What is the payroll tax in Thailand?

The latest development in recruitment has brought quite a few modifications to how things used to be. We went from manually hunting down cream candidates to allowing smart digital algorithms find the best fit for our company. We automated our process and made the complicated, time taxing process of payroll smooth and easy with verified Payroll Software providers. One such Payroll leader operating from their base location in Bangkok, Thailand is CloudForceHR- a stunning, professional payroll service provider that allows entrepreneurs and SMEs to connect with the untapped talent pool that can help them empower and expand their ventures.

But, here’s an important question? Why Thailand? Because Thailand provides a premium ease in the process of recruitment and staff management where the best interest of both the employers and the employees are taken into account when they draft their payroll system. For instance,

1. Did you know, employer taxes are the lowest in Thailand? The average payroll tax in Thailand is somewhere between 5.20% to 6%. Additionally, the payroll or tax year starts from January 1^st every year and ends at December 31
2. Apart from the income tax, employers in Thailand can use advanced payroll systems to remit other payroll taxes such social security which is a mandatory parameter when it comes to employment in Thailand. The Social Security percentage is determined by the employee’s wage and the employer-employee contribution.
3. The base tax rate of 5% only applies to employees earning between THB 150,000 to THB 300,000. Employees earning lesser than THB 150,00 are exempted from the tax bracket.

As one of the leading payroll service providers working globally to help businesses establish their endeavor with the right operational processes in place, organizations like Cloudforce HR are known for their iron-clad payroll system that includes everything from taxing record keeping to salary disbursements, multi-tier compensation calculations, payroll regulation updates, and most importantly, payroll tax and compliance.

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5 Strategies Payroll Outsourcing Organizations Are Implementing in 2022

The entire gamut of payroll outsourcing has undergone quite an upgradation, especially since the world plunged into digital dependence after the latest effects of the pandemic. This meant, to ensure steady compliance of the payroll process, payroll outsourcing organizations modified their strategies and enhanced their workflow patterns to ensure they can accommodate sudden setbacks without hampering the steady workflow.

If you’re currently struggling with your payroll process or looking to upgrade your old payroll management system, our organization for payroll outsourcing Bangkok can help you with 5 strategies that we have been implementing to make your payroll process smoother.

Ditch The Paper Payroll Process

When it comes to payroll processing, the top 2022 strategy involves going paperless. This appeals to the cost cutting and resource saving aspect that most companies today strive to achieve. But that’s not all, while paper documented payroll processes seem outdated and difficult to maintain, feeding your data to a secured cloud storage can actually help payroll processors access old records, data, and more efficiently and effectively.

Go Steady with Software Solutions

Why stick to old school manual payroll processing when you can slash resources, manpower, time, effort, and energy with a state-of-the-art payroll software solution. While most companies working with an in-house payroll department usually lack the fund and tech expertise required in setting up such an advanced software system, payroll outsourcing companies like ours dedicated to flawless payroll management can easily accommodate a technical approach on your behalf.

Try Seamless Integration

If you agree with our previous plan about shifting to a software based solution for payroll, you need to keep one thing in mind! You don’t want a new software or upgrades to an existing software process to hamper your current existing systems. This is why it is always essential to update your tech backbone in such a manner that any changes or upgrades to your payroll software system will be seamlessly integrated into the system without you suffering a system failure or setback.

Be Compliant Ready, Always

Are you aware of the new laws and regulations set aside for payroll management? Are they coinciding with the new finance laws? Will they hamper the administrative regulations in any manner? Why dabble in these questions when you can simply hire a group of experts who’s veteran in laws, modifications, updates, and more? Our Thailand payroll service includes dedicating a department to compliance so that you don’t have to burden yourself with changes and upgrades to your payroll system.

Streamline Your Pay Model

A big or a developing company may often come with perks like bi-monthly pay/ weekly pay/ pay per project, and more. While this pay model may appeal to the employees, it becomes a task for the payroll department. Managing multiple pay levels on varying dates often leads to delay in payment, loss of pay, errors in the numbers, and much more. We suggest, streamlining and aligning your pay model in a way where all the employees get same day pay without delay or errors.

Do you like these new strategies we have been incorporating? Want to discuss payroll process upgrades with our experts? We are here to help!

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Is Your Payroll Outsourcing Company The Right One For You?

When it comes to productive organizational solutions and smart thinking, many organizations believe a payroll outsourcing service is mandatory. After all, why dedicate resources and manpower and invest time and effort with an in-house team? You can simply unload the entire responsibility of payroll handling on industry experts who are fluent in smooth payroll management. But here’s the catch, not all payroll outsourcing services Thailand are made for your organization. So, how do you know whether your current payroll company is up to expectations or not? Before we delve into that, let’s talk payroll challenges first.

Process Power

Most companies who are handing over their payroll responsibilities to third-parties fear that they would lose control or power over their payroll process. Now in some cases, this can be true; but only if you’re working with the wrong provider. The right payroll outsourcing service provider will always operate with a transparent module that allows you full access to your payroll process as and when you need.

Cost Control

One of the primary reasons why organizations shift to payroll outsourcing is because of the rising costs of handling an in-house team. Usually outsourcing your payroll process should cost you lesser but if you’re not aware of the hidden costs, you may end up paying much more than originally planned. Our payroll outsourcing service Thailand promises unmatched services backed by utmost transparency.

Service Security

Entrusting confidential data in the hands of a third-party provider isn’t easy and we understand security concerns. However, understanding data privacy and security risks heavily depends on the provider’s awareness of infrastructure, security measures and more. At Cloudforce HR, we ensure each and every data supplied to us are secured by top-notch security systems.

Remote Ready

The recent global pandemic made us all realize how crucial having a remote payroll system in place is. We can all agree there was a certain level of unorganized panic during those trying times and that included having to deal with a remote payroll processing module. If you’re keen on handing your payroll process over, make sure your payroll company has a sturdy remote working module in place.

Here’s What You Should Be Looking Out for

• Make sure accuracy and efficiency is at the top of your priority list.
• Make sure your service provider is offering a customized package that fits both your requirement and your bill too.
• Make sure you do your share of homework such as reviews and ratings before shaking hands with your payroll company.
• Make sure your payroll service provider has ample knowledge of the industry you cater to.
• Always ensure transparency prevails in any sector- be it compensation or work load.
• Make sure your payroll service provider is well aware of the statutory changes, legal modifications, and more.

Finding the right service provider can help your organization make their payroll process not just efficient but effective too. If you’re new to payroll outsourcing, our organization for payroll outsourcing Thailand can help you with this shift.

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Explore New Technical Possibilities with Payroll Outsourcing

The entire gamut of payroll management is stressful; regardless of the size of your organization. If you imagine payroll to be an umbrella, there are hundreds of parameters and sub-levels that come under that umbrella. This makes payroll processing a humungous task for in-house payroll teams. This is probably why budding organizations are following the footprint of establishments and engaging in payroll outsourcing to third party experts like us, who frankly speaking, makes the job feel like a breeze! 

Putting the team expertise and up-skilling aside, when you shake hands with agencies for payroll Thailand, one of the most business competitive advantage that you reap is access to new, improved technology! 

Opening Up A Whole New World of Technology 

The payroll outsourcing industry is growing manifold as more and more companies are entrusting their payroll responsibilities on third-party experts. This has resulted in a huge technological shift. Agencies for payroll outsourcing Thailand has incorporated a robust technological working module to reduce paper people error and make intense payroll processes more smooth and efficient. 

How Can Payroll Outsourcing Organizations Help?

Efficient Outcomes

If you’re a growing organization, chances are that most of your payroll process still has room for improvement. On the other hand, if you’re an established organization, chances are that you are looking at a multi-strata payroll process with uncountable bylines to take care of. While manual labour for processes like these seem strenuous, a payroll outsourcing company can simply feed the data in their software process and the software itself will bifurcate, dissect, and organize your payroll process for you.

Reduced Timeline

Having an in-house payroll management team means having to dedicate manpower, effort, energy, and valuable company time in the process which may lead to problems like missing data, late salary deliveries, errors in data keeping and so on. Our payroll outsourcing team in Thailand has been working with industry experts and an iron-clad software system to ensure everything stays on time, always. 

Easy Record Keeping

A payroll management software comes with multiple features such as on-time record keeping, bookkeeping, data storage and more so that we can give you an easy access to all your payroll parameters as and when you need them. Another best part about working with a payroll outsourcing software is the fact that we are always compliance ready! 

Employee Benefit

From employee attendance to calculating overtime costs, a payroll processing software can help not just you but your employee too. Imagine on-time salaries, access to payroll breakdowns, and more all under one roof for both you and your employee to have a transparent understanding. And as well know, a happy employee equals to a happy company. 

If you want to smooth out your payroll process and create a robust work environment for you and your employees, bring your payroll problems to CloudforceHR today.

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