Payroll processing may look simple but the process can get complicated, especially as a business expands its manpower. A payroll accountant must calculate monthly withholding tax, Social Security fund contribution and Provident Fund contribution (if applicable) for the employees. They must calculate gross salary, salary deductions, allowances, net salary, and others as required. They must prepare the salary payment report to upload to the bank and arrange payment of salaries into individual employees’ bank account. Crucially we must ensure that payroll processing and payouts are done on time to avoid employee complaints or dissatisfaction. In addition, the payroll accountant must ensure that contributions to various government agencies are properly posted to the accounts of the employees.
In some companies, payroll processing consumes a significant part of management time: The highest finance or HR officer in the company often handles management or executive payroll. If payroll is outsourced, the executive officer has better use of his or her time than reviewing or processing the payroll. Moreover, there is the issue of confidentiality – some employees may inadvertently gain access to confidential payroll information when data are lying around during the payroll processing period. Another issue that business owners must watch out for with regard to payroll is fraud. Since the processing of payroll is handled by just one or two trusted persons, oversight may be lax and review may not always be conducted thoroughly, which can facilitate fraud.
We can handle your payroll processing needs so that your management team can focus on your core competencies, enabling you to concentrate on what’s really important to your business . Our team of well-experienced and properly trained professionals can handle your payroll requirements whether you have 10 or 10,000 personnel.
In addition to the computation of employees’ monthly pay and annual reporting, we will:
- Provide password protected e-mail payslips to employees through our specialised App
- Generate Social Security form (Sor.Por.Sor 1-10) and submits to Social Security Office on monthly basis
- Preform Social Security report (Form Sor.Por.Sor 1-03,Sor.Por.Sor 1-03/1 and/or Sor.Por.Sor 6-09 for new/resigned employees)
- Generate Provident Fund Report and submit to the Provident Management Company on a monthly basis
- Prepare payroll reports for booking to the accounts
- Provide and submit PND 1 to the Revenue Department.
