RALEIGH, NC: One of the biggest obstacles still hovering over the multi-national organizations is the rising need of compensating its global employees, whereas managing local payroll information to ensure a compliant approach continues to add burden. But things are about to turn around, with the launch of Local Payroll Information (LPI) solution from CloudPay, an integrated global payroll and payment platform. The solution offers a novel approach for companies to store LPI by country in order to ensure a complete, accurate and compliant approach to global payroll.
LPI services includes data items that are country specific and mostly unique, where users can relate to the local legislation and supplement master data to ensure employees are paid accurately on time. Despite the importance of LPI, various multi-national organization still continue to store data in the traditional approach such as spreadsheets, local databases and disparate systems, making the operation difficult and costly to manage on a global scale.
The challenge is not only limited to capturing the LPI data, as there are chances of rapid change in local regulations and policies. So, the LPI already store can become outdated and invalid at any time. This creates a demand among organizations to be aware of the changing requirements, capturing new pieces of information and validating them to ensure the next payroll run is fully accurate and compliant.
The latest development consolidates all data in one interface and promotes accurate global and local reporting on LPI by eliminating separate interfaces or spreadsheet template uploads. It improves all aspects of payroll management by delivering benefits like, 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.
It enables effective validation and alignment on key employee payroll information, helping to deliver accurate payments each time. It further ensures equal accessibility of employee knowledge across all processing parties irrespective of processing mode and enables fully comprehensive integration with HRM systems, using CloudPay Connect.