Four Signs That You Need a Global Payroll Partner

Do you know what a salary sacrifice is? Did you know that in certain countries, such as Brazil and Costa Rica, a Christmas bonus is required? Can you explain the difference between a lakh and a cedi and how do they stack up to a dollar? You should be aware that not only do different countries use terms in their primary languages, but some terms describe different situations from one country to another. For example, the word redundancy is the same in the United States and in Australia, but is used in very different ways. As the owner of business that is expanding into an international market, you’ll be presented with many new scenarios and you might not be equipped to handle them. An experienced global payroll provider is familiar with the payroll laws in other countries and can protect your business from getting into trouble over missteps.

Growing Into a Global Company

How can you tell if it’s time to contact global payroll providers? If your company is moving toward expansion into another country, it is definitely time to start weighing the potential benefits with the additional cost. You may find, however, that hiring this business partner is a good way to ensure that your employees’ time is being spent effectively. You might find that having this experienced partner working on your behalf is a good way to avoid paying hefty fines when you neglect to file paperwork correctly when working in another country.

Streamline International Payroll Procedures

Another sign that you should start working with an experienced provider is that you’ve started to notice that your payroll and tax processes are taking up more and more of your time. Are you repeating some of the same procedures every time a new business is absorbed by your company? Are your employees spending an unreasonable amount of time processing some payroll payments by hand because their country hasn’t been set up to facilitate efficient internet use? If any of these situations are happening, it’s time to consider the time savings you might enjoy by working with a global payroll provider.

Record Visibility

Of course, your ability to track your records and view the path that your money makes as it moves from your company to your employees is crucial. Payroll data visibility (who has been paid, how much you’re spending on making payments, other payroll analytics, for example) is very important to the well-being of your company. The same banking methods you used for your company when it was operating in just one country won’t be adequate when you expand into other countries. Global payroll providers offer you an improved method of tracking your international transactions.

Lower Costs, Increased Efficiency

In the end, you’ll find that working with a global payroll business partner is a good way to reduce costs and conduct business more efficiently. Rather than spending valuable time trying to keep track of changing regulations in multiple countries to ensure compliance, you can turn this service over to the payroll provider. Your employees can continue to perform the duties they were hired to complete and you can maintain your focus on the overall growth of your company.

Taryn Johnson is an avid writer. She loves all things about electronics and marketing. In a perfect world, Taryn would be writing from the beaches of Hawaii all day long.