Payroll
Payroll
Payroll
Payroll processing is both a time-consuming and critical activity. By removing this task, your employees are free to focus on more creative and productive work. Payroll outsourcing is also becoming more popular among business owners and executive managers in order to ensure the confidentiality of payroll data, which cannot be as well contained if handled in-house.
Payroll outsourcing delegated a number of payroll processing tasks to a third party, allowing businesses to process payrolls faster than ever before. The idea is that by using a payroll outsourcer, a company is utilizing an expert group of professionals to support their payroll needs.
MMS CPA tailor’s 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 identification number (VAT) for employees who do not already have one.
Understanding the client’s payroll and wage types involved, as well as setting them up in payroll software.
Agree on reporting with the client based on their needs.
Obtain monthly payroll information from management in the prescribed format regarding:
- Attendance
- Deductions
- Salary adjustments
- Other pertinent information
- Prepare employee tax computations.
- Prepare monthly payroll for the staff based on information provided by management, including salary and deduction details.
- Send payroll to management for approval and transfer of salary and withholding tax payments.
- After management has approved the payroll, transfer salaries to the employees' individual accounts after deducting taxes and other authorized deductions.
- Prepare payroll pay slips on a monthly basis.
