Overseeing payroll in-house is no mean feat.
From the intricacies of hiring and HR to ever-changing legislative compliance requirements, every company — no matter its size — has a minefield of payroll functions to manage.
Yet, despite the core role it plays in every organisation, managing payroll is one of those time-consuming processes that doesn’t generate additional revenue for your business. The best-case scenario is that everyone gets paid on time, taxes are filed correctly and all deductions are accounted for. Anything short of achieving this can lead to disgruntled employees, legal fines and complications that no one wants to deal with.
So, employers stand to gain far more from outsourcing their payroll needs than continuing to run it internally. By enlisting the help of a specialist payroll provider, you can reduce the stress caused by never-ending payroll admin and compliance requirements, freeing up more resources to invest in what really matters: growing your business.
Putting payroll in the hands of experts
Assigning various payroll responsibilities to an external team has several advantages.
Dealing with payroll takes time and expertise, with little to no room for error. By engaging a payroll provider to process payments and oversee hires, fires and benefits, you can save time and have peace of mind that a dedicated, full-time team manages your business’ payroll needs.
On top of improving strategic resource management, payroll outsourcing services can also enhance data security. Monitoring payroll involves collecting, sharing and storing vast amounts of personally identifiable information (PII). Payroll providers have superior security systems and measures to ensure no data is lost or tampered with — and ensure all processes comply with data protection regulations.
What’s more, organisations of all types must maintain accurate records and follow the correct procedure for deducting and submitting taxes — not to mention keep up with the latest guidance for employers in every country or region. Payroll companies spend a lot of time researching complex employment laws and regulations, so you won’t have to worry about system compliance.
Of course, these services come at a cost, so it’s wise to do your due diligence and ensure you find the right payroll service provider to mitigate the everyday challenges of running payroll.
Still, outsourcing has become an increasingly standard business strategy across several industries, as these services prove their overall cost-effectiveness. Deloitte’s 2020 Global Outsourcing Survey revealed that businesses continued to pursue international outsourcing despite the disruption caused by COVID-19, demonstrating how valuable such a service is for employers worldwide.
Meeting the needs of your global workforce
In the digital world, business knows no boundaries. Accelerated by the pandemic, technological innovation has led to more advancements in remote connectivity, integration and automation in the last few years than ever before — and progress shows no signs of slowing.
Now, the sky’s the limit for many employers looking to expand their operations and workforces nationally and internationally. However, although overseas communication and collaboration are more accessible than ever, companies face the same complications regarding managing payroll across sites and borders.
Managing payroll in one country is tricky enough. But when you’re handling employees across multiple global locations, each with its own currency and employment legislation, these processes can quickly become overwhelming.
Aside from ensuring international employees receive their paychecks on time, many businesses struggle to navigate employee benefits like paid leave, healthcare and insurance. In the current climate, it’s crucial to get this right — or risk losing workers and confronting legal complications.
That’s where a specialist third-party payroll provider like TopSource Worldwide comes in.
Our clients benefit from a centrally managed payroll platform that consolidates all payroll data streams, standardises information and automates workflows. Plus, we support international payments with our fully managed global payroll solution. Through our growing range of currency and payment capabilities, we’ll reduce your transfer costs and monitor your deployments worldwide.
With extensive experience operating on a multi-currency, multi-territory and multi-jurisdictional basis, we can take the reigns of your payroll — guaranteeing compliance and paying all your workers around the world in their local currency via one invoice in your chosen currency.
Whether you’re outsourcing payroll for one location or an entire international network, we’ll deliver seamless, accurate results for your business — on time, every time. Contact our global payroll team today to find out more.