Affordable payroll outsourcing solution for business in Vietnam
Affordable payroll outsourcing is an important tool that helps managers simplify and automate the process of calculating and paying salaries to employees. In the context of the diverse payroll service market today, choosing a solution that suits the needs and business operations is something that makes many businesses hesitate and think.
In the following article, S4B Vietnam will help businesses analyze the features, advantages, disadvantages and costs of using the top payroll service providers in Vietnam and some other countries.
1. Why should businesses use payroll service?
In the early stages of operation, small businesses often use Excel files to calculate and pay salaries to employees. However, when businesses expand their operations and recruit more employees, using Excel to manage salaries will reveal some of the following shortcomings:
Overloaded number of Excel files needed – Sometimes, to compile a complete payroll, businesses need to use dozens of Excel files or more. These files often include: timekeeping; tracking payslips; calculating bonuses and allowances; managing paid and unpaid leave, days off; family and dependent deductions; deducting insurance and income tax; managing new employees or employees who quit; … and other related files.
Time-consuming and prone to errors – Because data must be compiled from all the above Excel files, it can take a C&B specialist at least 3 days to complete the payroll for a company with 60 employees. Moreover, most operations are done manually, so errors are likely to occur. Data review and editing can also take an additional 1 to 2 days.
Poor security and data fragmentation – Using Excel payroll also poses some risks related to data security; fragmented data is difficult to store and manage; difficult to integrate data with other working tools; limited instant information updates, delaying the decision-making process; difficulty in interpreting information and handing over data; etc.
In short, best payroll outsourcing companies will help businesses automate the entire payroll management process. Thanks to that, businesses will save a lot of resources and optimize organizational operating efficiency. how to choose a payroll provider?
Choose the payroll management solution that best suits the specific needs of the organization.
2. How to choose a payroll provider?
Currently, there are hundreds of different payroll outsourcing services products on the market. Therefore, choosing a outsourced payroll service reviews that is both suitable for the needs of the business and brings investment efficiency (ROI) is not easy. How to choose a payroll provider?
Some of the criteria below will help you have more ideas for choosing the right payroll outsourcing services for your business.
2.1 Automating the payroll process
The first criterion you need to consider when choosing payroll outsourcing services is its ability to automate and integrate data.
Automation means that the payroll software can automatically perform all operations in the payroll process, including: timekeeping management, advance management, main payroll period management, payroll accounting, payroll calculation and deductions according to salary accurately and quickly.
Integration capabilities refer to the ability to connect data of payroll outsourcing services separately with other business systems, such as timekeeping software, employee location system (if any), KPI and OKR evaluation system, etc. Thanks to that, transferring input data sources to serve as the basis for salary calculation will become easier.
2.3 Flexibility to meet the payroll rules of the business
Each business has its own way of operating, with differences in working hours, attendance, shift work, overtime calculation, and payroll cycle (daily, weekly, or monthly). This requires the software to be able to flexibly customize according to specific payroll management formulas or be ready to adapt to any changes in the business’s human resource management.
So, how to evaluate whether the affordable payroll outsourcing is suitable for your organization or not?
Usually, the supplier will introduce a list of customers who have used the product on their website. Or you can request this information to research and analyze whether those customers are similar in size and field to yours. Thereby, you can compare payroll outsourcing services and evaluate the suitability of the services for your business.
Analyze the features, advantages, disadvantages and costs of using the top payroll service providers in Vietnam
2.4 Reporting capabilities by management level
The ability to report by management level is an important feature of good quality payroll or compensation management service. For each level, from individual to department and the whole company, there should be a detailed payroll reporting system, including periodical salary comparison reports, payroll fund usage reports, fixed-variable salary rates, and payroll funds paid to each department.
In addition, the payroll service should also support users to export reports in the form of intuitive and vivid charts, with data displayed in real time. In addition, the payroll service should also have the ability to export files for printing, storing and analyzing data.
If administrators are still uncertain about the appropriate level, start with free trial packages of the best-rated service. Then, businesses can consider which features they need or do not need, as well as the cost of use that the business is willing to pay to optimize the organization’s operations. S4B Vietnam hopes that this article will help administrators choose the payroll management solution that best suits the specific needs of the organization. If you have any questions, please do not hesitate to contact us.
>>>Read more: The process of implementing and deploying the Payroll Administration
For more information, please contact us via:
S4B Vietnam
- Address: Unit 701B – 701C, Tower A, Handi Resco Towers, 521 Kim Ma Street, Giang Vo Ward, Hanoi, Vietnam
- Tel: + 84 24 3974 4181
- Email: service@s4b.com.vn
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