A payroll service is a company that will, for a fee, handle all of these functions independently, freeing up the business owner’s time for more important matters. Once an account is established, the employer simply provides the service with a list of all employees, the hours they worked, and any variances. This data is then processed and the funds are transferred from the employer’s bank to the payroll service’s account. Employees are paid either by standard check or direct deposit. The employer is then provided with payroll and tax reports.
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.
We aim to become a partner with clients to design and implement compensation, benefits, and recognition programs that drive the achievement of business objectives and results.
- 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. Calculate how many hours your employees are devoting to payroll-related activities, 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, etc.
- 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 to find new staff in case your payroll employee quits.
- Payroll Accuracy: Payroll errors are painful and have a direct impact on employees and the business. Plus, a professional payroll services provider has a thorough grasp of tax law related to payroll and legal responsibilities with the authorities. Therefore, 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 service firms have technologies that can spot and alert clients to various types of payroll fraud, such as payment manipulation and “phantom workers.”
WHICH SERVICES THAT WE HANDLE?
- HR Consulting: We will provide service as:
- Carry out legal procedures related to labour law such as social security (insurance book, health insurance card, claiming social insurance for employees…);
- Consulting and advising for all issues relating to social insurance, PIT calculation, PIT finalisation;
- Handle the formalities and procedures with the authorities;
- Make periodic personnel reports at the request of the authorities;
- Advise and prepare Internal labour procedures, documentation & compliance.
- Payroll services, include:
- Initial registration for a newly registered company: We will integrate your personnel data and create generic templates to personalize the payroll system to your particular requirements, regardless of your company’s compensation and benefits policies.
- Monthly payroll calculation, processing, and reporting: Maintain an employee database and keep track of time; Make employee paychecks and a salary sheet summary; Manage annual employee welfare, medical benefits, bonuses, and so on. We control all C&B activities in terms of payroll, labour contracts, timesheets, and internal and external labour reports.
- Tax compliance support: We support carrying out tax procedures including personal income tax (employee tax code, tax report…) and corporate tax; calculating personal income tax for employees; Manage personal income tax deduction (PIT) for employees and finalise personal income tax at the end of the year; Compensation structure and tax planning for employees.