Time to put global payroll where it belongs – in finance

Payroll has long been the neglected stepchild of the corporate world, doing its work behind the scenes, unnoticed. Even its place in the company is uncertain. Does it belong in Human Resources or Finance? Most companies have it split between the two departments.

As long as payroll was purely functional, and its role limited to ensuring everyone at the company was paid on time and accurately – it didn’t really matter.

But times have changed. And so is payroll’s role. Today, payroll can be an enormous asset for CFOs, especially with a recession looming.

Business is more global than ever. Companies are increasingly turning to global payroll providers that offer automated platforms. These companies want the operational excellence the technology delivers by automating payroll and consolidating the data into a single stream – all incredibly valuable. But they end up getting even more.

The new technology made available by these global payroll providers has made payroll operations more efficient, providing tools for lowering costs, reducing risk, expanding visibility, and increasing control. It also saves time. A PWC report indicates that finance teams can save 13% of their week by automating payroll. And we didn’t even mention the goldmine of insights hidden in your payroll data.

With all these expanded capabilities, global payroll now belongs squarely in the Finance department, and global payroll analytics deserve a seat…