Payroll processing is an important part of doing business, no matter the size of your company. And while the job appears straightforward enough, it often requires a large chunk of an HR staff’s time– time better spent on the company’s core activities or on promoting better engagement with employees.
We offer our payroll services to remove the burden of payroll processing from your shoulders. This will help you and your staff devote more of your time and energy into activities that really matter in the growth of your business. We can also help identify any weaknesses or areas of improvement in your payroll system, and recommend and help implement changes to give you better business outcomes.
Here are the key payroll processing areas where we can provide professional assistance:
Registration with government agencies
The government mandates that each employee be registered and contribute to agencies that administer financial and other benefits, including:
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SSS (Social Security System) for private employees or GSIS (Government Service Insurance System) for government employees – these provide financial assistance to employees by way of loans and retirement benefits, and aims to provide employees and their family protection in case of disability, sickness, and death.
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PhilHealth – provides medical assistance by reducing hospitalization expenses of the employees.
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PagIBIG – provides savings program and an affordable shelter financing to its members
Each employee’s contribution is shared between the employee and the employer. The employee’s share is typically deducted from their monthly salary, to be remitted by the employer to the concerned agency.
All employees must also be registered with the BIR (Bureau of Internal Revenue), and their income taxes must be withheld monthly by the company for remittance to the BIR. In essence, the company is acting as an agent for the government by collecting employees’ income taxes in advance.
Devising salary payment systems
Philippine employees are typically paid weekly, bi-monthly or monthly. Salaries may be computed using a daily, weekly or monthly rate, and paid in cash, check or bank deposits.
You need to devise a salary scheme that will be most beneficial to your company. You might even find the need to apply different schemes for different sets of employees. Your salary payment scheme will determine your timetable in preparing salary payments, the documents you will need, and computing for leaves and absences.
Computing employee payroll
Your company’s policies on leaves, overtime pay, absences, tardiness, and the like must be in compliance with Philippine laws. In computing employees’ payroll, employees’ rights have to be upheld, or you could end up not only with unhappy employees, but a legal problem as well.
Organizing and maintaining an employee database
It’s important to have an employee database with all the needed information about each employee. This will help facilitate payroll computation and payment, government remittances, benefits monitoring, and other important HR functions. The database has to be regularly updated with employee movements, new hires, salary adjustments, and the like, so it has to be easy to access and to revise, while keeping all information confidential and secure.
How we can help
We specialize in providing seamless payroll solutions, including:
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preparing all the necessary computations and the payroll register,
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remitting withheld amounts to the BIR and other government agencies (Pag-IBIG, PhilHealth and SSS),
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and ensuring compliance with all the applicable regulations of the Department of Labor and Employment (DOLE) and the BIR.
Accounting and Payroll Services
We take care of all your payroll needs, including check processing, direct deposit and more. We also ensure accurate and timely reporting to avoid government penalties. We also provide advice on tax-efficient salary structuring as well as the development of payroll policies and procedures.
Related article:Outsource Accounting and Bookkeeping
