Employers can better focus on what they do best – running their core business.
A top priority of any payroll service is ensuring the accuracy of the payrolls. Staying current with tax laws and tax computations is a vital part of ensuring accuracy.
Payroll outsourcing reduces the risk of exposing confidential payroll information to unauthorized personnel.
Outsourcing makes payroll fast and easy. In general, all an employer has to do is gather and communicate payroll information to the payroll service.
An employer has access to a greater number of ancillary services. This has become increasingly important, as administration of other functions (for example, insurance, retirement plans, direct deposit) has become part of the payroll process.
The payroll service involves :
Data entry of payroll information
Printing of reports.
Direct deposit of salaries to banks via Automatic Clearing House system.
Issuing cheque payments or letters to bank to remit salary if required.
Dealing with inquiry data
Dealing with salary deductions
Calculation of appropriate and accurate NIS, PAYE, Education Tax deductions
HEART contribution and managing the remittance process.
Preparation of annual P35s and deduction cards
Ensuring compliance with all statutory bodies
Liaising with the relevant authorities in the event of any queries