Ensuring Payroll Compliance Internationally

How important is it to have a payroll software that can reconcile your global enterprise's transactions in multiple time zones, multiple countries and in different currencies? How important is it for your enterprise to properly allocate its resources and ensure those resources are used to their fullest? More importantly, what are the consequences of not having that software and instead, reconciling payroll and other financial statements via excel sheets and tables? Well, if reduces costs is important to your global enterprise, then you realise that to effectively reduce costs, you must reduce wasted time and nothing does that better than upgrading to an international payroll software that handles the complexities of your global transactions. Bottom line, your enterprise needs software that can pay your employees on time, whilst managing the intricacies of compensating an international workforce. It's not merely about making sure your employees are paid, or that they're paid the right amounts, but ultimately about making sure your enterprise meets the tax laws, government regulations and compliances of all the countries you currently operate in. So how can the right software ensure your global enterprise is able to reconcile its financial statements and ensure compliance with government tax laws?

• Improved Resource Utilisation: Resource allocation should never be confused with resource utilisation. Properly assigning employees to perform tasks is nowhere near as important as ensuring they are properly utilised. The right software can improve your enterprise's resource utilisation by ensuring that your global workforce is working on the right things, at the right time. Most importantly, upgrading to payroll software ensures that your human resource and accounting department isn't wasting its time trying to reconcile financial statements, accounts and the compensation of employees and managers. It's about efficiency and time management and upgrading from tables and excel sheets to software will help improve that efficiency. Companies that choose software over manual processes are always able to achieve significant cost reductions and improvements in resource utilisation.

• Better Financial Statements: Reconciling financial statements is difficult enough without having to muddle through time-consuming excel sheets. It's not uncommon for global enterprises to take months to reconcile their statements. However, having the right software can make amalgamating these statements a much easier process. Companies that upgrade their software are able to realise substantial savings in time. They reconcile their statements earlier in the year, are able to better define the existing cash holdings and can streamline budgets and better define the cash needed for capital expenditures, as well as research and development.

• More Accurate Reporting and Stronger Compliance: Very few international enterprises are able to reconcile their statements without having access to payroll software. However, it's not merely about having those statements on time, but also about ensuring the company is compliant with local government rules, regulations, and the tax laws governing how employees are compensated. For instance, according to the IRS in the United States, almost half of all businesses face a yearly fine for incorrect, incomplete and inaccurate tax filings. The same can be said for the UK, Canada and many other European nations. Since every dollar saved goes directly to the company's bottom line, it's more than fair to state that every dollar wasted because of inaccurate tax filings, goes directly to the bottom line as well.

Today's global enterprises need access to software that allows them to manage sales transactions across multiple markets. It's never just about paying employees on time or ensuring their pay is properly received. It's also about ensuring compliance with government rules, regulations and tax laws and ultimately about reducing the company's costs of sales transactions by reducing the costs to make those transactions.

Article Source: http://www.abcarticledirectory.com

Ceridian offer easy to use and streamlined payroll software systems to businesses of all scales.

Posted on 2011-12-21, By: Jamie Simpson *

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Note: The content of this article solely conveys the opinion of its author, Jamie Simpson