Serving Up an Ounce of Prevention and Avoiding a Pound of Cure

As Benjamin Franklin famously said, "An ounce of prevention is worth a pound of cure."?We’ve all been in situations where if we had just taken a precautionary step, we could have avoided a catastrophic outcome.?But wisdom comes with experience and we use these experiences to make better choices in the future.?We also rely on the advice of others who have had to pay their fair share of a “cure” to help us navigate future pitfalls.

This adage holds true for payroll and international payments.?The reality is that not every organization knows what their "ounce of prevention" might be UNTIL they are faced with having to find a "pound of cure".? And that pound of cure can feel more like a ton.?

While every company may not have a clear understanding of exactly what such prevention entails, they are undoubtedly aware of the immense cost that a "pound of cure" would inflict upon their organization. In the context of international payroll payments, a misstep or oversight can lead to financial losses, compliance issues, damage to their brand image, loss of customers, and inefficient man-hours spent trying to remedy the situation.

One of the primary aspects of prevention is working with a payment provider with a proven track record and expertise in international payroll payments. An experienced provider will have:

●???????Optimized payment rails for payroll payments

●???????An exemplary track record of successful transactions

●???????A deep understanding of payroll/statutory compliance

They will be able to leverage their experience in international payroll to optimize your payment operations to avoid costly missteps. The result is a business partnership that leverages understanding of the payroll industry to eliminate costly errors effecting an entire business.?

?I’ve previously written about the top questions that should be asked when choosing a payment partner for international payroll[1]? and why that partner needs to master the language of international payroll[2]?

By working with a payroll partner that understands your business and speaks your language, you benefit from their expertise in your industry.?And you’ll also benefit by having a partner that can help you identify your “ounce of prevention” to avoid a “pound of cure.”??