Payroll in every country is challenging, but when you are managing payroll across multiple countries, the complexity grows exponentially. Unique in-country payroll regulations, money movement to settle payroll in multiple currencies – the list goes on. Getting ahead of regulation changes and payroll requirements is the key to ensuring compliance, but that is easier said than done in most cases. How can you keep up?
The first aspect for payroll compliance in multiple countries is having an in-country expert to guide you through new changes. If you don’t know about an upcoming legislative change for payroll, you can’t stay compliant in each country. Using different resources across multiple countries also poses challenges because service levels, language barriers, and reporting capabilities differ by country.
Speaking of reporting, do you have access to customized payroll reports each month across all countries and currencies? If you can’t view your payroll in real-time, you could be missing errors, paying employees incorrectly, or miss cases of fraud. Consistent, aggregated reporting across all countries is a key component needed to manage multi-country payroll.
Another important factor in managing multi-country payroll is money movement. How do you pay employees across multiple currencies and ensure you’re getting the best conversion and exchange rates? Integrated money movement services are a vital tool to ensure compliance with financial regulations and settle payroll in a single currency.
Author – Blue Marble Payroll