In recent years, businesses have encountered many difficulties in operating in the context of the epidemic. Not only that, there is fierce competition among domestic and foreign – invested companies. In particular, foreign enterprises investing in Vietnam will have to find a suitable direction to save maximum costs while still ensuring high work efficiency. Therefore, Vietnam payroll services for businesses are born, bringing many advantages and surpassing using other solutions in payroll management. However, is this outsourcing service guaranteed to bring efficiency to your company or is it prone to many risks in the implementation process? Let’s find out with Vina Bookkeeping through the following article.
What are payroll services for businesses?
Vietnam payroll services
Payroll management is the financial and human resource management that every company, large or small, must perform. With the requirements for speed, transparency and compliance with the law at work, it has created a burden of time and human resources for businesses.
Vietnam payroll services 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.
Payroll services in Vietnam for companies have received great attention from many domestic and foreign-invested enterprises. Not only that, but it is also becoming a global trend. Especially in the difficult economic situation, epidemic outbreak, many companies choose to cut personnel to save budget for company operations. The payroll management is gradually being transferred to reputable suppliers to perform.
Which businesses should use Vietnam payroll service?
- FDI enterprises know little about the tax regulations in Vietnam.
- Small and medium 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 an outsourced payroll service
Using Vietnam payroll services helps businesses to effectively evaluate the money spent 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 first start-up, every business is interested in operating the company efficiently so that it makes the most profit. However, the payroll management process is often a monthly loop of recording, calculating, and paying. In particular, 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 management is also expensive. Enterprises will have to spend money and time in managing human resources, allowances, social benefits, insurance payments, etc. If hiring inexperienced employees, it is difficult to ensure work performance. However, hiring a full-time accountant really needs to carefully consider 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 accountants. The detailed work and data entry time were completed on time. In addition, businesses also benefit from payroll software because the service provider has fully taken care of it, reducing the investment in management equipment while ensuring all work is done efficiently.
Professional process with high precision
Because the job 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 profits. Not to mention, 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, part-time or seasonal employees,… So the company needs to understand the laws, different wages and tax rates for each type of worker. Especially for businesses that face language barriers and differences in legal bases between different countries. Therefore, if the accounting team cannot keep up with these changes, it is inevitable that violations of Vietnamese law will be inevitable.
Vietnam payroll services in Vietnam will minimize errors in the implementation process. Team of experts are always up to date with new changes related to salary management. Which ensures your company always complies with the law. In addition, the service provider is committed to compensate if an error occurs from the supplier, so businesses can completely trust the service.
Safe security information
Data security is always a top concern for businesses. Finance – Accounting department at the company can carry a number of risks such as leaking employees’ 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.
However, using outsourced payroll services in Vietnam will help you solve this difficult problem. Enterprises are completely assured because the supplier companies are always obliged to keep confidential and ensure data safety, this is clearly committed in the contract. To build a fixed payroll department with a highly secure system, your company will have to consider a significant budget expenditure. On the contrary, using a professional service will provide top-notch specialized software that protects you from hackers stealing information and the risk of leaking sensitive income information.
Before choosing a payroll service provider for your business, you should consider evaluating the security of the Vietnam payroll services through the following factors:
- Restrict access to the system to unauthorized persons;
- Software providing services must ensure credibility and have been evaluated and tested by network security.
Payroll process that the service provides
Payroll accounting requires high accuracy and transparency and has to go through many different jobs such as:
Human resources management:
- Building labor contracts for Japanese employees.
- Calculation and implementation of procedures related to benefits, allowances, social insurance, unemployment insurance, health insurance.
- Maintain records of information, reports as well as wages of employees.
- Make reports on personnel changes to the management unit.
Payroll Management
- Payroll calculation, monthly staff salary calculation.
- Calculation of actual salary
- Pay wages to employees.
- Payment of wages (household requested).
Salary report
- Prepare and report monthly payroll
- Pay slip report, government insurance
HR Support
- Update and provide the latest information on the provisions of the Labor Law, salary in Vietnam for businesses.
- Consulting, making salary management proposals for businesses.
- Provide experience in assisting foreign enterprises to adjust their salary accordingly based on the Vietnamese market.
Tax settlement
- Prepare periodic reports to submit to the Tax Department.
- Prepare annual tax certificate withholding
- Submit the Insurance Fund and report other funds to the Government.
Working with competent authorities on behalf of the company
- Monthly personal income tax report.
- Employee report.
- Submit insurance reports to the agency.
- Pay the insurance agency.
Additional services provided for foreigners in Vietnam
- Work Permit
- Temporary residence papers
- Visa to Vietnam
When should businesses choose an independent Vietnam payroll service?
Currently, many companies tend to hire Vietnamese payroll services because they often encounter the following problems.
Easy to make mistakes in the calculation process
Errors in payroll are very common if not careful, which means loss of costs. Moreover, your company is also responsible for employees and government agencies. A professional payroll service provider will minimize serious errors and ensure compensation if it affects the operation of the partner company.
Time-consuming
The amount of work overload that causes employees to perform many tasks at the same time will create pressure and reduce operational efficiency, not to mention this easily leads to the risk of errors in accounting. Payroll services in Vietnam for businesses with the expertise to make payroll processes more accurate and efficient.
Personnel cost
For small and medium-sized companies to build a specialized payroll department, it will be a concern because of the financial burden. Therefore, if your company does not have more than 20 employees, using a Vietnam payroll service is definitely more economical.
Legal regulations become a burden
Every time the regulations related to the Labor Law and Tax are revised, businesses will carry the burden of having to keep up with the new rules. Outdated information related to payroll and tax calculation will be a great disadvantage for businesses. Therefore, a good payroll service provider will always help businesses update the fastest knowledge.
Regularly upgrade payroll software
Specialized payroll software needs to be updated and maintained to the latest version not only to ensure sufficient features but also to provide safety in the process of storing internal data of the payroll software.
So, if the business has a limited budget but also lacks internal personnel. Not only do you need high accuracy in handling tasks in the shortest time, the payroll services in Vietnam are the perfect solution.
Vina Bookkeeping – Professional Vietnam payroll services for businesses
The trend of using Vietnam payroll services is becoming a lucrative product for fake suppliers to profit through loopholes when signing contracts, typically online transactions. Therefore, the advice given is that businesses need to be careful when choosing a cooperation to reduce damage to the company and avoid losing money.
Payroll service is a specialized service of Vina Bookkeeping Co., Ltd (“VBK”), to help enterprises keep employees’ salary information confidential, the salary amount is calculated the most exact, enough in accordance with the law.
Vina Bookkeeping specializes in providing payroll services for Japanese and FDI companies.
Our Payroll services include
- Prepare a salary summary sheet of enterprise and payroll slip for each employee.
- Calculate the PIT of employees according to Tax law.
- Calculate compulsory insurance according to Insurance law.
- Calculate the net salary for each employee.
- Process payment salary on behalf of the company (if required).
- Prepare and submit periodic labor reports in accordance with the law.
- Prepare and submit regular insurance reports in accordance with the law.
- Implement procedures for an increase/decrease in registration of labor.
- Implement policies for compulsory insurance for employees.
- Declare monthly/ quarterly PIT declaration and do PIT finalization for Vietnamese employees.
Vietnam Payroll services at Vina Bookkeeping – We commit to
Save the maximum time and cost
You can save significant time and money on administrative tasks such as inputting data, calculating figures, checking reports, and accounting management costs.
Accurate and timely
With our experience and spirit of conscientious service to customers, We are committed to providing accurate and timely reports in compliance with the deadline by all staff
Compliance with legal regulations
We usually update the newest legal regulations and always give professional advice so you can be assured of administering and complying with the latest regulations.
Minimize the risk
We always provide professional advice and solutions applied in your practice to reduce risks and save tax.
Payroll services in Vietnam at Vina Bookkeeping is not only salary calculation, but also listening, understanding and providing solutions to support the company.
- Share the burden: reduce the amount of work for the human resources department, perform the job quickly, promptly and accurately in compliance with the Labor Law
- A team of highly qualified professionals, knowledgeable about Vietnamese laws, constantly updating labor policies for Japanese people
- High responsibility: take responsibility for the entire operation if the contract performance process has errors affecting the company.
- Optimizing time and personnel: effective human resource solutions, improving the working quality of employees
- Combined with the application of an advanced information technology system consisting of two layers of security
Our service is always provided by the experienced team with many years providing services to Japanese enterprises and FDI, have full Tax certification and Certified Public Accountant (CPA) certification issued by the Ministry of Finance and the General Department of Taxation. We are committed to service quality is above all (Quality First), and the spirit of dedicated customer service (Omotenashi).”
Address in HCMC: 8th floor, Central Park Building, 208 Nguyen Trai street, Pham Ngu Lao ward, District 1, HCMC
Address in Hanoi: 12th floor, 148 Tower, 148 Hoang Quoc Viet street, Nghia Tan ward, Cau Giay District, Hanoi
Phone: (028) 3821 0375 – (028) 3821 0376
Email: info@vbk.com.vn
Facebook: https://www.facebook.com/VINABOOKKEEPING
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