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Payroll teams are usually overwhelmed by global payroll due to keeping up with local regulations, lack of reporting, and no control over the monthly process. In order to manage payroll effectively in any country, access to information is the key to success. If you don’t have the tools and reporting to view payroll in real-time, things can quickly get out of control.
Singapore payroll guidelines and regulations are relatively transparent when compared with that of neighboring countries. However, managing and understanding Singapore payroll can still be difficult, especially for small to mid-sized Singapore companies trying to process payroll in-house when there is limited manpower.
The phrase “you don’t know what you don’t know” is usually not used in global payroll conversations – but what if “what you don’t know” is hurting your business and bottom line?
Payroll reporting in the US is pretty straightforward – you can easily view what you’ve paid employees and it’s all in US dollars. But what happens when you are managing employees in multiple countries and currencies?
If you look at all of the components of managing a global business at once, you can quickly be overwhelmed with the logistics, plans, and compliance issues. With the right research and tools, your global operations can easily run smoothly within the local in-country requirements.
Following the August 2020 elections in Belarus, protests began in opposition to the election of Lukashenko, who has been president since 1994. Worker strikes and protests due to the election are impacting the country’s labor and economic outlook. Amnesty International reports that the government is pushing back against private trade unions through arrests and other means.
As more economies around the world open up and companies bring employees back to the office, global expansion plans that may have been put on hold last year are now taking shape. It can be challenging to know where to start, but here are some key factors to consider when expanding your operations into new countries.
As the end of the year approaches, companies need to prepare for payroll and tax reporting requirements in each country. If you are managing payroll in multiple countries, this is no easy task – there are varying tax years, different reporting requirements in each country, and payroll and compliance regulations to factor into your plans. So how can you prepare your teams across the world for year-end global payroll reporting?
You’ve had success in the US market, but now it’s time to reach new clients, increase growth and profits, and diversify. What are some key factors to consider before you make a move to another country? Many companies want to expand, but they don’t understand the complexity of moving operations into a new country and things can quickly get out of control if you’re not prepared. Here are some global expansion considerations for global business expansion.
Companies that manage global employees and payroll sometimes believe that the status quo is better than making any changes. But when you’re talking about global operations and payroll, what you don’t change could be hurting your organization. Evolving regulations and in-country requirements not only put your company at risk for fines and penalties but mismanaging global operations could also make your employees leave due to inaccurate payroll or benefits.
Multinational companies face many challenges as they begin and maintain operations in new countries. Language barriers, business customs, and hiring new employees are just a few of the hurdles. Managing costs, maintaining compliance, and having a clear view of the overall operations is an ongoing struggle for most companies. But what makes global companies unique is the desire to look beyond current operations and see what potential is ahead in unknown territories.
