NewswireToday - /newswire/ -
Raleigh, NC, United States, 2015/09/21 - Unique Innovation Helps Multi-national Organizations Consolidate, Integrate, Validate and Manage Local Payroll Information on a Single Cloud-Based Platform - CloudPay.net.
CloudPay, the world’s only cloud-based platform for integrated global payroll and payments, today announced the launch of CloudPay Local Payroll Information (LPI), providing a new and unique approach to how companies store their local payroll information by country in order to ensure a complete, accurate and compliant approach to global payroll.
Despite the generic term ‘global payroll, ’ the process of compensating employees around the world involves a great deal of data at the local level. Such Local Payroll Information (LPI) includes data items that are country-specific and mostly unique, relate to local legislation and supplement master data to ensure employees are paid accurately and on time. Despite the importance of LPI, many multi-national organizations continue to store this data in various dispersed locations such as spreadsheets, local databases and disparate systems, making it difficult and costly to manage on a global scale.
Being able to capture LPI data is only one part of the challenge; as local regulations and policies can change rapidly, the LPI already stored can become outdated and invalid at any moment. As such, today’s multi-national organizations must be able to stay abreast of changing requirements, capture new pieces of information and validate them to ensure their next payroll run is fully accurate and compliant.
With the launch of its new LPI solution, CloudPay eliminates separate interfaces or spreadsheet template uploads, consolidates all data in one interface, and promotes accurate global and local reporting on LPI. The solution also improves all aspects of payroll management and delivery, providing the following benefits:
• Access to a clear, well-defined library of Local Payroll Information requirements for each country, ensuring users are up to date with the latest regulatory changes impacting their payroll.
• Consolidation of all Local Payroll Information, from various sources, into a single solution and platform alongside key master data so all relevant information is easily accessible.
• Enables more effective validation and alignment on key employee payroll information, helping to deliver accurate payments each time.
• Ensures employee knowledge is equally accessible across all processing parties irrespective of processing mode.
• Enables fully comprehensive integration with HRM systems, using CloudPay Connect.
“The challenges facing multi-national organizations in compensating their global employees continue to rise, and one of those biggest obstacles is managing local payroll information to ensure a compliant approach,” said Andrew Pearson, CEO of CloudPay. “Too many multi-national organizations still rely on spread sheets and other unstructured approaches for local data This is old technology or no technology. With the launch of our LPI solution, we make it easier than ever for businesses to leverage their local payroll data effectively, enabling smarter decision making and more efficient payroll processes. CloudPay remains committed to enhancing the entire global payroll process, and LPI now ensures that starts with having full access to timely, accurate information at the local level.”
CloudPay LPI version one will be released in Q1 2016. Additional information about CloudPay LPI can be accessed at: cloudpay.net/cloudpay-local-payroll-information/.
CloudPay (cloudpay.net) is the world’s only cloud-based platform for integrated global payroll and payments processing, collaboration and delivery. We believe that collaboration and integration are the only ways to address the complex and valuable challenge of how to manage global payroll and payments. We’re creating market leading technology and using payroll expertise and knowledge to revolutionize payroll and payments for multi-national organizations. CloudPay enables multi-national organizations to improve business performance through greater fiscal control, see people costs through enhanced visibility, assure local and global compliance, and reduce payroll and payment operational costs.
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