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 straight forward – 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?
Translating documents, trying to make sense of the currency conversions, and even getting any reporting from in-country providers can quickly escalate out of control. It can also be very difficult to get timely reporting, so any mistakes cannot be uncovered before it’s too late to make changes. Getting reporting is the first step – but if you’re not getting the information you need each month, you can’t make decisions or track expenses accurately.
Your global payroll reporting should be presented to your team in English, converted to US dollars, and accessible in the same month as your payroll is paid out. You should easily be able to decipher who is being paid in each country, what the currency conversion is, and the total expense each month.
If your global payroll isn’t giving you the information you need, now is the time to make a change. With so many global requirements and leadership changes around the world each year, it is vital to stay ahead of your payroll in other countries to maintain compliance. If you don’t know what you don’t know, you could be facing heavy fines and penalties in multiple countries.
To learn more about customized global payroll reporting by country and currency, click here