Time is money in the modern world, and no business wants to use valuable resources to ensure these processes are correctly completed. But failing to do so isn’t an option, with local governments imposing more stringent employment laws and financial regulations yearly.
So, what’s the solution?
For many businesses, it’s to enlist the support of a payroll provider. But what does a payroll provider do — and what should you expect from working with one?
What do payroll providers offer?
A payroll service provider is a company that assists with or assumes responsibility for managing payroll on behalf of another business.
Payroll outsourcing companies offer various services, and leverage the latest technology to help streamline and automate core payroll processes.
Some services typically offered by a payroll service provider include:
- Automatic payroll calculation and processing.
- Payroll deductions, tax withholding and filing.
- Integrating payroll and business insight software.
- Expert compliance advice.
- Detailed payroll reporting.
- Accurate record maintenance.
- Sick leave and holiday absence management.
- New employee registration.
There are several types of payroll providers that meet the needs of different businesses. For example, an in-country payroll provider offers expertise in payroll processing in a single country to foreign companies looking to launch there. Alternatively, a wholly-owned global payroll provider offers services in multiple countries and jurisdictions, providing clients with a single contract, platform and point of contact for their international employment needs.
By enlisting the support of a global payroll service provider, you can leave the task of managing payroll and compliance in the hands of an external expert team. This will help you avoid paying tax penalties and allow you to focus on other aspects of your business.
Still, working with a payroll company involves handing over vast amounts of sensitive employee and company data. Entrusting your finances and compliance to an outside team should make your life easier and your payroll processes more secure, but it can present risks if the provider isn’t delivering what it should be.
So, although every company’s requirements are different, knowing what to expect from your payroll provider is crucial to ensure your business is in safe hands…
1. Comprehensive payroll support
A payroll provider should be adaptable to assist with all aspects of payroll within your business to guarantee employees are paid accurately and on time, no matter where they live and work.
2. Guaranteed regulatory compliance
One of the primary roles of a payroll provider is to keep your systems on the right side of compliance — especially concerning your cross-border business activity. From data protection to local taxation legislation, a payroll provider should meet all compliance criteria on behalf of your business to ensure you never face legal issues or fines.
3. Employee self-service
When managing a team of staff, responding to individual requests and updates can take up a lot of time. Many payroll providers offer self-service systems that empower employees to manage and view their accounts without a manager’s input.
4. Accurate payroll reporting
Accuracy is the be-all of payroll management. As such, payroll outsourcing companies will often provide a detailed summary of their clients’ payroll operations, including wage payments, payroll deductions and working hours across the business.
5. Thorough job costing
Job costing data is an indicator and record of the accumulative costs associated with completing a project. For payroll, this involves providing overviews of the volume and type of work delivered by employees — either as individuals or groups.
Your global payroll solution
When hiring people in different countries, keeping up with the intricacies of local employment law and managing payroll in multiple currencies can cause logistical headaches for internal teams.
So, why not outsource your global payroll needs to a dedicated, specialist provider?
TopSource Worldwide is a global payroll provider and employer of record operating in over 100 countries. We deliver bespoke, tried-and-tested payroll solutions to our clients through excellent customer service and a range of centralised platforms.
Our team offers global support with local expertise. Through a single, centrally managed payroll system, we take a service-led, consultative approach to provide a fluid and consistent service for every employee, wherever they are in the world.
For companies navigating payroll in the UK, we offer Portico: our centrally managed, cutting-edge HR database. This cloud-based portal provides a more resilient and efficient payroll environment for your UK employees, enabling seamless HR data tracking and secure document archiving.
Are you ready to start your global expansion? Contact our global payroll or local payroll teams today to discuss how we can support your payroll needs.