When going global, it's imperative that your payroll provider is able to keep up. Discover the 6 best tips for finding the right supplier.
Choosing a payroll provider is always a difficult task, and when a company is undergoing something as massive as a global rollout, it can seem almost impossible - but it doesn't have to be. Here are six top tips to make the entire process much easier, ensuring you find the supplier that is the right fit for your organization.
1. How complicated or straightforward is your payroll system?
To find the payroll provider that is most appropriate for the company, you need to first understand how complicated the current payroll system is. Identifying any requirements that may make your finances a little more unusual will help to find a supplier that is able to deal with these specific specialties.
You may have an extremely straightforward payroll system, meaning you can focus on finding a provider that is simply able to cope with your organization as it grows or there may be intricacies that cause you headaches on a regular basis. Either way, you need a payroll provider that understands the ins and outs of your current system.
2. Identify the current stumbling blocks
Understanding where your payroll system falls short at the moment or creates problems will help to identify the type of supplier who is best placed to manage these - and other issues that may arise - as part of the global expansion. It may be that company finances just take too long and cause too much stress or it could be that your expenditure is out of control. Either way, payroll providers should be able to deal with these problems, streamlining the process and removing the headaches associated with it.
3. Consider future constraints
Whether it's different legislation in different locations or the move to digitalization, there are a number of global issues that are likely to affect businesses in the near and long-term future. Considering which are the most pressing of these matters, how they will affect the business, and what strategy you want to take to counteract any negative implications, should be at the top of your agenda to discuss with potential payroll providers.
Ideally, any supplier that is capable of dealing with a company undergoing a global expansion will present you with potential solutions to resolve any problems you touch upon as part of their pitch. It's important that they have the expertise to suggest strategies that you may not have thought of and that you have the confidence in them to manage this effectively.
4. Ask for solution demos
As much as you're investing in the expertise that a particular provider has, you're also buying the solutions they're able to offer. When you have a shortlist of candidates, ask them to present demonstrations of their most valuable software and case studies of where this has been valuable to one of their clients. This will help you to determine not only whether they have the capabilities to deal with the potential demands of your company, but you can also see whether they're prioritizing the areas where you need the support.
5. Seamless integration
Going global means integration with your current systems is crucial. Expanding at such an impressive rate will increase the importance of communication within the organization and with your suppliers. How does your supplier plan to make the transition process painless? How would they deal with arising issues? How would they communicate with you? All of these are key questions that any payroll provider should be able to confidently answer.
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