Monday, February 5, 2024

Unexpected benefits from payroll services

 Salary calculation has many potential risks if not done methodically and accurately by experienced people. Meanwhile, using payroll services brings many benefits to your business.

1. Common problems when calculating salary

Wrong employee classification

This salary calculation error can lead to many significant consequences such as incorrect salary payment, no tax deduction, and business fines... and it takes a lot of time and money to fix.

Lack of security

If administrative and human resources specialists use manual methods such as using simple spreadsheets or making payroll using books, there is a high chance of incorrect calculations. Not to mention the security of information is not high and can easily be leaked. However, small-scale companies often do not like to use payroll software due to cost issues.

Do not update legal regulations

Every year, salary policies and regulations on personal income tax, and insurance... are adjusted. In general, regulations related to payroll change constantly. If not updated promptly, it can lead to many errors in salary calculation, affecting businesses. Especially for foreign businesses in Vietnam, updating and complying with policies from the State is mandatory.

Wrongly calculating salaries leads to many consequences for businesses and employees

Payment delay

Errors when making pay slips, work overload, and lack of payroll personnel... can cause the company to delay paying employees. This affects the reputation and image of the business among employees.

2. Why should you use a payroll service?

Using a payroll service can help businesses avoid the above troubles. For human resources experts with many years of experience, payroll services have outstanding advantages compared to calculating salaries yourself. So what is it?

Optimize costs, save time

The entire salary calculation process goes through many different steps, from preparing payroll to calculating personal income tax, tax refund, and insurance registration... for employees. The most important thing is to comply with the law. If internal personnel do not have enough expertise and experience, it will not ensure accurate and timely salary calculation.

When choosing a salary calculation service, the first benefit is to help businesses save maximum costs and time. In today's difficult economic times, many companies have cut unnecessary personnel, instead focusing entirely on core business areas to maximize profit margins. Thus, choosing to outsource payroll services is the most optimal solution.

Payroll experts will help businesses optimize costs and time

High accuracy

Businesses can be completely assured about the quality of payroll services because they are in charge of an experienced team. Service-providing companies often use specialized and accurate payroll software to minimize errors and have high security.

Comply with legal regulations

Payroll services ensure compliance and updates with the latest regulations on employee policies, thereby avoiding audit errors and financial and reputational damage to the business. The staffing company’s team of experts is knowledgeable about the law, can calculate the most accurate and appropriate legal terms, and help you update regulatory changes for your business.

Human resources company HR2B with many years of experience has performed more than 500,000 salary management transactions with an accuracy of 99.95% and punctuality of 99.98%. We provide solutions to simplify salary management activities, ensuring accurate and timely payment of salaries to employees through the HPS system to quickly detect and resolve arising problems. Please contact HR2B for advice today!