If you work in human resources or run a business, you are probably familiar with the endless demands of payroll. Making sure that every employee is paid on time and correctly, not to mention managing the different paid leaves and tax deductions is not a simple task for any business. And with the growing number of businesses embracing remote work, it’s now more challenging than ever to manage payroll across different locations.
In our modern world, time is money. No business likes to use valuable resources to ensure that these processes are completed correctly. Still, failing to do so is not an option, considering that local governments are now imposing more stringent financial regulations and employment laws every year.
If you are looking for payroll in the US then please look no further!
What is the solution?
For many businesses, it means enlisting the support of a payroll provider. but what exactly does a payroll provider do, and what should you expect when you enlist one?
What payroll providers offer
A payroll provider is a company or business that assumes responsibility for or assists with managing payroll on behalf of another business.
Payroll outsourcing companies usually offer a variety of services and employ the latest technologies to help automate and streamline core payroll processes. Some of the services a payroll service provider offer include:
Automatic calculation and processing of payroll
Integration of payroll and other business insight software
Tax withholding, payroll deductions, and tax filing
Accurate maintenance of records
Detailed payroll reporting
New employee registration
Expert compliance advice
Holiday absence and sick leave management
There are a few types of payroll providers meant to suit the different needs of different businesses. For instance, an in-country payroll company provides its payroll processing expertise in a single country to foreign companies looking to launch there. Alternatively, a global payroll service provider could provide their services in multiple jurisdictions and countries, offering clients a single contract, point of contact, and platform for their international employment needs.
As such, while every company may have different requirements, being aware of what to expect from your payroll service provider is essential to make sure that your business is in safe hands:
1. Comprehensive payroll support
A payroll provider needs to be adaptable such that they can help will all aspects of payroll within your business to ensure your employees are paid on time and accurately, no matter where they work and live.
2. Regulatory compliance
One of the key roles of a payroll provider is keeping your systems on the right track when it comes to compliance. This is especially true with cross-border business activities. From local tax legislation to data protection, a payroll provider should help you meet compliance requirements on behalf of your business to make sure you never have to face fines or legal issues.
3. Employee self-service
While you manage a team of staff, it can take up a lot of your time to respond to all individual updates and requests. Many payroll providers do offer self-service systems that enable employees to view and manage their accounts without needing a manager’s input.
4. Accurate payroll reporting
Payroll management relies heavily on accuracy. For this reason, payroll outsourcing companies often provide a detailed summary of the client’s payroll operations, including payroll deductions, wage payments, and working hours across the business.
5. Thorough job costing
Job costing data can effectively be used as an indicator and record of all the accumulated costs associated with completing a project. When it comes to payroll, this often involves providing details such as the type and volume of work done by employees, either as an individual or a group.
Your Global Payroll Service Solution
If you hire people from different countries, your internal team could face great logistical headaches as they need to keep up with the intricacies of local laws and manage payroll in multiple currencies.
Why not outsource your payroll needs to a dedicated and specialised global provider?
TopSource Worldwide is a global payroll company that operates in more than 100 countries. We provide personalized payroll services to businesses through a range of centralised platforms and exceptional customer service.