International Payroll – Top five reasons to outsource
Expanding into a foreign country is far more complex than many companies envisage at the outset. Consider trying to deal with many foreign payroll service providers and keeping up with foreign legal and HR requirements. Sure, you could do it all yourself, but that would require having or employing multilingual employees who can keep up to date with everything. And it’s a lot to go through if you have currently have a small presence in the country.
Of course finding a reputable international payroll provider can also be a challenge. Some smaller international payroll companies cherry-pick only a few countries, leaving you exposed when you enter a new market, and having to change supplier, or deal with multiple suppliers. There are 195 countries in the world, and it’s probably worth only dealing with outsourcers that can work in at least the top 100, if not more.
Top Five reasons to outsource your international payroll
- Set up new employees in most countries of the world without having to establish a legal entity. Taxes and benefits for your international employees will be taken care of by your outsourcer.
- You can enter new markets quickly and efficiently with everything from Contracts of Employment, Benefits Consultancy through to Pensions covered. And of course payroll.
- You’ll have access to in-county experts, so there’s no need to have your own experts in regulatory compliance, laws and regulations in multiple countries.
- One single point of contact. Let someone else worry about language barriers. Use someone who can work in multiple languages, cultures, time zones and currencies
- You can do business in a single currency, if you wish, and let your international payroll outsourcer manage all currency conversions and allow you to settle in a convenient single currency of your choice. And they are probably cheaper at providing FX than your bank.
IRIS FMP’s International Payroll division is 100% focussed on International payroll. Click on this link for more details- International Payroll. IRIS FMP is the market leader in the international payroll field.