries that money is being sent to also strengthens their financial operations. A transparent platform with real-time tracking means payments can easily be tracked down, and employees can be notified as to when their salaries will arrive.
An important part of streamlining operations for global payroll is tools which automate the process including scheduling payments in bulk. The payments workflow can be automated for local and domestic payouts across 200 countries, and the intelligent Verto API means manual processes are reduced, leaving time to focus on growth and greater business innovation. With regards to data security, efficiency can be improved with improved technology with heightened security measures and encryption to prevent data breaches. Verto prioritises the data security of our customers with our infrastructure meeting world?class security and PCI compliant.
Overall, global payroll companies need to stay aware of the trends impacting their financial operations and introduce new innovative technology that will enhance their efficiency and boost their reputation.
Get in touch with us today to find out how we can help your global payroll business streamline your global financial operations with innovative technology.