When it comes to setting up and handling payment processes with regard to payroll for your employees, it isn’t just as simple as counting up their hours and then paying them a salary at the end of the week or month. There is a lot more to this type of processing than you would imagine and not only do you have to pay your employees but you have to withhold taxes according to the local government laws in Vietnam. You also have to figure out the tax calculation so that you can deduct it from their salaries and then submit it to the relevant government department. You’re also required to submit various government reports annually and so this is a lot of responsibility to put onto your shoulders.
If this is your first foray into Vietnam and this is your first business then it would make a lot more sense to reach out to a third-party provider that can do all of your payroll processing for you. You will be dealing with a service provider that has been in the country for a long time now and they know and understand the various rules and regulations in place. This frees you up to concentrate on your business with the peace of mind knowing that all of your payroll issues will be addressed. The following are just some of the reasons why it is important to use a third-party payroll service provider.
Table of Contents
It saves you time
Trying to handle your payroll processing in-house is incredibly time-consuming and it’s going to take a lot of resources including software. It makes a lot more sense to outsource your needs to a third-party provider that knows exactly what it’s doing from day to day. This frees you and your employees to be more innovative to provide better products and services for your customers and to streamline your business processes.
It saves you money
If you had to set up your in-house payroll department then you would be looking at a considerable amount of money to do so. You would have to dedicate a certain part of your office building for such things and then you would have to hire full-time employees to carry out all of the work. You would have to provide them with the benefits that employees are entitled to and so this amounts to a significant amount of money over the course of a business year. By outsourcing your needs, you avoid all of the costs associated with the above.
Security at the forefront
By dealing with a professional payroll processing service provider, you are assured of data security at all times. They will have the proper systems that are already to make sure that your company is important and that sensitive information is kept secure.
You also get access to the various technologies and techniques that are used to keep any payroll processing department flowing well. It doesn’t make any sense to spend time and money setting up your own payroll department.
Alan Roodey is a professional Author and contributor to many sites. He loves to write on various topics.