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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.
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.
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.
On a scale of 1 to 10, how satisfied are you with your global payroll operations? Do you have real-time access to your payroll data across all countries and currencies? Is your multi-country payroll all on one platform? Is there help available when you need it?
Payroll in every country is challenging, but when you are managing payroll across multiple countries, the complexity grows exponentially. Unique in-country payroll regulations, money movement to settle payroll in multiple currencies – the list goes on. Getting ahead of regulation changes and payroll requirements is the key to ensuring compliance, but that is easier said than done in most cases. How can you keep up?
