What is Payroll Outsourcing?
Champ Partners will act as the legal employer for the outsourced staff and take care of all legal complexities, including employment, payroll process, leave management, fringe benefits, MPF contribution, and taxation for our client.
Payroll outsourcing is a service in which internal payroll processes including but not limited to timesheet processing, payroll calculation, MPF calculation, payroll distribution, payslip management, and yearly taxation are outsourced to a professional 3rd party agency.
Why do you need Payroll Outsourcing?
Outsourcing your company payroll can save you time spent on repetitive HR administrative work and let your team focus on revenue-generating core business activities. Although the requirements are somehow different, both SMEs and enterprises can outsource payroll to 3rd party agencies. This brings 2 benefits:
Save Cost and Improve Efficiency
Some repetitive HR tasks which need to be accomplished monthly can be outsourced to save on a company’s internal HR salary expenditure.
Assure Service Quality & Strict Compliance
Not every internal HR staff can nail all the different tasks required in an HR team. That’s why it can be very beneficial to outsource the tasks that internal staff are not good at or don’t have the resources to attend to. Aside from resources, it is also very important to comply with the latest rules and regulations from the labour department.
Payroll Outsourcing Workflow?
Payroll Executive Reporting
The major feature in payroll outsourcing is for our professional consultants to pick the best solution according to each company’s need and outsource the remaining most time-consuming, complicated, or difficult tasks to us.
During this crucial step, we will work closely with our client in order to understand all the minute details with regards to the client’s payroll situation.
Create Salary Report
We first understand all the possible items associated with the client’s business. Then based on the acquired information and the files sent to us, we will do a preliminary assessment before proceeding to calculate the compensation.
According to each employee’s basic salary, commission/bonus, MPF, and annual leave etc., we will calculate the correct salaries and then transfer the salaries to each employee’s designated accounts.
Utilizing our HRM system, we will generate the employee payslips in both hard and soft copy. There will also be a backend for employees to log in and check for themselves anytime, anywhere.
Annual Tax Submission
We will also help in handling all the paperwork and processes with regards to the annual tax filing and submit all the required information to the Hong Kong Inland Revenue Department.