A company’s employees are its lifeblood. This makes the payroll administration critical to attract the best talent. Incorrect payments and sloppy payroll accounting will spell catastrophe for a company and its employees, so having the right payment or payroll model is non-negotiable for any business.
Businesses may use a global payroll system to handle payroll for employees in other countries, like when you have a distributed or remote team. Another important thing while hiring and managing remote employees is to ensure your business is in compliance with the local tax and employment regulations of foreign countries.
Most often businesses look forward to recruiting foreign workers with the help of professional employer organizations (PEOs) or employers of record (EORs). These “partners in globalization” help to hire, onboard, pay, and manage international teams.
Here is a list of the top 5 Global Payroll platforms that will ease all your payroll concerns:
1. Papaya Global
One of the top-rated Global Payroll Platform, Papaya Global was co-founded by Eynat Guez, Ruben Drong, and Ofer Herman in 2016. Headquartered in NYC, Papaya Global is emerging as the leading payroll management organisation. They primarily serve businesses of all sizes with an increasing global footprint.
Via a single dashboard, Papaya Global enables you to onboard talent from anywhere and handle multi country payroll. If you choose Papaya Global, there will be ‘no more spreadsheets, compliance breaches, or mistakes’ as they say!
2. Velocity Global
Velocity Global was founded by Ben Wright in 2014. The company is now operating in over 185 nations, resulting in a 60% cost reduction as compared to a physical location. This software creates personalized reports based on global economies and distributes reporting privileges to all users after the customer approves them.
Maintaining good team management in the international arena can be difficult. That’s why Velocity Global provides a consolidated service that will manage all your payroll operations no matter your region.
Thinking about Global Payroll and HR management? Think Skuad! Co-founded by Sundeep Sahi, Naman Singhal and Dave Fall, Skuad has a far-reaching network in over 150 countries since 2019. It is a self-serve global HR platform that simplifies employee and contractor payroll, compliances, invoices, taxes, etc.
Skuad allows you to pay in the currency of your choice with HR data and payroll data getting automatically synced. One-click payments, generation of compliant contracts, automation of tax records, and employee benefits are some of the excellent features of Skuad’s unified dashboard.
Founded in 2018, Deel is a global payroll management platform that extends over 150 countries. Deel’s target demographic is narrowed down to businesses looking for payroll options for their remote staff.
Drafting local labour law compliant contracts, automated collection of tax records, Employer of Record systems, and Global PEO are just a few of the services offered by Deel’s SaaS network. Deel has a powerful dashboard that lets businesses manage overseas payroll, salaries, taxation, and compliance.
5. Cloud Pay
CloudPay teamed up with well-informed in-house payroll professionals to provide a single proprietary framework for national payroll and treasury services. Their patented payroll software and managed resources enable them to link activities around the globe, ensuring that teams receive reliable support no matter where they work.
CloudPay is still looking at ways to boost global payroll for consumers and the market. There are no legacy networks, broken records, or separate contracts for CloudPay and only one option that’s completely compliant, scalable, and filled with smart features and automation.
Choosing the right platform/software to manage your payroll is of utmost importance.
Especially if you have remote teams working from different countries, selecting a good payroll management system provides a lot of benefits and cost reductions.
While selecting the perfect payroll management platform, keep in mind certain factors such as the company’s budget, number of people to onboard, and the most important, whether the platform is right for your company and you’re good to go!