6 benefits to streamlined international payroll

6 benefits to streamlined international payroll
13 Jan 2021

In his last blog for the GPA, Steve Thompson from TransferMate talked about the challenges associated with international payroll and the current environment. The compliance team at TransferMate Global payments even led a GPA webinar outlining the complexities.  

While the complications the global pandemic has placed on international payroll are far from a short list and other geopolitical factors, like Brexit, are also muddying the waters, there is a solution to these challenges that also results in six key benefits for international businesses.  

Implementing an international payroll provider can help streamline payments in a time when automation is key. Steve outlines those benefits here: 

  1. Fund from existing currency – Companies that use an international payroll provider like TransferMate are able to make payroll payments through a local domestic transfer in local currency. International payments providers handle the FX transaction.  
  2. Eliminate bank account maintenance – It can be costly and time-consuming to manage multiple bank accounts in multiple countries – some even require staff and an office in that country. With an international payroll provider, those overhead costs are eliminated.  
  3. Globally standardised process – In addition to a business managing its own bank accounts, it is likely using multiple payroll vendors to process payroll in different regions. This can come with different procedures to keep track of across the globe. Due to TransferMate’s global footprint, international businesses can implement one standard process globally.  
  4. 100 per cent accuracy – The technology put into place ensures that the full and correct payment is delivered on time, every time. TransferMate, for example, eliminates fees that would normally make the amount received in a bank account not match payroll. 
  5. Automation and tracking – A streamlined international payroll process means that the payments are automated and the company can receive full tracking to ensure that payments are made on time and in the right currency and amount. Platform portals give payroll teams tracking information on payroll payments.  
  6. Compliance – This could be the most important feature of an international payroll provider. Managing local bank accounts and multiple payroll vendors means companies also have to keep up to date on local regulations. However, international payroll providers are regulated around the globe in the countries they can pay into. TransferMate has one of the widest regulation footprints in the industry.  

These benefits and more allow international business’ payroll teams to breathe easier knowing that their payroll payments will be made on time through a local currency transfer. Payroll teams will have more time to focus on other tasks since they will no longer need to worry about tracking down missing or mismatched payments. With a new year fast approaching, implementing a new system could be a fresh new way to start the year prepared for any geopolitical uncertainty that arises. More information on the subject is available from TransferMate.   

  

In his last blog for the GPA, Steve Thompson from TransferMate talked about the challenges associated with international payroll and the current environment. The compliance team at TransferMate Global payments even led a GPA webinar outlining the complexities.  

While the complications the global pandemic has placed on international payroll are far from a short list and other geopolitical factors, like Brexit, are also muddying the waters, there is a solution to these challenges that also results in six key benefits for international businesses.  

Implementing an international payroll provider can help streamline payments in a time when automation is key. Steve outlines those benefits here: 

  1. Fund from existing currency – Companies that use an international payroll provider like TransferMate are able to make payroll payments through a local domestic transfer in local currency. International payments providers handle the FX transaction.  
  2. Eliminate bank account maintenance – It can be costly and time-consuming to manage multiple bank accounts in multiple countries – some even require staff and an office in that country. With an international payroll provider, those overhead costs are eliminated.  
  3. Globally standardised process – In addition to a business managing its own bank accounts, it is likely using multiple payroll vendors to process payroll in different regions. This can come with different procedures to keep track of across the globe. Due to TransferMate’s global footprint, international businesses can implement one standard process globally.  
  4. 100 per cent accuracy – The technology put into place ensures that the full and correct payment is delivered on time, every time. TransferMate, for example, eliminates fees that would normally make the amount received in a bank account not match payroll. 
  5. Automation and tracking – A streamlined international payroll process means that the payments are automated and the company can receive full tracking to ensure that payments are made on time and in the right currency and amount. Platform portals give payroll teams tracking information on payroll payments.  
  6. Compliance – This could be the most important feature of an international payroll provider. Managing local bank accounts and multiple payroll vendors means companies also have to keep up to date on local regulations. However, international payroll providers are regulated around the globe in the countries they can pay into. TransferMate has one of the widest regulation footprints in the industry.  

These benefits and more allow international business’ payroll teams to breathe easier knowing that their payroll payments will be made on time through a local currency transfer. Payroll teams will have more time to focus on other tasks since they will no longer need to worry about tracking down missing or mismatched payments. With a new year fast approaching, implementing a new system could be a fresh new way to start the year prepared for any geopolitical uncertainty that arises. More information on the subject is available from TransferMate.   

  

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