Global payroll outsourcing refers to the help of a trusted external party to manage your company’s global payroll efficiently. Your global payroll outsourcing service provider takes care of everything, including calculating salaries, managing deductions in line with the social taxes, and handling commissions and benefits for employees working from various parts of the world.
Why outsource global payroll?
Handling payroll for employees working in one location is difficult in itself. What makes it so complex is the tax and legal parameters in place.
Managing multi-country payroll is even more complex because it involves considering the changing tax and legal parameters of different countries across the globe.
Using manual methods to process payroll only adds to the chaos.
Additionally, when you process payroll manually, you must collect employee data, including attendance records, paid day-offs, bonuses, and other benefits from multiple locations, and consolidate it before processing payroll.
As a business owner, you have to opt for global payroll outsourcing to save time and energy while efficiently managing global payroll.
Benefits of global payroll outsourcing
Read on to learn more about the major perks of global payroll outsourcing for your business.
Accuracy
Global payroll processing is a chaotic sphere where errors can occur from time to time since it involves complex calculations, legal compliance, tax tables and much more. However, it is quite tough to identify the source and set it right every time there is an error.
On the contrary, when you outsource multi-country payroll on an advanced technology platform, you can quickly end the conventional payroll processing methods. Either way, this is a better option than struggling to handle global payroll with an in-house team that also has other organizational responsibilities to cater to.
Besides preventing unintentional errors, you can expect greater accuracy in everything, including calculating the working hours, paid time offs, deductions, employee benefits, generating reports, tax filings, and much more when you go for global payroll outsourcing services to handle your company’s payroll at large.
More business productivity
Global payroll management does consume a lot of time. Another problem is that it needs constant attention because many of its parameters, including taxes and legal procedures, change without any sign. If you fail to keep track of these changes in various countries, you might end up placing the wrong brick, and the entire payroll process will collapse in no time.
Given the scenario, taking care of multi-country payroll independently or with an in-house team does not sound wise. It’s high time for a change, and if not, you and your resources will only end up spending more time on global payroll processing while missing out on big business prospects that come your way.
Global payroll outsourcing is the first and best way to stop all these from dawning upon your company.
When you choose global payroll outsourcing, you let a trusted third party manage everything about your global payroll. This way, you save time, energy, and money for your organization.
On the other hand, this also means you have more time for your core business activities, and you can also encourage your employees to exhibit more productivity at work.
Increased productivity can fetch you more business prospects and spending more time on the same can translate opportunities into your loyal customers. When you gain more new customers, you can increase the revenue flow of your company and expand into new markets in the days to come.
Employees and managers can access historical and current payroll data using mobile devices and defined login information in most online payroll systems. Access to this data can boost employee satisfaction while saving time for human resources professionals.
This way, global payroll outsourcing can help you to grow your global business while streamlining what is happening behind the actual business scene.
Decreased costs
As you know, achieving high precision in multi-country payroll is difficult, even when you have an internal team for global payroll management.
The question here is, what is the point in handling global payroll when your expectations are not rightly met but you end up overspending time, money, and your human resources on it?
Global Payroll outsourcing saves you all the costs you spend on these resources. Yes, it is both effective and affordable.
If you compare the costs you spend on payroll outsourcing and the total sum of money you pay your in-house payroll managers while taking their total hours at work into account, you will see a big difference there.
With a well-targeted strategy, you can invest the money saved into your core business activities and boost your profit margins incredibly.
Enhanced security
Global payroll management involves handling confidential information regarding your global employees and your organization.Managing it without proper resources can pose a serious threat to server safety which, in turn, leads to a data breach.When you outsource multi-country payroll from a trusted partner, you need not worry about data theft because advanced technology tools can withstand cyber attacks and safeguard your business data.
With global payroll outsourcing, you can rest assured that your company’s payroll is handled efficiently with zero compromise on safety.
What Makes Multiplier the perfect choice for your business?
Multiplier is an advanced technology platform that comes in handy to manage multi-country payroll with ease. By outsourcing global payroll to us, you can hire, manage and pay your employees overseas in a trouble-free manner.
Multiplier allows you to outsource multi-country payroll conveniently on a unified platform. Be it any number of countries, we offer 100% statutory compliance. Multiplier keeps a constant eye on legal updates across nations and maintains relevant tax tables to process global payroll hassle-free.
With our hi-tech global payroll platform to back you up, you can end unintentional errors, achieve maximum precision, and seamlessly control your multi-country payroll activities.
With Multiplier, you get real-time insights about your multi-country payroll activities. When you outsource payroll from us, you gain complete ownership of it while we handle the background process for you with utmost care.
Yes, you approve the global payroll with one click, which is our good-to-go signal. You can make changes to it at any given point in time.
Nothing can pep your employees up like on-time salaries and push them to work more for your organization. No matter how many countries you manage employees from, you can relax while we help you process salaries right on time.
Increased employee productivity will be followed by more business prospects, and more opportunities can fetch you more business revenue.
Multiplier helps you to achieve business growth by helping you to keep your employees happy and motivated by processing multi-country payroll at the earliest.
We are excited to see you grow!
As a scalable multi-country payroll software, Multiplier can address all your global payroll needs every step of the way. We will support you with fast and accurate global payroll processing throughout your entrepreneurial journey.
Get in touch with team Multiplier today, and we will be happy to help.
