Payroll – Maintaining Compliance by Outsourcing

If you operate a business that employs people in Asia, you will know how complex the Asian markets can be and getting wages wrong is the one thing employees find hard to forgive, with a constant expectation that pay will be correct and on time.

We’ve taken a deep dive into payroll management services in Asia and produced a guide on what you need to know:

• Why Use Payroll Management

Outsourcing your payroll to a reputable and experienced provider can be a very cost-effective way to relieve your team from complex, time-consuming and often repetitive tasks whilst also, crucially, ensuring your business remains compliant and your employees receive the correct pay. The best providers will have a team of experts who are up to date with all the latest legislation and experienced in all aspects of payroll, ensuring that calculations are correct, the right amount of tax is collected, and the appropriate forms are completed and filed on time.

• Choosing The Right Service Provider

When you’re looking for the best payroll management provider there are a few things to consider. A provider who has in-country experts with local knowledge can help you navigate the most complex aspects of operating in Asia effectively and efficiently, quickly easing any anxiety and relieving stress to give you peace of mind. The best providers will offer a range of services which can be tailored to your requirements, and can adapt as your business evolves and grows, allowing you to concentrate on developing your staff while they take the burden associated with payroll management. Click here for ways to develop your staff.

• Payroll Services

This can include one-off tasks, regular monthly, quarterly and annual payroll services, such as initial registration with preparation of templates tailored to your requirements, monthly payroll calculation, processing and reporting meaning you only need to review and approve, with some providers even processing your payments. The best payroll service providers will also offer tax compliance support in addition to payroll and SIHUI processing by covering quarterly PIT declarations and annual PIT finalisations.

• Benefits For You and Your Employees

Outsourcing payroll can bring many benefits to both you and your employees. Benefits for employees which help them to stay happy can include a simple and easy way to access payslips, raise queries, and request leave, through an easy-to-use website or mobile app whenever and wherever they are. In addition, benefits for the business can include reduced costs, better staff retention, improved efficiency, automation, and compliance.

• Additional Services – Your One-Stop Shop

As well as payroll management functions, the best providers will be corporate specialists with global standards offering high-quality outsourcing and consultancy services, from getting started, such as company formation, licensing and structuring support, to keeping your business compliant with corporate governance, accounting and tax, HR services, work permits and temporary residence permits, as well as offering corporate advisory services such as business consulting and tax advice. Click here for information on work permits.

The benefits of outsourcing payroll and other business functions can be huge, so it’s worth contacting an expert to discuss your business needs and answer any qu