How to Choose a Global Payroll Outsourcing Company
As a multinational company, managing a global payroll can be quite difficult, and outsourcing provides a very attractive alternative to processing everything in-house. When your company is considering outsourcing, the first step is understanding how to choose the right global payroll outsourcing company. Here is a list of qualifications to consider:
1. Experience
The payroll provider that you choose must have solid experience and a proven track record of being reliable and consistent in the markets you are expanding into.
2. Foreign Expertise
Payroll outsourcing companies must demonstrate valid competency operating in other countries. This includes accounting for different languages, time zones, currencies, and cultural differences. The agency must also be knowledgeable and fully compliant with every labor and payroll law within each country of operation.
3. One Contact Point
Even with multiple operating locations, a global payroll agency should provide you with one single point of contact. This also means that your chosen agency should offer consolidated global reports of your payroll while still maintaining local compliance and accuracy.
4. Detailed Reports
When your global payroll agency provides full detailed reports on your global payroll, your company is better equipped to manage its workforce and make strategic decisions. The most advanced agencies use cloud-based software that allows data to be easily accessible from anywhere in the world and helps with automation of integral processes.
5. Numerous Services
Payroll agencies that provide a variety of full services beyond the basic disbursement of wages can truly make your global expansion easier. These additional services may include; local tax payments, in-country compliance, consolidated reports, year-end filings, employee benefits, etc.
6. Transparency
Any qualified global payroll provider will offer full disclosure on the services being performed and the costs for those services. Anytime there is a new hire or a change in status, your global payroll provider should notify you of any changes in fees, whether increasing or decreasing.
7. Responsibility
Should an error be made by the payroll provider, your company should not be held liable. Payroll errors may incur government fines, damage your company’s reputation, or create unhappy employees. Reliable payroll providers offer guarantees for errors.
Written by Larissa Miller – International Journalism Intern – Foreign Staffing, Inc.
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