How Sleek Manages Payroll in Hong Kong
6 minute read
Payrolls include the sum of all the financial records of salaries for employees, bonuses, taxes, deductions, and so on.
Technically, from an accountant’s viewpoint, a payroll is the amount paid to the employee for the services they rendered during a certain time period.Now, you may be wondering what is the best way to manage payrolls in Hong Kong.
The answer is payroll outsourcing. In other words, this means that a certain business hires a company (external party) to handle all payroll-related activities.
Outsourcing of payroll is generally done to reduce costs and save time needed to deal with financial tasks related to payrolls.
Why payroll outsourcing is a good idea
Outsourcing payroll management has many benefits. This can save you a lot of time, money, and compliance headache. Let’s delve deeper into the benefits this could bring to your company.
The direct expenses of handling payroll can be greatly reduced by working with a payroll provider. If your business has fewer than 30 employees, there’s a very good chance that you can save money by outsourcing your payroll operations. The equation is quite simple here.
Figure out how many labor hours your employees are devoting to payroll-related activities — calculating payroll each time period, printing, signing, and distributing paychecks or pay stubs, computer software, program maintenance, and so on.
Consider the cost of an employee’s wage and see if it is profitable for your company to keep paying them and lose money that way. On the other hand, when you outsource payroll, you won’t have to worry about these issues.
Easy management from overseas
Companies such as Sleek allow businesses to safely conduct overseas money transfers in the form of payroll payments.
Thanks to the expertise of educated professionals and cutting edge technology, payroll management can be done with pinpoint accuracy and efficiency from overseas.
The payroll management company integrates itself into a certain company’s accounting system and thus receives accurate and detailed financial reports.
Additionally, payroll payments analysis is provided on a regular basis. And when you consider that such companies offer lower fees for their payroll services than many more traditional service providers, the equation becomes quite simple.
It is obvious that payroll processing inside your business is a time-consuming process that can distract your employees from focusing on more important tasks.
Keeping track of benefit deductions, garnishments, new hires, paid time off as well as state regulation changes can be frustrating tasks.
Each year, a significant number of work hours is spent preparing various forms and ensuring that they are sent out on time. All in all, attending to payroll demands a great deal of time and attention to detail.
Outsourcing payroll allows employers to focus on their core business and frees up the business owner, human resources or accounting personnel to focus more on strategic tasks that could ultimately affect your bottom line.
A team of experts at your service
Payroll management isn’t as easy as some would suggest. First of all, the processing itself is not easy to handle, especially if the company is large.
Furthermore, constantly studying changing regulations, withholding rate, and other technicalities is extremely dull and time-consuming.
When a company outsources its payroll management, it can rest assured that a team of experts is working around the clock and doing everything to keep all of the finances spotless.
Just make sure that you find a qualified team of experts who can administer all the aspects of your company’s HR and payroll needs.
What does the service include?
Sleek payroll management Hong Kong services include the following:
- Salary calculation on a monthly basis
- Automatic generation of monthly employee payslips
- Preparation and submission of the employer’s return
- Maintenance of payroll file for each employee
- IR21 tax clearance
- Annual IR8A preparation
- Skills development levy (SDL) processing
- Central provident fund (CPF) submission
How it is done at Sleek
Payroll management at Sleek is done digitally with the help of cutting-edge payroll management software. This way, the company can ensure that taxes and benefits are properly managed. Furthermore, the employees are also provided with clear information to reflect their wages along with necessary deductions.
Thanks to the cloud-based software, employees can access digital payslips from wherever they are. They can also save them and print the slips later on.
There are companies that believe it is not a good idea to invest in outsourcing payroll management due to additional costs and expenses.
However, they fail to see how human factors involved in payroll processing often result in costly errors. This can happen due to miscomputation and non-standardized computational procedures.
Now that you are familiar with payroll outsourcing and its benefits, it is time to dedicate some time to thinking about it.
Sit down and calculate if this kind of service would suit your own business. Keep in mind that, after all, the benefits are obviously numerous.
Finally, if you want accurate and secure payroll management, Sleek is the right solution for you!