Payroll outsourcing Archives | Novative

The 5 Advantages of One Global Payroll Provider

Patricia Maniscalco — Mon, 14 Sep 2020 09:30:57 +0000

the advantages of global payroll provider

Introduction - the advantage of global payroll provider

According to the 2022 Gartner Market Guide for Multicountry Payroll Solutions, there’s a growing interest in options that facilitate global payroll.

Though there are advantages, like with any foreign expansion, there are numerous payroll and HR concerns to consider. Generally, employers are held responsible for employee tax withholding, and failing to do so can encompass fines and penalties. Achieving efficiency, effectiveness, and accuracy at an optimum cost would be a challenge for any organisation.

Therefore, outsourcing your global payroll to the right global payroll provider can help you comply with local regulations, keeping your business compliant at all times.

Find out why choosing a single global payroll provider can enable your business to save costs, improve communication, and remain compliant.

One Global Payroll Provider Means One Face to Deal With

By only having one global payroll provider, your payroll processes are managed centrally. One contact will take care of all global payroll questions and problems. A new employee in France? A tax issue in the US? One call or email is enough to solve everything within minutes.

This will benefit your entire team, from employees to managers. Everyone always knows who to contact about their payslips and salary inquiries.

One global payroll provider is all you need to manage your pay efficiently, structurally, and transparently.

One Global Payroll Provider for Guaranteed Business Success

Companies with subsidies in different countries or even continents will be separated not only by different locations but also by different time zones. Therefore, it makes it hard to receive urgent information as soon as possible.

Sometimes this can lead to not meeting a deadline and, consequently, cause troubles and possible costs. The same applies when a company hires different payroll providers for different countries. Every provider will follow different processes that you have to be aware of if you want to guarantee a smooth business process.

Outsourcing to a single global payroll provider ensures reliable payroll management, allowing your team to focus on core business tasks. With this solution, you can guarantee the smooth operation and success of your business.

Benefit from Better Data Consolidation

Switching to a single global payroll provider means you no longer have to handle different payroll services, with their own systems and internal processes.

Different payroll providers will offer different HRIS to store your country- and payroll- specific data. This can easily lead to disaster for many companies if they want to update or use the data to receive valuable insights for reports. Data cannot be transferred or updated automatically in all systems at the same time.

Therefore, manual processes will take up a significant amount of time. Also, the different systems do not allow comparing data from one country with another. The data first has to be downloaded and displayed within a separate programme. This all makes centralised management of payroll impossible.

One global payroll provider will obscure all these issues. You only need to update one HRIS, as your data is securely stored in one system for all subsidiaries worldwide. This allows you to easily access your data, gain data insights, and compare each subsidiary with another.

Take Control of Your Payroll Expenses

Different global payroll providers mean different bills that must be paid on time. This entails an increased workload for the accounting department and more payment conditions they have to be aware of.

By assigning your global payroll to only one provider, you can easily control costs. Your processes and data streams are consolidated and automated. Your accounting department has to manage and oversee only one payroll provider for all payroll costs. Stop fearing hidden costs and start enjoying the global payroll.

Eliminate Hidden Payroll Costs with One Global Payroll Provider

Payroll outsourcing eliminates all of the costs associated with keeping an in-house payroll team, such as recruitment and training. Additionally, consider how much time your managers spend checking and reviewing payroll instead of focusing on growth.

Another hidden cost is the impact of failing to comply with regulations. As an employer, you may not be aware of an employee’s country’s rules and regulations in terms of payroll.

According to the IRS has estimated that around one-third of employers make a payroll mistake in any given year, collecting nearly $7 billion in penalties for 2021.

With a single global payroll provider, your entire global payroll process will be covered with complete transparency, uncovering hidden costs.

Conclusion - Payroll Trends 2023

In conclusion, having only one payroll provider will most definitely simplify the life of your business and that of your payroll and HR professionals. Expect streamlined communication processes and fewer back-and-forth emails.

With the help of the right technology, payroll can be completed accurately and effectively, while ensuring timely completion. Novative Global Payroll Services offer a solution to simplify the complexities of payroll, providing flexibility, efficiency, automation, and maintenance.

Compliance is a significant benefit of AI-based tools. Payroll regulations frequently change due to constant market fluctuations, unstable economies, recessions, and other factors. AI enables the Payroll Software to automatically update the rules and ensure compliance.

Introduction - the advantage of global payroll provider

According to the 2022 Gartner Market Guide for Multicountry Payroll Solutions, there’s a growing interest in options that facilitate global payroll.

In recent years, new technology has enabled our world to become more connected on a global scale. Businesses have taken advantage of this and expanded into new countries. Expansion for any organisation is an exciting time, and each country offers its unique positives for business. Though there are advantages, like with any foreign expansion, there are numerous payroll and HR concerns to consider. Generally, employers are held responsible for employee tax withholding, and failing to do so can encompass fines and penalties. Achieving efficiency, effectiveness, and accuracy at an optimum cost would be a challenge for any organisation.

Therefore, outsourcing your global payroll to the right global payroll provider can help you comply with local regulations, keeping your business compliant at all times.

Find out why choosing a single global payroll provider can enable your business to save costs, improve communication, and remain compliant.

One Global Payroll Provider Means One Face to Deal With

Having a different payroll provider in each country of operation results in a large number of contacts. This can easily become confusing and result in an increased workload for your organisation. Many topics require coordination between multiple payroll service providers, as these topics must be integrated across multiple countries. By only having one global payroll provider, your payroll processes are managed centrally. One contact will take care of all global payroll questions and problems. A new employee in France? A tax issue in the US? One call or email is enough to solve everything within minutes. This will benefit your entire team, from employees to managers. Everyone always knows who to contact about their payslips and salary inquiries. One global payroll provider is all you need to manage your pay efficiently, structurally, and transparently.

One Global Payroll Provider for Guaranteed Business Success

Benefit from Better Data Consolidation

Switching to a single global payroll provider means you no longer have to handle different payroll services, with their own systems and internal processes.

Take Control of Your Payroll Expenses

By assigning your global payroll to only one provider, you can easily control costs. Your processes and data streams are consolidated and automated. Your accounting department has to manage and oversee only one payroll provider for all payroll costs. Stop fearing hidden costs and start enjoying the global payroll.

Eliminate Hidden Payroll Costs with One Global Payroll Provider

Another hidden cost is the impact of failing to comply with regulations. As an employer, you may not be aware of an employee’s country’s rules and regulations in terms of payroll.

According to the IRS has estimated that around one-third of employers make a payroll mistake in any given year, collecting nearly $7 billion in penalties for 2021.

With a single global payroll provider, your entire global payroll process will be covered with complete transparency, uncovering hidden costs.

Conclusion - Payroll Trends 2023

Introduction

According to the 2022 Gartner Market Guide for Multicountry Payroll Solutions, there’s a growing interest in options that facilitate global payroll.

Therefore, outsourcing your global payroll to the right global payroll provider can help you comply with local regulations, keeping your business compliant at all times.

Find out why choosing a single global payroll provider can enable your business to save costs, improve communication, and remain compliant.

One Global Payroll Provider Means One Face to Deal With

One Global Payroll Provider for Guaranteed Business Success

Benefit from Better Data Consolidation

Switching to a single global payroll provider means you no longer have to handle different payroll services, with their own systems and internal processes.

Take Control of Your Payroll Expenses

Eliminate Hidden Payroll Costs with One Global Payroll Provider

Another hidden cost is the impact of failing to comply with regulations. As an employer, you may not be aware of an employee’s country’s rules and regulations in terms of payroll.

According to the IRS has estimated that around one-third of employers make a payroll mistake in any given year, collecting nearly $7 billion in penalties for 2021.

With a single global payroll provider, your entire global payroll process will be covered with complete transparency, uncovering hidden costs.

Conclusion - Payroll Trends 2023

Ready to expand your business globally?

Pay your employees all over the world with complete peace of mind!

The post The 5 Advantages of One Global Payroll Provider appeared first on Novative.

HR & Payroll Outsourcing – How It Supports You In Times Like These

Patricia Maniscalco — Mon, 10 Aug 2020 11:34:10 +0000

The pandemic has not only completely turned the lives of many people upside down. HR professionals face various new challenges in all aspects of HR. In addition, many entrepreneurs are not HR experts who can easily be overwhelmed by the almost daily changes in legislation. Payroll Outsourcing can support you especially in these uncertain and rapidly changing times. Discover payroll outsourcing benefits that can help you emerge from the crisis strong and successful.

No Headache Because of New Legislation

The pandemic has brought many changes in legislation, which can vary greatly from country to country or even region to region. This leads not only to a considerable additional workload for the human resources department, but also to an increased risk of overlooking something and making fatal mistakes.

As a result, the company can face substantial penalties and costs.

NOVATIVE Payroll Outsourcing ensures that you act in accordance with all rules and regulations. This ensures that you avoid mistakes and minimize costs. Your employees will feel safe and can trust us to manage their time and subsequent payroll efficiently, compliantly and with confidence. NOVATIVE Payroll Outsourcing can take care of your global and local payroll and assures accurate & trusted payroll outsourcing services.

Cost Saving

The pandemic has put many companies under pressure: sales figures have fallen rapidly; factories & shops have been closed and employees have been put on short-time work or laid off. Many companies are looking for different ways to minimize costs in order to survive the pandemic.

NOVATIVE Payroll Outsourcing can be one of the ways to minimize costs. Recruitment, training, benefits, vacation replacement, etc, are only a few costs to consider. With NOVATIVE you do not have these costs. Time is money, and this is what we give back to your company. You concentrate on the revenue generating activities of your business while we take care of the rest.

Optimized Personnel Work

The pandemic has shown many companies how important it is to have HR experts for all areas of personnel work. However, if one HR expert has to take care of all areas of expertise, this can prove difficult in the current crisis – where each area requires special attention and more time. This is why it is so important to have many different HR experts on hand.

NOVATIVE Payroll Outsourcing can support you here. It helps you to remove the already time-consuming payroll from your to-do list, allowing you to focus on other HR issues within the company. This means that your HR department can concentrate on fewer tasks, thus increasing the quality of their work. This will not only give your employees a feeling of security, but also your company.

Less Paperwork

Paperwork for payroll and social insurance management has always been a very time-consuming and costly task, only made more complicated by the pandemic: Short-time work, reduction of overtime, new laws in one region and again repeal of laws in another. All this can quickly lead to chaos and then ultimately to preventable mistakes.

NOVATIVE Payroll Outsourcing reduces the operational burden of your payroll for you and ensures that it runs smoothly. So, you can concentrate on the well-being of your employees and other important HR issues.

If you are thinking about outsourcing your payroll or you have any further questions, please contact us. We are happy to find the right solution for you, whether it is software, outsourcing or both.

Would you like to learn more about payroll outsourcing? Then read our article ‘Payroll Outsourcing – Myth Buster‘.

The post HR & Payroll Outsourcing – How It Supports You In Times Like These appeared first on Novative.