Small businesses that sell goods overseas can increase their revenue by focusing on these international markets. But to conduct business with overseas buyers, you need to comply with foreign trade regulations.
One of the most important international trade terms for small business owners to understand is the employer of record. Understanding the employer of record and how to manage the classification can help you trade overseas with confidence.
Keep reading to learn more about the employer of record companies and how to choose an employer of record that will best serve your business’s international trade needs.
What Is an Employer of Record?
An employer of record (EOR) is a company that provides employer services to companies that do not have an HR department or are in the process of setting up an HR department. They are one of the best contingent workforce solutions available today, so it’s a solution worth exploring if you need an HR team but don’t have the time or budget to set one up.
An EOR can do many of the day-to-day HR tasks that you might need. A company that offers international employer of record services is responsible for onboarding new employees, processing payroll, and managing employee benefits, to name just a few.
Financial Stability
You want to be sure that the employer of record companies you select is financially stable, as they will be responsible for managing your payroll and employee benefits.
There are a few ways to research this, including looking at online reviews and talking to other businesses that have used the company in the past. You should also make sure the company is licensed and insured.
Industry Experience
It’s also important to consider their industry experience. You want to make sure they have a good understanding of the industry you’re in and can provide the services you need. There are a few things you can look for to gauge their experience.
If an employer of record company has been in business for a long time and works with a variety of clients in your industry, they’re likely to have the experience you’re looking for. Take a look at the services they offer and make sure they’re a good fit for your business.
Comprehensive Services
Comprehensive services mean that the company will handle all aspects of payroll, benefits, and taxes for your employees. This is important because it takes the burden off of you, the employer, and allows you to focus on running your business.
Another factor to consider is the company’s customer service. You want to choose a company that is responsive and helpful when you have questions or problems.
Personalized Service
You want to work with a company that understands your specific needs and can tailor its services to meet those needs. The last thing you want is to be just another number to a large, faceless corporation.
When you work with a smaller, more personal company, you’ll get the individual attention you deserve.
The Right Employer of Record Companies for Your Business
There are a few key things to consider when choosing an employer of record companies. Make sure to do your research and ask around for recommendations. Once you’ve found a few good options, compare pricing and services to find the best fit for your needs.
Don’t forget to read the fine print and ask questions if anything is unclear. With a little effort, you can find a great employer of record company that will save you time and hassle.
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