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Preparing your Global Payroll for Year-End Reporting
As the end of the year approaches, companies need to prepare for payroll and tax reporting requirements in each country.
If you are managing payroll in multiple countries, this is no easy task Ė there are varying tax years, different reporting requirements in each country, and payroll and compliance regulations to factor into your plans. So how can you prepare your teams across the world for year-end payroll reporting?
Understanding Reporting Requirements
Just as each country has unique employment regulations, the same goes for reporting requirements. Some countries require payroll tax, benefits, social insurance, and other employee withholding to be paid monthly, and reported annually by certain deadlines. Failure to produce accurate and compliant reporting and submit to government agencies often results in fines and penalties and strains your resources in each country due to additional work required to correct reporting discrepancies.
Varying Tax Years and Deadlines
In many countries the tax year runs from January 1 Ė December 31st, but if you are managing payroll in Australia, the tax year runs July 1 Ė June 30th with reporting due no later than October 31st. Ensuring your team is up to date with the latest deadlines for tax, benefits, and pension reporting, and submitting forms and payments on time is vital to avoid fines or penalties. Your payroll and tax teams need to understand the requirements for each country to avoid compliance mistakes, create accurate, on-time reporting, and mitigate risk for fines or penalties.
New Payroll and Tax Regulations
Each year countries update payroll and employment laws, and keeping track of the changes can be daunting. When you are managing employees in multiple countries, you must be aware of when new regulations take place, when you will need to adhere to the new laws, and how to report the new changes to the government agencies at year-end. The UK has enacted several changes that will take place in April 2020 including taxation on termination payments, parental leave benefits, and private sector contract workers. If your payroll team isnít ready for the changes, your payroll and tax calculations will be impacted and your reporting wonít be accurate. Ensuring your team knows of upcoming changes helps prepare your team for new processes going into the new year.
Getting your global payroll ready for year-end payroll and tax reporting can be complicated, but with the right planning and tools to be successful, it can be a pain-free process. Your global payroll technology can help prepare for year-end and for new changes going into 2020. Blue Marble payroll technology gives you real-time access to your global reporting across all countries and currencies, with automatic updates when a regulation changes in a specific country. You can ensure compliance and stay ahead of changes with easy-to-use payroll technology on one platform for 145+ countries. To learn more, click here