Why Outsource the Payroll of your Company in Bolivia?
Bolivia is a growing country full of opportunities, industries, and also natural resources that attract the interest of people from all around the world. It is not only a popular destination for travelers looking to connect with nature, historic attractions, and extreme sports, but also is popular for investors and company founders that want to secure a spot in a strongly developing LATAM country. The company formation process in Bolivia is usually fast and simple and allows you to choose from some different types of legal structures according to your business requirements.
Bolivia is also part of MERCOSUR, which gives it access to other markets in South America, such as Brazil, Paraguay, Chile, Argentina, and more.
What is Payroll Outsourcing?
Payroll Outsourcing refers to transferring all (or part) of the Payroll responsibilities and tasks of your business to a company that offers this service. The companies that offer this service work with trained professionals that have experience in all industries and work requirements, which guarantees you the safety and security your company and your workers need. Payroll Outsourcing is perfect for small, medium, and large companies, since it provides all the solutions in one place and considerably reduces the costs, compared to having a group of people handling the payroll in-house.
What are the advantages of outsourcing the payroll of my company?
Outsourcing the Payroll of your company or business in Bolivia can help you in many ways and give you both short and long-term benefits.
Low risk of fines, penalties, and audits due to process errors
In Bolivia, the ‘Ministerio de Trabajo’ or Ministry of Labor can impose fines rising up to BS 10,000 or USD 1,500 for errors in payroll and accounting processes. Some sanctions also include the temporary suspension of the work license or the permanent closing of the business.
Handling the Payroll of a company can be hard, but it is especially challenging when companies decide to go Global or expand to new countries. When this happens, they have to deal with new legislation and regulations, which can cause some mistakes and result in fines and penalties. Outsourcing the payroll minimizes these risks because we have professionals in Bolivia. This makes sure they comply with all Bolivian laws and regulations and they always stay up to date with new legislation that applies to your local business.
As a company that offers outsourcing services, our priority is always to support the development and growth of your business. That’s why we give you constant and continuous support, which allows us to solve any last-minute problems or requirements.
As you may know, in Bolivia, as well as many other LATAM countries, having a local bilingual partner can be very challenging. Outsourcing payroll to a competent, multilingual service provider is of the utmost importance, in order to provide continuous support and solve any last-minute problems or requirements.
Furthermore, at Easyco we work with our clients to evaluate the best opportunities and options for the future.
Local expertise and experience
Outsourcing companies work with the best trained skilled professionals with years of experience in their field. They’re also in constant training and always aware of all law and regulations updates and changes. This is especially helpful if your company is based in another country and just starting operations in Bolivia.
Outsourcing is also a common alternative for businesses that want to reduce some costs. Companies that outsource their payroll tasks in Bolivia overall save up to 18% in comparison to the companies that do it in-house.
Easy handover process
We try to make all handover processes easy, we take care of the communication and transfer of information with the designated party. Afterward, we will confirm when the process is completed and carry on with our service moving forward.
What are the different types of Payroll Categories?
There are different types of Payroll categories that can apply to your company. This depends on the type of business, the number of employees, and the industry. Each of these regimes is different in every country and has different types of benefits and regulations. These are some of the Payroll categories:
General and SMEs labor system
Public labor system
Civil construction workers
Other types and regimes your organization requires
How can Easyco help you?
Complete calculation of paycheck
Direct deposit to multiple accounts
Payroll tax comprehensive service
Reporting of employee benefits
Usage tracking and accrual – Vacation, Holiday, Sick, Personal Time, PTO
Digital checks in PDF format
Reports in a standard format and client-developed reports
Guidance for employee insurance
Customer support via e-mail or Whatsapp
Get Assistance from Easyco Experts!
Bolivia is a great and interesting country if you’re looking to expand to South America to support the growth of your business. It is full of opportunities and developing industries, as well as skilled trained professionals. Our experts can help you register your company in Bolivia and assist with the formalities and compliance along the process.