In this day and age, employers have more options than ever when looking for talent to meet their needs. Thanks to the internet, people are going as far as hiring workers in other countries yet still get the job done effectively. One obvious country of choice is Canada. Besides the fact that they share a common language and time zone, Canada has one of the most developed professional and educational environments. But then there’s a downside to hiring remotely. Because of the different employment regulations, tax legislations, and compliance requirements, keeping up with payroll can be quite a headache.
Many companies free themselves of this duty by either hiring through subsidiaries with professionals at managing payroll in-house. Through outsourcing, you’ll not only get to reduce your in-house costs but also increase security and accuracy. This way, you are free to dedicate your HR resources to other important functions like recruiting operations and training.
If you’ve been mulling over the idea, here are some other benefits on why this would be a good move.
You Save on Cost and Time
The statement time is money has never been truer when it comes to running a business. And one fundamental process that takes up a chunk of this time is the processing of payrolls. Not only does it require great attention to detail, but it subsequently increases as the staff numbers increase. And if you are dealing with a remote team, this can be even more frustrating.
Well, this is where outsourcing comes in. With vast experience in the field, these service providers are better-equipped to handle all the little processes with ease and speed. They do everything from statutory filings and calculating taxes to handling any inquiries all at once, which would otherwise take up more resources when done in-house.
Improves the Security of Your Data By Managing Payroll In-House
In-house payroll management has always had a fair amount of risk. Embezzlement and identity theft, among other malicious acts, easily go unnoticed and can lead to massive losses in the long run. The network and servers you use are also subject to cyber-attacks.
By using cutting edge encryption tech and secure servers, external payroll providers are in a better position to store and keep your data safe. They also conduct most transactions through electronic payment methods, which makes it easy to trace any errors that may occur. All these would be accounted for in their service package.
They Grant You Access to Modern Technology
Most payroll providers will strive to keep their technology updated. One emerging trend is to use cloud-based systems, which are more efficient at storing and protecting data. Also, by centralizing the payroll information, it allows easier access for people seeking inquiries. Requests that would otherwise take up hours to process in-house can be sorted within minutes.
You Get Fewer Mistakes and Penalties
Lastly, since professional and experienced teams handle the processes, payroll mistakes are less likely to occur. This way, your records are always accurate, with statutory filings done on time. You get to save yourself from any fines or hefty penalties that may come about as a result.
They also take advantage of robotic process automation, which optimizes processing and improves the timeliness and accuracy of any international payroll system.
Learn More About Managing Payroll In-House
Sustaining a healthy remote workforce isn’t easy. It’s nearly impossible to comply with all the wage laws, filing deadlines, and tax regulations unique to each country.
By handing the payroll duty to an external partner, you get to excuse yourself from all these complex, frequently changing processes and spend more time building your sales and improving your workflow’s efficiency.
Need help developing your remote team? Contact BrightR today and let them handle everything for you.
