Payroll Outsourcing in 2021
Updated: May 20
Through the challenges of 2020, most of us have learned how to navigate the boundless possibilities of operating more efficiently online.
By effect, many companies have found themselves growing beyond their national borders – but keeping many of these overseas offices in compliance with relevant statutory requirements can cause a halt to the forecasted opportunities hidden in global expansion.
With the borders being sealed up to travel, many companies considering global expansion have since put a pin in their plans, waiting instead for the hopeful “tomorrow” where all these new changes will settle into our new normal.
Meanwhile, internationally expanding companies have discovered the need for global payroll outsourcing in order to ensure their international payroll remains compliant, accurate and timely, no matter when the next big change happens.
Many companies rely on a single source wearing multiple hats to handle everything from payroll calculations to researching the tangle of intricacies of compliance and legislation around the world. Outsourcing your payroll empowers your team to be more efficient and readily prepared for the next business opportunity.
What is Payroll Outsourcing?
Simply stated – payroll outsourcing shifts the burden of managing complex payroll functions and issues from a company to an external group of experts. Having global payroll professionals who are experienced in the countries where employees are located saves companies countless hours of and headaches from researching local laws and processes. A company can rely on a trusted provider to run the details of its payroll to ensure the accuracy of the calculation and documentation required in host countries.
Generally, payroll is outsourced to an organization of payroll professionals that handles all of your payroll tasks, including paying employee salaries and management of reimbursements, reports, pay slips, local social and income taxes and deductions, as well as bonuses and incentives associated with each employee.
On a global scale, payroll outsourcing becomes even more helpful to companies because every government in the world has its own unique set of rules and procedures that must be followed to ensure accuracy in both filing reports and distributing an accurate payroll.
As a trusted payroll outsourcing resource, our team at Humanic remains up-to-date on all the required set-up and ongoing payroll compliancy with local laws and restrictions. We offer compliance, accuracy and timely delivery of your payroll - no matter where in the world you do business!
Our International Payroll Services and Software solution simplifies the global payroll process by seamlessly consolidating the information you need into an easy-to-read format that can be accessed anywhere! Reach out to set up your Custom Demo Today!