If you are in the human resource department or run a HR firm, you are probably familiar with endless demands of payroll management.
Making sure every worker is paid accordingly and on time, as well as handling paid leave and tax deductions, is no easy task for any company. And with the rising number of companies and countries opting to implement remote work, managing payroll across multiple locations has become increasingly difficult.
Time is money in the world we live in, and no company wishes to utilize crucial resources to make sure these processes are done in the right manner. However, failing to do so isn’t an option, with many regulators imposing tougher financial and employment laws each year.
So, what’s the best solution?
For many companies, the solution is to hire a professional payroll service provider. But what is the work of a payroll service provider, and what should you expect when you decide to hire one for your business?
What Do Payroll Service Providers Do?
A payroll provider is a company that assumes responsibility and helps businesses with matters to do with payroll management.
Payroll service providers offer numerous services, and make use of the latest technologies to assist businesses to automate and streamline crucial payroll processes.
Some of the key services offered by payroll outsourcing companies include:
– New employee registration
– Holiday absence and sick leave management
– Accurate record maintenance
– Detailed payroll reporting
– Expert compliance advice
– Integrating business insight and payroll software
– Filing, tax withholding and payroll deductions
– Automatic payroll processing and calculation
There are various kinds of payroll service providers that meet the needs of different companies. For instance, an in-country payroll outsourcing company offers expertise in payroll management in a single country to overseas businesses that wish to set up there. Alternatively, a global payroll outsourcing company offers service in multiple jurisdictions and countries, offering businesses a single point of contact, platform and contract for their global employment needs.
So, although every business’s needs are different, knowing what to expect from your payroll outsourcing firm is critical to make sure your company is in a safe pair of hands.
1. Comprehensive Payroll Support
A payroll outsourcing firm should be flexible to help with all aspects of payroll within your company to ensure your workers are paid correctly and on time, regardless of where they work and live.
2. Guaranteed Regulatory Compliance
One of the key roles of a payroll service provider is to keep your business compliant to the relevant laws and regulations – especially those regarding cross-border commerce. From local taxation laws to data protection, a payroll service company should meet all compliance needs on behalf of your company to make sure you never face any legal fines or complications.
3. Employee Self-Service
When managing a group of employees, responding to individual updates and requests can consume a lot of time. Many payroll providers provide self-service platforms that allow employees to view and manage their accounts without any assistance.
4. Accurate Payroll Reporting
Accuracy is the backbone of any payroll management system. With that in mind, payroll service providers will often offer a comprehensive summary of their clients’ payroll processes, including working hours, payroll deductions, and wage payments across the business.
5. Thorough Job Costing
Job costing data is a record and indicator of the total costs associated with finishing a particular project. For payroll, this includes offering overviews of the type and volume of work delivered by employees, either as groups or individuals.
Your Global Payroll Solution
When recruiting employees in multiple jurisdictions, keeping up with the complexities of local employment guidelines and managing payroll in different currencies can be challenging for internal payroll departments.
So, why not outsource your payroll obligations to a dedicate payroll service provider?
TopSource Worldwide is a global payroll outsourcing firm and employer of record, currently serving over 100 countries. We offer personalized and reliable payroll solutions to our clients through exceptional customer service and a variety of centralized systems.