Payroll services manage much more than the monthly deposits a company needs to set up for its employees. They overtake several activities that benefit a company's finances and the professional and legal commitment to its workforce.
Here we'll share some critical points for companies interested in how they help companies manage payments when outsourcing talent.
In this Blog:
Setting up the legalities of hiring
Implementing payment platforms
Create a bulletproof payment cycle for your business
International payment services are a great business decision.
Setting up the legalities of hiring
Ensuring your company is lawfully abiding by its responsibilities when hiring international members to your team is a must. These services will help you avoid legal issues arising from not registering your company correctly in the eyes of the law when paying your employees.
You must be legally recognized as a company when hiring employees for your company. You need to ensure you do this correctly by setting up all the vital documentation required when hiring:
- Use your employer identification number correctly
- Legally prove your tax payments
- Keep relevant records of workforce members
- Track payment dates and transaction information
- Justify employees' compensations
Keeping track of your company's financial activities legally can be difficult for the inexperienced.
Implementing payment platforms
Keeping track of your payments may be hard if you do it manually. Payment software or platforms are a great way to upgrade how you handle your contractors or employees monthly deposits. Payment software ensures you quantify and categorize each payment needed to be made.
Here are some companies that can help you implement payment software in your business:
- Payoneer
- Plane
- Deel
- Onpay
- Quickbooks
Create a bulletproof payment cycle for your business
Handling your company's payments should be done with the utmost organization in order for it to run smoothly for each new hire. A clear cycle also allows you easy access to your payment records and even modify them quickly when needed.
Ensuring your company has stability when hiring is essential. These services maintain it by having someone on your side who knows every hiring protocol. Another advantage of having a clear payment cycle when you grow your team is being able to onboard new members promptly.
Here's what a payment cycle should do for your company:
- Meeting payment deadlines to employees
- Setting up payment for new employees
- Build team commitment by complying with payments on time
- Managing tax deadlines and delays
- Classifying work hours and overtime by employees
- Automated payment deposits
Having a carefully structured payment cycle will impress your employees and help you build a solid reputation as an employer. A cycle for contractors is significantly reduced due to less paperwork.
An alternative for contractors: International Payments
Placing the brightest professionals in LATAM for long-term jobs has given us unique insight and experience to handle international payments.
If you’d like to know more about how you can pay your contractors with Awana, we're happy to discuss it over a quick call.