With the rapidly changing business environment and complicated administrative procedures in Vietnam, especially for the working environment, most foreign businesses are facing many difficulties in salary calculation for employees. Thus, using outsourced payroll management is a smart choice.
Benefits of outsourcing payroll management services:
- Cost: For small businesses, an in-house payroll service is a money burner. If your business has fewer than 20 employees, there's a very good chance that you can save money by outsourcing your payroll operations. Figure out how many hours your employees are devoting to payroll-related activities, calculate how much you're spending and compare the amount to the plans offered by several payroll-services providers. Also, be sure to factor in the money your business spends on tasks like printing and distributing checks, creating tax documents...
- Productivity: Payroll management is a time-consuming activity. With this burden removed, your employees can focus on doing more productive things, and you may even be able to trim your staff's size. You won't have to struggle in finding new staff in case your payroll-employee quits.
- Accuracy: Payroll mistakes can be painful, has a directly impact on the employees and the enterprise. Plus, a professional payroll services provider has a thorough grasp of tax law related to payroll and legal responsibilities with the authorities. Therefor, a professional payroll-services provider is far less likely to make a serious error than your in-house staff. Furthermore, if a big mistake is made, you can seek financial restitution from the provider — something you can't do with your own employees.
- Speed: Since payroll-services providers are specialists with vast technical resources at their disposal, they can process even the most complex payrolls at lightning-fast speed.
- Security: Do you have the time and energy to closely supervise your business's payroll for time and rate abuses and other shady activities? Most payroll services firms have technologies that can spot and alert clients to various types of payroll fraud, such as payment manipulation and "phantom workers."
PHAM CONSULT's services includes:
- Handle the formality procedures with the authorities
- Maintain employee database
- Manage timekeeping
- Make employee paychecks
- Make summary of salary sheet
- Carry out legal procedures related to labor law such as social security (insurance book, health insurance card, claiming social insurance for employees...)
- Make periodic personnel reports at the request of the authorities
- Carry out tax procedures including personal income tax (employee tax code, tax report...), corporate tax...
- Calculate personal income tax for employees
- Manage personal income tax deduction (PIT) for employees and finalize personal income tax at the end of the year.
- Manage employee annual welfares, medical benefits, bonuses, etc.
- Compensation structure and tax planning for employees.