It is estimated about 33% of businesses outsource their HR operations from professional firms. Most of them outsource the payroll services and it is easy to see why – to enjoy higher efficiencies from professionals. If your company is also finding it challenging to process the payroll or wants to increase efficiency, working with pros, such as Hong Kong payroll service providers will be a fantastic idea.
What Does Payroll Outsourcing Mean?
Payroll service outsourcing is a term used with reference to the process of contracting a firm of experts to process HR-related operations, especially payroll calculations, payroll tax statements, and year end taxes, among others. The firm helps the contracting company to meet related tax obligations and stay on the right side of the law.
In a jurisdiction such as Hong Kong, where laws and policies related to the business are passed/ updated regularly, companies find it tough to maintain pace, but you can count on the outsourced firm to do the payroll processing correctly.
Take the case of a new tax policy that adjusts the taxes your employees are required to pay. If you did not get the report on time or create the right structures for implementation, there is a risk of getting penalized.
However, you can count on the contracted Hong Kong payroll service agency for correct remuneration.
Hong Kong Payroll Service can Help You Avoid the Following Mistakes
Hong Kong takes everything about taxes very seriously and failing to make the right remittance from staff and company can attract huge penalties. This is one of the mistakes that a lot of HR managers make and you can avoid it by letting professionals handle the task. Other mistakes that an agency of experts in payroll management can help you to address include:
- Organizational inconsistency.
- Incorrect tax withholding.
- Overpaying employees.
- Under-paying staff.
- Staff misclassifications.
What Services do Hong Kong Payroll Firms Offer?
When the term “payroll” is discussed, one might be tempted to think that it is a narrow application of a few activities that is easy to accomplish. However, this is incorrect. When you bring on board the best Hong Kong payroll service provider, they help with the following services:
- Single or multi-stage payroll processing.
- Time clock feeds.
- Online payroll processing.
- Holiday, vacation, sick, and other categories of accrual management.
- Garnishment management.
- Transparent payroll reporting.
- Employer tax deposits and related filing management.
- Statutory deductions management.
How to Identify the Best Hong Kong Payroll Service Provider
Now that you know the services offered by outsourced payroll services providers, it is time to select the best. Here are some useful tips to help you get started.
- Talk to Trusted Professional Services Providers
If your company is located in Hong Kong, your professional services providers can help to identify a good firm. For example, the firm that helped you to register your company in Hong Kong can come in handy to help with contacts for a good payroll firm.
- Select a Partner Who is Easy to Work With
As a company operating in Hong Kong or the Far East, the best payroll firm should be properly structured and easy to work with. For example, the firm’s mission should be targeted at helping clients to get high value for money. You might want to talk to the firm’s management to assess its commitment to clients.
- Good Customer Support
A good company should always have responsive and professional support. This is crucial so that any question, clarifications, and liaison can be handled with ease. So, check for the Hong Kong payroll service company with multiple channels of communication and that handles every query professionally.
This post has demonstrated that working with professionals can help to make payroll processing faster, easier and more convenient. The experts like Primasia can also help you with drawing the right strategies for business success. You can never go wrong with experts in payroll services.