Payroll Bureau doesn’t only do payroll, we are also a fully serviced, globally covered Employer of Record (EOR) and Professional Employment Organisation (PEO).
What is an Employer of Record (EOR)?
An employer of record (EOR) takes on the burden of everything to do with officially employing someone, this includes but is not limited to, tax, payroll and overall compliance with local and national law. EOR is most commonly utilised by employers who want to hire somebody outside of where their company headquarters are based. An EOR service provider essentially overtakes all legal responsibilities of employing employees to decrease complexities surrounding HR policies as they vary so drastically from one country to another. On paper the EOR will act as the primary employer of the employee. Although an EOR/PEO takes on these official responsibilities the global employee will still work totally for you, report to you, and act like any other employee. The EOR services provider deals with the fine print and the back-end responsibilities while you benefit from the expertise of your employee.
While we use the terms PEO and EOR interchangeably there is a slight difference between the two definitions; A Professional Employment Organisation will enter a more co-employer relationship, being an extension of the client’s already existing HR department, this means that the client would still mainly be responsible for the employment. Whereas an Employer of Record takes on the full liabilities and responsibilities of employment and is the legal employer. At Payroll Bureau we can offer both of these variations.
We know that as an employer it is imperative to have clear and constant communication to be able to ask questions and keep the employment process streamlined and consistently compliant. In this vein while we act as your EOR you will be assigned one of our EOR and Global Payroll Specialists as a dedicated point of contact, providing information, answers and modifications however and whenever you need them. In our experience keeping all of your information and email chains with one person really helps in keep all matters as organised and as uncomplicated as possible.
We take care of most major administrative duties. For instance, we create the employment contract, when creating it though, like with all of our administrative responsibilities, we not only take all of your specifications into account but also maintains complete compliance with the local employment legislation.
We also have the ability to go through the visa and work permit application process on your behalf, all you need to do is send us all relevant information and we can take care of this for an additional fee.
When it comes to international expense management, the reimbursement process can become quite tricky; we are here to help. If you notify us of the amount that you’d like your employee to be reimbursed, we can simply reimburse them in the next payroll run. Local expense reimbursement laws can become quite complicated, but we are always aware and take these into account
Although we can take care of all of these avenues of employment responsibilities for you, you will still be totally in-charge and responsible for the employee’s day to day deliverables; you will manage any employee that is tied to us as their Employer of Record the same way you would manage any other employee within your company. We handle the administrative responsibilities, but you are still in full control of the employees work output.
We enable you to hire in any country around the world, regardless of whether or not you have an entity set up there. With the current pandemic forcing more and more people to work from home remote work is becoming the norm. This has meant a sharp increase in the utilisation of EOR/PEO services as employers now realise that their search for the perfect employee does not have to be limited to locality at all. It is also worth noting that we only require a minimum of one employee to start with so don’t hesitate to get in touch today to start your EOR journey with Payroll Bureau.
With the benefits of using an EOR spanning from saving time, to cutting costs, to risk mitigation it is really the smartest choice when hiring overseas. Great companies shouldn’t be limited by distance to hire the best people for the job. Make the world your oyster by using EOR services to keep you complaint and ahead of the game.
If you would like to discuss any aspect of your company’s payroll with no pressure or obligation, discounts are available so please call us for a chat.
15-19 Bloomsbury Way,
London, WC1A 2TH