In every relocation or global assignment, financial services play a critical role. Everything from the employee and family wanting to receive an equitable settlement for their home to timely reimbursement of expenses must be handled with the utmost care. Paragon Relocation is known for its experience, expertise, meticulous administration, strict audit and compliance standards, advanced systems and technology. With payroll system integration, a global footprint, a dedicated specialist for each client and a proud history, we stand ready to take care of our clients’ financial needs. Funding options, flexibility, cash flow management, currency conversion, tax liabilities and financial reporting are important topics for most corporations. While the topics that need to be addressed are usually similar when it comes to relocation, the services offered by different companies vary. Our clients choose us because we customize our services for them, adjusting to meet their requirements. To speak with a Paragon representative about financial services, click here.
Expense Processing, Audit & Reporting
Employees want their approved relocation reimbursements and we consistently get them out accurately and quickly. All Paragon Relocation expense audit, processing, payment and reporting takes place inside of a single system with real-time updates. From service authorization to payroll interface, each transaction flows through well-defined and controlled processes and is coded for financial reporting. In addition, employees have continuous access to all data and can request or run their own reports at any time via a dedicated web portal. Industry leading technology has always been the foundation of superior service. The net result is accuracy, transparency and consistency, making Paragon Relocation a trusted partner for relocation services. Our services include: 1) logging payment requests upon receipt, 2) data entry, 3) tracking, 4) auditing against policy, 5) calculating accruals of actual expenses and 6) providing reconciliations against budgeted amounts. In addition, many reporting options are available.
Payments, Reimbursements & Funding Options
Funding transactions and disbursing payments is important business. The world of finance has become incredibly complicated, requiring companies to seek the help of experts. Paragon’s experience is extensive, based on years of implementations and providing relocation services. Whether a company is domestic only or involves multiple countries and currencies, Paragon knows the way and can deliver the services needed. For employee reimbursements and supplier payments, Paragon Relocation supports: 1) company funded working capital accounts, 2) just in time or ACH/wire transfer payments and 3) in some cases, Paragon funding. We also handle international disbursements and currency conversions for global relocation. In regard to U.S. homesale, inventory purchases can be client or in some cases Paragon funded. U.S. home purchases can be financed through GenEquity Mortgage with the help of relocation-trained loan officers.
Paragon Relocation offers its clients expertise and operational experience for handling all tax matters related to relocation and global assignments. As an active member of the industry organization, Worldwide ERC®, Paragon stays up-to-date on all relocation-related tax laws and regulations, as do all top relocation companies. Backed-up by real estate and tax attorneys, Paragon’s staff can provide expert guidance on key topics, as needed, including tax gross-up rules and regulations, the differences between the Supplemental Method and the Marginal Method, VAT tax strategies, IRS revenue rulings for the proper treatment of reimbursements and the reasons why you might use current federal and flat state tax rates in the U.S. versus a fixed rate. Additional services include: 1) identification of reporting requirements, 2) audits of all tax calculations, 3) tax provider coordination, 4) tax calculations in over 80 countries, 5) aggregating data for shadow or tax filings and 6) reconciliations of global statements of earnings to U.S. W-2s. Whatever relocation assistance our clients need is what we provide or coordinate.
Working with its global service partners, Paragon can assist any employee on assignment or international transfer with: 1) setting up accounts at preferred local banks, 2) splitting deposits, 3) applying for credit cards, 4) requesting direct deposits, 5) executing wires transfers, 6) remote money management or 7) whatever banking services have been requested. These activities can be complicated enough all on their own, but in an international situation currency fluctuations, language barriers, and foreign rules and regulations can make the process overwhelming. Most people need help. In addition, not all international banking services are alike, especially in emerging markets. Paragon works through proven banking partners and local experts to ensure competitive pricing, quality service and access to a foreign trade desk if needed. Handling financial matters the right way can improve acceptance rates for international assignments and bolster employee satisfaction.
Companies worldwide have recognized the need to properly track and collect compensation data to achieve accurate income reporting and tax compliance. Paragon Relocation has the solution. Our model is flexible, allowing our clients to define the scope of service that best supports their compliance and administrative needs. Paragon supports home country, host country and split payrolls. Our services include: 1) calculating benefits, 2) producing payroll instructions, 3) accumulating payroll data from multiple sources and in multiple currencies, 4) collecting bonus and equity information to calculate total compensation, 5) preparing wage updates, internal payroll reporting and year-end reconciliations, 6) supplying estimates for planning purposes and 7) providing statements of accruals, budget versus actual analyses and global statements of earnings. In addition, we supply a secure portal for data transfer.
Corporate relocation puts special demands on financing home purchases. Working with a mortgage company trained in relocation can make all the difference. Through our sister company, GenEquity Mortgage, Paragon can 1) offer more than any single bank large or small as a result of shopping specialty boutique and national lenders, 2) protect against paying inflated prices for properties that may become a liability if the employee moves again, and 3) simplify tasks for the employee, because our loan officers and underwriters have been trained on relocation benefits and documentation (i.e. equity statements). This allows employees to avoid the confusion and delays frequently experienced with lenders who are unfamiliar with relocation policies and practices. In addition, GenEquity controls all loan origination, processing and underwriting in-house. This typically speeds up the process for customers and enables Paragon to better meet the demands of relocating employees. Quicker mortgage closings can also result in less temporary living and related tax gross up expense.