Are you looking for a way to expand your business globally without the hassle of setting up a legal entity in each country? Do you want to hire talented accountants from overseas to fill the gap caused by the shortage of CPAs in the US? If so, you might want to consider using an international PEO service.
PEO stands for Professional Employer Organization, a type of outsourcing company that provides payroll, benefits, tax, and compliance services for your employees in different countries. By using a PEO, you can hire workers anywhere in the world without having to deal with local labor laws, tax regulations, and cultural differences. A PEO acts as an Employer of Record (EOR) for your employees, meaning that they are legally responsible for them and handle all the administrative tasks on your behalf.
Why hire an international PEO
An international PEO service can help you save time, money, and resources when expanding your business overseas. You can access a larger pool of talent, especially in the accounting field, where there is a high demand and low supply of qualified professionals in the US. According to the American Institute of Certified Public Accountants (AICPA), the number of accounting graduates sitting for the CPA exam has dropped by 36% since 2010. The Bureau of Labor Statistics (BLS) projects that the employment of accountants and auditors will grow by only 4% from 2020 to 2030, slower than the average for all occupations. This means that finding and retaining skilled accountants in the US will become more challenging and costly in the future.
By hiring offshore accounting employees through a PEO, you can benefit from lower labor costs, higher productivity, and better quality of work. You can also avoid the risks of non-compliance with local laws and regulations, which can result in fines, penalties, or legal disputes. A PEO will take care of all the paperwork, payroll, taxes, benefits, and insurance for your offshore accounting staff, so you can focus on your core business activities.
However, not all PEO services are created equal. There are many factors to consider when choosing an international PEO service for your business, such as:
- The countries where they operate and have local expertise
- The range and quality of services they offer
- The pricing and fees they charge
- The reputation and reviews they have from previous clients
- The technology and security they use to protect your data and privacy
To help you make an informed decision, we have compiled a list of the best international PEO services in 2023 based on these criteria. Here are our top picks:
#1 Vintti
Vintti is a remote staffing agency that connects accounting and finance firms with highly skilled and experienced professionals from South America. Vintti offers a unique Employer of Record (EOR) service that allows you to hire remote workers as full-time employees without having to deal with the legal and tax complexities of hiring across borders. Vintti handles all the payroll, taxes, benefits, compliance, and contracts for your remote workers, while you retain full control over their work performance and management. Vintti also provides ongoing support and training for your remote workers to ensure their productivity and satisfaction.
Vintti’s more unique feature is that they specialize in accounting and financial positions with an innovative risk-free recruiting model. Main advantages of hiring with Vintti:
- Access to a large pool of qualified and vetted accounting and finance professionals from South America.
- Employees that work in your time zone and speak fluent English and Spanish.
- A fast and easy hiring process that can match you with the best candidates in 2 weeks.
- Save you up to 60% compared to hiring similar U.S.-based talent.
#2 Papaya Global
Papaya Global is one of the leading international PEO services in the market, with operations in over 140 countries. Papaya Global offers a comprehensive solution for hiring and managing global teams, including payroll, benefits, compliance, tax, immigration, and more. Papaya Global uses a cloud-based platform that automates and simplifies the entire process of hiring and paying offshore accounting employees.
You can easily onboard new workers, track their hours and expenses, generate reports and invoices, and access real-time data and insights. Papaya Global also provides dedicated support and guidance from local experts who can help you navigate the complex legal and cultural environments in each country. Papaya Global has received positive reviews from clients who praise its ease of use, flexibility, transparency, and customer service. Papaya Global charges a flat fee per employee per month, which varies depending on the country and the level of service required.
#3 Velocity Global
Velocity Global is another popular international PEO service that operates in over 185 countries. Velocity Global helps you hire offshore accounting employees quickly and compliantly through its EOR solution. You can access a global network of talent without having to set up a legal entity or deal with local employment laws.
Velocity Global handles all the payroll, tax, benefits, compliance, and risk management for your offshore accounting staff. You can also use Velocity Global’s platform to manage your global workforce, monitor their performance, communicate with them, and access analytics and reports. Velocity Global has received positive reviews from clients who appreciate its speed, efficiency, reliability, and expertise. Velocity Global charges a percentage fee based on the employee’s salary plus a one-time setup fee.
#4 New Horrizon s
New Horizons Global Partners is another reputable international PEO service that operates in over 150 countries. New Horizons Global Partners helps you hire offshore accounting employees through its EOR solution or through direct recruitment. You can choose from a pool of pre-screened candidates or let New Horizons Global Partners find the best match for your needs.
New Horizons Global Partners takes care of all the payroll, taxes, benefits, compliance, and HR management for your offshore accounting staff. You can also use New Horizons Global Partners’ platform to track your global team’s progress, manage their contracts, and access support and advice from local experts. New Horizons Global Partners has received positive reviews from clients who value its professionalism, responsiveness, and quality of service. New Horizons Global Partners charges a percentage fee based on the employee’s salary plus a one-time setup fee.
#5 Globalization Partners
Globalization Partners is another well-known international PEO service that operates in over 187 countries. Globalization Partners helps you hire offshore accounting employees through its EOR solution or through direct recruitment. You can select from a pool of vetted candidates or let Globalization Partners source the best talent for your needs.
Globalization Partners handles all the payroll, taxes, benefits, compliance, and HR management for your offshore accounting staff. You can also use Globalization Partners’ platform to manage your global team, communicate with them, and access reports and insights. Globalization Partners has received positive reviews from clients who commend its speed, accuracy, and customer service. Globalization Partners charges a percentage fee based on the employee’s salary plus a one-time setup fee.
Conclusion
Hiring offshore accounting employees through an international PEO service can be a smart and cost-effective way to grow your business globally and overcome the shortage of CPAs in the US.
However, you need to choose the right PEO service for your needs, based on the countries where they operate, the services they offer, the pricing and fees they charge, the reputation and reviews they have, and the technology and security they use. We hope that this article has helped you compare and review some of the best international PEO services in 2023 and make an informed decision for your business.
