It is not easy to achieve a quality payroll. Variations in rules and regulations and the need to maintain the confidentiality of personal information mean that companies need a reliable business team to support them. Companies often experience difficulty in achieving a consistent payroll function for their domestic operations or across multiple countries.
By partnering with HTIC, you can be sure of a consistent, high quality payroll service ensuring compliance and attention to detail at all times. HTIC understands the complexities, resources and expertise required to deliver a payroll service in Vietnam and internationally, on time, every time. Whether you are a small business looking to take on your first employees or a larger, global organisation looking to outsource your payroll service, we are able to assist.
HTIC’s team currently operates payrolls for some thousands employees and largest clients. You will not have to deal with payroll software, its updates and technical problems. We offer different interfaces for interacting with the client’s accounting software. HTIC’s payroll team puts a lot of effort in developing the payroll service and simplifying the technical solutions offered.
We work alongside your finance and human resources teams to provide services including but not limited to:
- Registration of tax, insurance for employees in Vietnam laws (Taxs, Insurances)
- Payroll operations (including computation of advance payments, overtime pay, additional remuneration for work on public holidays and other additional remuneration)
- Preparation of compensation payments for use of personal cars at bank, preparation of a financial records file.
- Calculation of final settlements (including final settlement, holiday compensation, termination benefits, etc.)
- Calculation of holiday pay (holiday pay before beginning of holiday)
- Calculation of sickness benefits
- Preparation of remuneration records and payments file, submission to client for uploading
- Distribution of payslips to employees’ emails
- Provision of payroll information to auditors
- Preparation of statistical or comprehensive reports related to payroll
- Payroll-related tax consultations
- Administration of electronic certificates of incapacity for work
- Internal reporting based on company-specific requirements
Advantages of Payroll Outsourcing Services
Time savings / Productivity: Outsourcing payroll allows employers to concentrate on their core business and frees up the business owner, human resources or accounting personnel to work more on strategic tasks that could ultimately affect your bottom line. Regardless of the number of people employed by your business, attending to payroll demands a great deal of time and attention to detail.
Reduce costs: The direct costs of processing payroll can be greatly reduced by working with a payroll provider. Customers don’t have to worry about your payroll processing company calling in sick, resigning, wanting to take a vacation OR wanting to request a possible maternity leave that you have to pay for.
Avoid penalties / Mistakes: Penalties for errors, omissions or late payroll tax filings can be very costly. Payroll mistakes are painful, angering employees and not reporting timely or accurately to the local authority. The Government rules and regulations are always changing and business owners can’t be expected to stay on top of these changes. Professional payroll providers, on the other hand, must stay current with rules, regulations, and changes in tax rates and keeping up to date on all of the changes that could affect your payroll, ensuring that you stay in compliance.
Team of Experts: The customer can take advantage of available expertise from payroll companies with a team of experts who handle many areas of Human Resources and Payroll needs.
Enhanced Security: How safe and secure is payroll data on the company’s server or network? This is very real question can consume a business owner’s energy and attention as well. Payroll services have technologies that can spot and alert clients to various types of payroll fraud. Additionally, online payroll solutions offer a “safe haven” for your confidential payroll data.
Employee Access/ Gaining a Human Resource Information system (HRIS System): Many firms do not realize how much time and money they are wasting on manual human resource management tasks until they sit down and inventory their time. It allows companies to cut costs and offer more information to employees in a faster and more efficient way.
Reasons to Outsource Payroll
Cost: For many businesses, an in-house payroll service is a money burner. Whether your business has less than 20 employees or more than 200, there is a very good chance that you can save money by outsourcing your payroll operations. Determine how many hours your employees are devoting to payroll-related activities, calculate how much you are spending and compare the amount to the cost of an outsourced solution. Also, be sure to factor in the money your business spends on tasks like printing creating tax documents, and so on. You will probably be surprised by the result.
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.
Accuracy: Payroll mistakes can be painful, angering employees and — more ominously — the government. A good payroll services provider is far less likely to make a serious error than your in-house staff.
Reliability: In-house payroll activities function as reliably as the people doing the work. With a payroll service, output speed and quality will not vary in accordance with vacations and illnesses. Also, you will not have to spend time helping new hires understand your business’s payroll system.
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. Unlike most employers, they can also accommodate a temporary influx of seasonal workers without acquiring new systems that will remain dormant the rest of the year.
Insight: A good payroll services provider will know all the ins and outs of payroll-related tax laws and regulatory mandates on all levels. Your employees could try to achieve the same level of understanding, but it would take a considerable investment in time and effort.
Accountability: If salaries are delayed or paperwork is mishandled, it is the payroll services provider’s responsibility to fix things. You can always change your service provider quite easily. Try firing, hiring and training an in-house payroll staff in anything less than several weeks.
Flexibility: Boring, repetitive payroll work can act like an anchor on your business. Your staff, when freed of rote payroll responsibilities, will be free to focus on other, more creative work.
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”.
Peace of Mind: There is a lot to be said for the peace of mind that outsourcing payroll services can bring to a business owner or manager. No headaches, no hassles: You are left to focus on running a profitable business.