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Payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Businesses may decide to outsource their payroll functions to third party for better management.
Advantages of Outsourcing Payroll Services:
1. Time Savings - Payroll processing inside your business is a time-consuming process. 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.
2. Reduce Costs - The direct costs of processing payroll can be greatly reduced by working with a payroll provider. If you outsource payroll, you 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.
3. Avoid Mistakes / Penalty - A good payroll-services provider is far less likely to make a serious error than your in-house staff. Many outsourced payroll providers calculate payroll taxes, manage filings and payments and will assume the cost of penalties due to incorrect calculations or late payments as long as you provide the necessary information and funds on time.
4. Team of Experts - By outsourcing payroll, a small business can take advantage of the experts. The most valuable payroll companies have a team of experts who handle many areas of Human Resources and Payroll.
5. Reliable & Enhanced Security - Payroll processing is a complex and potentially risky business operation. Even with long time trusted employees, there is always a risk of identity theft, embezzlement of funds, or tampering with company files for personal gain. By outsource to the reliable payroll provider, business owner don't have to worried on this.
6. Peace of Mind - With the help of a professional payroll service provider, the hassle and pain often associated with processing payroll is gone. You provide the basic information, and your payroll company takes care of the rest. you can eliminate the worry that many experience when it comes to paying employees and taxes correctly and on time
For a foreign investors stepping into a new market (China, Hong Kong and Malaysia), they may require a reliable agent to deal with the human resource management because it takes much time and energy. Tannet Malaysia can assist corporate with combining human resources and development strategy, to effectively enhance enterprises' results and benefits, and help enterprises to design flexible and encouraging remuneration packages, to increase employee's working capacity and sense of belonging.
Contact us:
If you have further queries, please contact Tannet
24 hours Malaysia hotline：603-21418908;
24 hours Hong Kong hotline：852-27837818;
24 hours Hong Kong hotline：86-755- 36990589;
Email: mytannet@gmail.com
TANNET GROUP : www.tannet-group.net, en.tannet.com.m