Inside the Toolbox blog posts provide useful information on HRToolbox tools and services.
Tax preparation. It comes every year whether we like it or not—often causing a huge headache for mobility managers with expats around the globe.
It can be a major process to gather massive amounts of data from disparate host locations in an organized format that can then be easily utilized for tax reporting and compliance review.
Whew, just writing that made my head hurt.
But you shouldn’t have to go it alone. Someone should lighten your load. HRToolbox can provide some relief. Our tools can relieve some of the stress of your compensation accumulation process.
Keeping track of compensation data as it is accrued or paid will help make this process much easier for you at year-end.
Data tracked can include:
- Monies paid monthly through central headquarters payroll (salary, COLA)
- Monies paid into your pension or 401k to a third party
- Monies paid by the host location to a landlord for apartment rent or utilities
All of these items either paid to the employee, or on behalf of the employee, must be gathered and made easily accessible for reporting within your company and also for your tax provider to conduct tax preparation and compliance review. If you’re talking about multiple employees in multiple countries with multiple payments, that’s a lot of data to track.
We work with your host location administrators to ease the demands of data gathering. We can do this in a number of ways, including allowing the host location administrator access to HRToolbox for data input or even having the host location administrators populate a simple spreadsheet for upload directly to HRToolbox.
Automating your compensation accumulation process comes with big benefits:
- Ease of Data Entry: Populate data on multiple employees using one Excel spreadsheet
- Total Compensation Reporting: Pull data from multiple sources into one centralized report
- Simplified Delivery: Produce reporting in one easy-to-read format
- Streamlined Process: Reduce time required to gather data and produce reports
Spend less time dreading year end’s approach and more time celebrating year end’s successes.
What’s inside your toolbox to improve global compensation accumulation?