Payroll services are vital to businesses as they are essential to the financial integrity of the company and its reputation, compliance with labor laws and regulations, and employees’ morale and performance.
Even with a small number of employees, calculating and processing salaries can be a tedious and time-consuming process. We provide flexible payroll services that improve payroll management for small and medium sized businesses.
The payroll needs of companies can vary, but our services generally include a mix of the following tasks:
- Payroll calculations – calculation of net salary payment including monthly personal withholding tax, over-time payment or other benefits, social fund contributions and other monthly deductions.
- Pay-slip creation – a carbon-slip consisting of payroll details for each employee.
- Bank payment instructions – payroll instructions will be given to the client’s bank to automatically release payment to each employee.
- Withholding tax (PND 1) – preparation and filing of monthly personal withholding tax forms for all employees and directors to the Revenue Department by the 7th of each following month.
- Social Security (SPS 1-10) – preparation and filing of monthly social contribution forms for all employees for submission to the Social Fund office by the 15th of each following month.
- Withholding Tax Certificate (BIS 50) – issuance of certificate of total earning salary, withholding tax, social fund contributions, and provident fund (if any) of the whole calendar year for each employee. This certificate is required for Filing of Personal Income tax returns.
- Provident Fund – calculation of provident fund deductions for each employee’s payroll.
- Workmen’s compensation – preparation and submission of annual contribution to Social Fund Office.
- Payments to government agencies – submission of government fee(s) to each government department.
- Electronic reporting – preparing of monthly payroll report.