Global payroll has never been easy, but with so many changes to regulations, it has gotten way more complex in 2020. Navigating each country and the nuanced payroll laws is difficult enough, but if you have employees in multiple countries, it is exponentially tough. Staying ahead of the new changes is vital to ensuring compliance and avoiding fines.
As regulations evolve, so must your payroll process. Using manual spreadsheets and email has never been an ideal way to manage payroll, but now it is not possible to keep up using manual processes. Your payroll process needs software that updates automatically with each change, the ability to communicates with in-country experts, and aggregated reporting to show payroll across multiple countries and currencies.
Using local providers in each country might seem like the easiest way to get payroll up and running in a new country, but as time goes on the process becomes unmanageable with manual processes, time zone and language barriers. Each provider has unique systems, potential for manual processes or reporting gaps, and the inability to aggregate with providers in other countries. It quickly becomes impossible to track your payroll costs in real-time and manage compliance.
One way to simplify the complex process is to use one platform to manage global payroll.
Author – Julie Gaertner – Blue Marble Payroll