Compiling payroll can be a headache, despite the variety of HR software, tools, and resource. Therefore, payroll management is often perceived as a bane to the ever-burdened HR department; tedious, stressful work is also ripe for errors. As outsourced payroll providers, we would like to point out 5 most typical problems that a payroll department would face to. Let check it out!
1. Administrative overwhelm
Many businesses, especially startups, still carry out their payroll process in-house and manually, which requires a great deal of paperwork and creates an administrative burden for them and their HR staff to avoid human error.
For example, you did not withhold the right amount of taxes from your employees’ paychecks due to errors in data entry and the misapplication of rules. Thus, integrated software would be the most effective solution for this issue, but not an efficient one. In fact, simply investing in payroll outsourcing software can be far more cost-effective than hiring staff to handle a growing manual process. So, what are you going to do in this situation? Another approach that every business can afford is to outsource your payroll to a company to handle for you, which means share your burden to payroll companies.
2. Organizational issues
A related problem is maintaining all your important payroll and employee records and information in an efficient and easy-to-access manner. It’s out of date if you are on the usage of paper to go on with the workflow of keeping files and documents in a central location and creating uniform filing processes. It’s important for payroll outsourcing companies to analyze and re-think your organizational process.
In the payroll outsourcing services, gradually minimizing paper forms and files can be an effective solution. And as we mentioned above, it can be more ineffective when you pour money into robust payroll software than spend it on hiring an outsourced payroll provider to handle payroll functions in your company.
3. Compliance issues
Vietnam tax legislature is not the complex one, but to understand it completely is often a futile endeavor. One characteristic of law is always updated, pass a number of new laws and amend many others. The repercussions of missing out can be costly and put your company in trouble with tax administration and penalties. Accurate and timely practices are the need of the hour for every business and for payroll processing companies.
Fortunately, an payroll service company can mitigate this risk, which helps you stay focused on increasing productivity and relieve you of the burden of your ongoing and changing compliance demands as well.
It’s time to think about outsourced payroll providers.
Enhanced by a new model HR Solution Software with employee self-service function, services delivered by Faro Vietnam’ s expertise payroll consultants have been recognized as the PREMIUM QUALITY ONE in the market.
Our Payroll Administration service helps you to relieve the unbearable administration burden. We guarantee to provide you most privileged practice service performance.
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