Global payroll is complicated – especially when you have employees across multiple countries and currencies. If your global payroll is running into problems, most likely it is due to managing multiple vendors and systems, lack of data and no access to real-time information, or time zone delays and language barriers when problems come up. It might be time to think about upgrading your payroll.
Each country has unique regulations and statutory payroll requirements that change each year. If your payroll vendors or systems can’t keep up with the changes in each country, your company is at risk for compliance issues and potential penalties. Without the ability to view payroll data in real-time your team can’t identify errors or correct mistakes until payroll has already been done. This can lead to unhappy employees, inaccurate tax filings, and additional resources to correct mistakes.
Another key challenge for payroll teams is what happens when something goes wrong with payroll in a specific country or if you have a question about in-country requirements – what is the resolution process? You need access to a service team (in your time zone) available to help you navigate complex payroll rules in other countries – you can’t wait 3 weeks to get an answer you need today. Quick and available service is a must-have when you are managing payroll in other countries.
Upgrading your payroll doesn’t have to be complicated – moving from multiple vendors to one global platform to manage employees around the world ensures compliance in each country, gives you real-time access to payroll costs across all countries and currencies and provides aggregated monthly reporting to maintain control over your global operations.
Author – Blue Marble Payroll