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Payroll service for foreign direct investment companies in Viet Nam

11/04/2024

Introducing Payroll service for FDI businesses

Payroll management is the financial and human resource management that every company, large or small, must perform. With the requirements of speed, transparency and compliance with the law at work, it has created a burden of time and human resources for foreign businesses.

Payroll service providers use human resources to assist businesses in performing operations not only calculating monthly salaries but also handling dossiers, insurance payments, and personal income tax. for workers.

In Vietnam, HR outsourcing services for businesses have received great attention from many foreign-invested enterprises, not only that, but it is also becoming a global trend.

Which businesses should use payroll service?

– Small and medium-sized enterprises with limited financial resources do not need to maintain a payroll department to save operating budgets.

– Large enterprises have many administrative and human resources departments that cannot handle all the work of accounting for salaries for a large number of employees.

Benefits of using payroll services for foreign businesses

Using payroll services, salary calculation helps to effectively evaluate the amount of money the business spends on employees along with other costs related to personnel. Optimizing the use of human resources, increasing the working efficiency of employees in parallel with creating motivation with attractive income policies.

Save money, time and increase work efficiency

When entering the operating stage, every business is interested in operating the company so that it makes the most profit. Meanwhile, the payroll management process is usually a monthly loop of recording, calculating and paying. Especially, this job does not require high creativity and does not bring added value. Instead, the company should spend time investing in professional development.

Moreover, to build a human resources department specializing in salary calculation is also expensive. Enterprises will have to spend a lot of money and time managing human resources including allowances, social benefits, insurance payments, etc. If hiring less experienced employees, it is difficult to ensure high working efficiency. However, hiring an accountant really needs to be carefully considered between the budget spent and the benefits received because this is just a small administrative job.

Your business will save more time with professional salary management from a team of highly specialized and experienced accountants. The papers, detailed work, data entry time are completed on time. In addition, businesses also benefit from payroll software because the payroll service has fully taken care of it, reducing the investment in management equipment while ensuring that all jobs take place effectively.

Professional process with high precision

Due to the nature of the job that requires accuracy, it leads to pressure related to numbers that easily lead to incorrect accounting, errors in salary calculation seriously affect employee interests, reduce reputation and profit. company profits. The company will have to pay fines for its errors and of course the payment will be very expensive.

A company always includes a variety of types of hiring workers from different departments such as full-time employees, seasonal employees, contracts, etc. Therefore, the company needs to understand the law, the laws and regulations. different salary and tax rates for each type of worker. Moreover, the laws and regulations of the Government are not completely fixed, there are always decisions and draft amendments every year, making it difficult for companies. Especially with foreign businesses facing language barriers and differences in legal basis between different countries. Therefore, if the accounting team does not keep up with these changes, it is inevitable that violations of Vietnamese tax law.

With the dedicated support of a team of experts who are always up to date with new changes in salary management to ensure that your company always complies with the law. Payroll services for foreign businesses will minimize errors during the implementation process.

Safe information security

Data security is always a top concern for businesses. The finance and accounting department at the company can carry a number of risks such as leaking employee records and payroll, not to mention you also have to consider whether the payroll software is reliable, private data of the hosting company on the server is safe.

Introducing payroll outsourcing service for foreign businesses in Vietnam – terra Payroll

As a combination of consulting, modern payroll technology and a team of experienced experts in the tax-accounting field, terra Payroll service is one of the optimal choices for businesses when deciding outsource. Ensure the payroll processes of the business are carried out accurately, quickly and efficiently. To build a fixed payroll department with a highly secure system, businesses will have to consider a significant budget expenditure. In contrast, terra Outsourcing will provide leading HR software that protects customers from the risks of information theft and the risk of leaking sensitive income information.

 

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