As finding excellent employees becomes even more challenging and competitive, many companies are choosing to look globally to find quality talent or have access to a broader employee base. While this can be a great thing, it can also lead to international payroll challenges that need to be addressed. MKS&H is here to help businesses like yours.
1. Being Compliant with Laws in Multiple Markets
All countries have different laws that can make maintaining compliance challenging. Depending on which country your employee resides in, they will be subject to different tax laws, mandatory vacation time minimums, employer contributions towards insurance or healthcare, employee severance regulations and more. Working with a professional tax and accounting company can help to make sure that you are always compliant and adapting your procedures to meet international regulations.
2. Ensuring Payroll Accuracy
One of the most common international payroll challenges is making sure that your payroll is completely accurate and delivered on time every time. If you want to retain top talent, you must provide a seamless employee experience where they are not concerned about getting paid on time or correctly. Payroll specialists can help make sure that you are delivering payroll accurately. Some of the most common challenges in delivery payment to international employees include:
- Working across time zones and ensuring payment is delivered at the right time
- Overcoming translation issues or language barriers
- Converting USD to other currencies based on the exchange rate
- Opening and maintaining bank accounts overseas
We are here to make sure you don’t need to deal with the most common international payroll challenges.
3. Guarding Personal Information for Employees
Employees care about their information being safe and protected, and if you fail to protect their information they could hold you at fault. When you are conducting business internationally and using multiple apps, platforms and websites to get the job done, you still need to maintain your commitment to safety and security. Some countries will also hold you to higher standards, like the GDPR mandate that all companies operating in the European Union need to follow.
Overcome International Payroll Challenges with Help from MKS&H
MKS&H provides tax and accounting services to businesses of every size and in every industry. We can work with you to make international taxes easily and avoid the most common international payroll challenges. Contact us today for a consultation.
About MKS&H: McLean, Koehler, Sparks & Hammond (MKS&H) is a professional service firm with offices in Hunt Valley and Frederick. MKS&H helps owners and organizational leaders become more successful by putting complex financial data into truly meaningful context. But deeper than dollars and data, our focus is on developing an understanding of you, your culture and your business goals. This approach enables our clients to achieve their greatest potential.