Payroll processing is a time-consuming as well as a critical activity. By taking away this task your staff is freed to focus on more creative and productive work. An increasing number of business owners and executive managers are also shifting towards payroll outsourcing to ensure confidentiality of payroll data, which cannot be as well contained if handled in-house.
Payroll outsourcing shifts a number of payroll processing tasks to a supplier allowing companies to process payrolls faster than ever. The concept is that by employing a payroll outsourcer the company is using an expert group of professionals to support their payroll needs.
BDO tailors payroll services to meet your needs and to make sure you comply with all local regulations and to minimize the burden on your staff. The processes we perform in carrying out the payroll services are:
- Obtain a national tax number (NTN) for employees who do not hold it.
- Understanding client’s payroll and wage types involved and set them up in the payroll software
- Agree on reporting with the client depending on their requirements.
- Obtain monthly payroll information in a prescribed form from management regarding:
- Changes in salaries
- Other relevant information
- Prepare tax computations of employees.
- Prepare monthly payroll for the staff based on information provided by the management giving details of salaries and deductions.
- Send payroll for management approval and transfer of amount for salary payments and withholding tax payments.
- After approval of payroll by the management, transfer salaries to the individual account of the employees after deducting tax and other authorized deductions.
- Prepare monthly payroll payslips and send them to employees.
- Deposit monthly payroll withholding taxes into the Government Treasury.
- Maintain records of monthly deduction and remittance of withholding tax.
- Send a copy of monthly payroll for the Company’s records.