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,
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 1st every year and ends at December 31
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.
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.
Payroll Processing is no bed of roses. From meticulous accuracy to timeliness, the term payroll is considered an umbrella term that houses multiple, intricate processes underneath it. This requires professional level efficiency to avoid paper people errors, deadline pressure, and more.
At CloudForce HR, our payroll outsourcing company believes in building foundations based on a strong tech backbone backed by traditional values that can transform into goodwill and trustworthiness- the two key pillars of a reliable payroll company. Maybe, that’s why we employ some of the latest tech advancements to your payroll system.
Today, we are going to list some of them for you to help you understand our working module better-
Electronic time card software
One of the prime benefits of signing up with a payroll company is that you can take advantage of their electronic time card software. This software helps you keep track of your employees’ work hours and pay rates. It can also help you calculate payroll taxes and other deductions.
Payslip software
A payroll software is more than just a calculator for your payroll processing. Automated payroll processes can not only calculate the details but also record the differences, break down the expenses, track down the pain areas, and anticipate market changes. In fact, incorporating an automated payroll software means never having to manually take care of your payroll ever again. From tax calculation to compliance update- your payroll software will be equipped to map all the modifications and implement them in your system.
Automatic wage slips, expenses slips and audits
If you’re considering outsourcing your payroll to our payroll company Thailand, one of the big benefits that you can reap is automation. This includes creating wage slips and expenses slips, as well as dealing with any audits that come up. This can take a lot of pressure off your HR team, and free them up to focus on other tasks.
Meeting Traditions
While there are many off-the-shelf solutions available, you may want to consider outsourcing your HR payroll to a professional company. Now when it comes to professionalism, CloudForce HR’s team of hand-picked payroll maestros will never disappoint. Our Thailand payroll service believes in matching expectations and that includes 100% transparency in everything we do. From information safety to employee confidentiality and security, we’ll help you create an all-inclusive payroll management system with the reins in your hand. Have any payroll related questions? Want to upgrade your outmoded payroll processing system? We are listening.
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.
Payroll is undoubtedly, an integral part and parcel of any organization. From reputation management to compliance, from employee satisfaction to record maintenance- accurate payroll processing can be quite rewarding. However, payroll is anything but easy; something that more and more growing companies are realizing throughout their expanse. This is probably why most companies are putting their faith on payroll outsourcing service; a smart and agile way to get the payroll processing done without investing in-house time, effort, and resources.
However, for the ones who are not yet at par with the idea of outsourcing, let us acquaint you with some of the common mistakes companies are making and how they can be solved.
Setbacks in Record Keeping
Not maintaining a clean and clear record of your payroll can be catastrophic to your business. This is not just beneficial from the compliance point of the business. Proper record keeping can also benefit your business and employees too. At the same time, record keeping to the tee can also eliminate a lot of unforeseen issues triggered by market changes or legislation modifications. A simple way to deal with flawless record keeping is to switch from manual reports and files to a software based storage system.
Failing To Have an Iron-clad Backup
On an usual day, let’s say, your company relies a lot on the payroll management team and possibly your computer storage systems for data backup. Now imagine, the computer crashing or your payroll management team undergoing hires or terminations. Can you really afford to lose out on crucial data just because of trivial factors like this? Your valuable data needs a safe and secure system backed by state-of-the-art technology to make sure no setbacks hamper the data storage. Once again, we recommend a veteran software system or engaging in payroll outsourcing to Thailand where you can get some of the best payroll outsourcing organizations.
Trouble With Compliance Control
Sure your payroll processing team is aware of the rules and regulation changes; but how efficiently are we implementing the changes in the system? Did the sudden modification in law hamper the steady payroll process in your organization? Instead of engaging in late night overtimes and manual labor, why not opt for an intelligent working module where payroll experts backed by high-end software solutions automatically updates your process without causing any integration problems?
Now, we know incorporating a world class payroll software solution isn’t always easy- both fiscally and in terms of introducing a new concept to your payroll team! That’s why most companies rely on payroll outsourcing service Thailand. These outsourcing companies employ the best in industry payroll experts and have access to exclusive payroll processing technologies to make your job not just easier but efficient too.
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.
Most business owners agree that their employees are their most valuable assets. As such, managing human resources has become a critical role in managing a business. Yet for some businesses, the various functions of the HR department are too comprehensive and complex to maintain in-house.
Keep in mind, there are several HR specialty areas, including payroll, recruiting, benefits, compliance and more. In some businesses, an HR generalist may be asked to perform more than one of these HR functions, and that can often result in less than optimal results.
In these situations, a business can achieve the same level of efficiency and workforce management by joining a professional employer organization (PEO) and outsourcing HR. The benefits of outsourcing HR are plentiful and can have a significant impact on your bottom line.
Here are the top ten advantages of outsourcing HR functions.
Cost Savings
Overhead costs associated with performing HR services are typically very high. A fully-functional HR department requires additional office space and highly trained and experienced HR staff. Many small businesses simply can’t afford this expense and find that it’s more cost-effective to outsource HR functions. Outsourcing HR helps reduce your costs and helps you avoid trying to financially maintain nonrevenue-generating back-office expenses. Furthermore, HR outsourcing costs are variable and can be reduced when business needs warrant.
Payroll and Accounting
The cost of outsourcing payroll is very cheap compared to the cost of maintaining an in-house payroll staff. The outsourced company can be responsible for employee pay slips, advising on tax and deduction questions and also offer a payroll analysis for accounting purposes. This frees up time in calculating the payroll and dealing with different and sometimes difficult employee situations.
Global Talent
One of the great benefits of outsourcing is expanding your perspectives. When HR functions are outsourced to PEO companies, you get your HR services performed by the best talent around the globe.
Risk Management
Employment and labor laws change regularly, and it can be difficult for you to remain up-to-date on regulations that affect your workplace. Outsourcing firms employ HR professionals whose purpose is to stay current on federal and state employment laws. This will help you comply with these laws and avoid costly lawsuits brought on by employees. HR firms also maintain and audit company policies and practices to ensure your organization and your employees’ best interests are protected.
Efficiency
Maintaining an efficient and productive workplace is critical. Outsourcing HR functions creates greater efficiency within human resources systems. Advanced human resources technology utilized by outsourcing providers, helps streamline important HR functions such as payroll, benefit administration and compliance management. Outsourcing helps you and your managers spend less time on paperwork and more time dedicated to improving the efficiency and effectiveness of your workforce.
Employee Development
Outsourcing HR functions can help you manage employee performance and development. HR providers implement performance management plans to ensure employees comply with company policies and procedures and successfully meet your business goals. Outsourcing firms periodically monitor employee performance and report findings to management. This reduces the workload of your managers by minimizing their administrative responsibilities.
Help with compliance
This is one area where many small businesses really struggle to keep up, especially with the changing laws pertaining to hiring, insurance claims management, and benefits regulations. The greatest challenge is that failure to comply can lead to serious financial consequences. Outsourcing HR functions to a trusted provider can help you understand and take action to comply with these laws and regulations.
Reduce Employment-Related Expenses
While there are hundreds of corporate cost-cutting areas to consider, labor costs account for one of the largest operating expenses in a business. Beyond payroll and tax overhead, other expenses are related to health insurance premiums, workers’ compensation insurance, recruiting fees, payroll processing, and legal costs.
Health Insurance Benefits
As our economy improves, employers are looking for ways to incentivize and motivate their staff. PEO firms provide small employers the unique opportunity to offer their staff a robust and comprehensive array of employee benefits that are typically available to only the largest corporations. These robust offerings include a wide range of major medical plans and voluntary benefit offerings.
Payroll outsourcing has a list of advantages and plays a crucial part in the international business strategy in 2021. Offering this essential part of the business to a third party will help you save time, cost, and money to get peace of mind. Due to this reason, an increasing number of enterprises and small businesses are outsourcing their payroll function to get the best and most satisfying outcomes. Incorporating in-house payroll outsourcing services is always a loss for your company, and outsourcing it will always give you incredible benefits. Let’s look at the benefits of outsourcing payroll.
Here are 3 Benefits of Outsourcing Payroll:
1 Save Time and Cost
Are you running a business? If yes, then saving time is money for your business. Payroll in-house is time-consuming and requires a lot of effort, costs and attention to witness exceptional outcomes. Payroll Outsourcing is a good fit for your organisation, business and enterprise to give you the most efficient outcomes. Payroll Outsourcing will help in saving time, cost and money, which will enhance your business profit.
From calculating payroll taxes and statutory filings to handling payroll enquiries, outsourcing payroll services will always give your organisation exceptional outcomes.
2) Helps in Improving Data Security
In House payroll services will always be highly risky and include identity theft, embezzlement. Whether your payroll software is secure or highly efficient, the safety of the server or network to consider. Payroll Outsourcing service stores your data on highly secure cloud-based servers, which keeps your information safe and secured. Outsourcing HR Consulting serviceuses cutting-edge encryption technology to save your information so that your critical information is safe and secured.
3) Access the latest technology
The latest payroll provider uses cloud-based systems to give you higher security to manage your important data and keep it secure. From data integrity, visibility to audit-tracking of payroll processing, outsourcing payroll will always give you access to the latest technology. The latest Payroll outsourcing service provides you with the latest robotic process automation (RPA) to give you the most advanced outcomes.
We hope that the above-discussed points will help you in understanding the benefits of outsourcing payroll. Outsourcing HR Consulting service will always give incredible benefits to your organisation and give you enhanced saving in time and cost.
Payroll outsourcingservice is a great option that helps in reducing your overall organization costs. When you think of hiring a third party payroll outsourcing service, two questions come to your mind,
Is it cost-effective?
Why payroll outsourcing helps in reducing cost?
Every day, many entrepreneurs and businesses are choosing payroll outsourcing as a good alternative. In this way, the company focuses on other main business activities, which will help them enhance overall growth. Whether it be productivity, operational cost, or time optimization, outsourcing allows you to enjoy incredible benefits and give you an essential decrease in expenses.
What is Payroll processing outsourcing?
Outsourcing is an activity that is designated to a third party for the fulfilment of the service. Monthly payroll processing is one of the crucial and complex bureaucratic administrative routines that all companies perform in compliance with legal requirements.
Payroll outsourcing serviceallows your business in reducing overall cost, time and profit. It is a powerful strategy that every business should follow to get the best and most satisfying outcomes.
How do you reduce the costs of outsourcing payroll?
HR consulting service or outsourcing payroll serviceshelps in reducing your overall cost of the organization. A professional payroll outsourcing third party contains all the necessary software, team, and skilled management, mainly devoted to working. It is mainly their overall knowledge that makes the whole process smooth and faster.
Time Optimization:
Payroll outsourcing helps in time optimization with the division of labour performed more fluidly, there is better time management. Whether a complex process or a complicated one, an outsourced process will always give you incredible results.
Tremendous growth:
HR consulting serviceor Payroll outsourcing service combine the improvement in the quality of service, the optimization of time and the greater focus on the core activity, which always gives your exceptional business outcomes.
Cost-effective and beneficial aspects
Payroll outsourcing service is cost-effective and helps your organization witness great opportunities. With competitive scenario in the world, payroll outsourcing service helps with more productivity and quality. Whether you are a small, medium, or large organization, hiring a payroll outsourcing service or HR Consulting service will always give you incredible outcomes along with cost-effective results.
We hope that the above-discussed points will help you understand the cost-effectiveness of your hiring a third party payroll outsourcing service for your business.
CloudForce HR 