What are The Steps in The Payroll Process?

A recent study revealed small and medium businesses take up to 5-10 days to resolve a payroll issue. Do you know what that means? It means it’s time to invest in a professional payroll processing company and for good reason! Most small, medium, and big organizations today are shifting their focus from in-house payroll departments to Bangkok-based payroll management organizations. Why? Apart from the lucrative financial reasons, Bangkok houses some of the best automated payroll management organizations! But as an up-and-coming small-time business owner, why do you need payroll software for a 50 or so employee base?

Let us explain how SMEs and big corporations alike are capitalizing on payroll outsourcing processes.

As a small business owner, your current focus should be on the betterment, upgrade, and expansion of your business. That means less attention to in-house teams, data monitoring, and dealing with employee grievances, and more attention to core operations. At a time like this investing in payroll services can help you save major in-house payroll maintenance expenses.

As a medium or reputed business owner, you can’t risk silly manual errors and repeated delays in compensation disbursement. It reflects poorly on the company brand and may also hamper employee productivity. That’s why these businesses are shifting their complex and time-consuming payroll processes to professionals who can get this job seamlessly done.

Now before we show you how payroll processing software works, let us start with a brief introduction of the process.

What Is Payroll Processing?

If you’ve ever worked a 9-5, what’s that one thing that you’ve always looked forward to? Your bank account flooding in at the start of every month! That is payroll processing. When you work for a company, you are under that company’s payroll which calculates your wage disbursement, holidays taken, overtime, tax deductions, and more. The entire gamut of payroll processing is extremely complicated, considering it involves end-to-end payment management and record-keeping. The process starts with compensation calculation, complying with company rules, adding bonuses, tracking deductions, and finally ensuring all the compensation gets disbursed to the right employees. Because of the complicated nature of this business, current technology is automating the entire process in the form of payroll processing software, managed and supervised by professionals.

But how does a payroll process work? If you’re curious about investing in an automated payroll processing company, let us show you how the process works.

Payroll Processing Steps Explained

What happens when your payroll process is in-house? You have a team of employees collating data, storing them in different files, be it offline or digital, and then computing the results before disbursing the compensation! The good news is that payroll outsourcing organizations work the same way, but there are a few process differences that set them apart! Here’s how payroll outsourcing companies process payroll.

Step 1: Validating Your EIN

What’s an EIN? It’s your Employee Identification Number, a unique 11-digit number that acts as an identifier of your business. Usually, the revenue department in a state or country assigns these numbers to verified businesses that register themselves officially. The EIN number is crucial for tax and compliance purposes, and that’s what your payroll company will verify before they continue.

Step 2: Collating Employee Information

When you onboard a new payroll company, the second thing they’ll do is get a comprehensive understanding of your employee’s strengths, including their compensation, tax brackets, grounds for deductions, bonus packages, annual perks, and more. This will also help them calculate their charges better.

Step 3: Showcase Payroll Plans

There’s no one-size-fits-all approach when it comes to payroll processing. Every company has its unique problems and resolution paths. Nevertheless, 90% of the payroll problems follow one single pattern. That’s why professional payroll experts devise payroll plans that have all the basics covered. There’s always scope for customization, depending on the type of company you choose.

Step 4: Practice Transparent Communication

A company’s payroll process contains innumerable confidential information- enough to break a company if something as volatile as this should end up in the wrong hands. That’s why practicing clear communication during the onboarding stage is super important. Do you want to keep a close watch on the payroll process? Ask for a weekly, bi-weekly, monthly, or annual plan. Do you want selective access and complete control of who gets to see your data? Choose your level of privacy beforehand.

Step 5: Integrate Process With Existing System

This is one of the most crucial steps in incorporating a new payroll processing vendor into your system. To make the shift easy for you, many professionals opt for payroll processing software that can easily integrate with the system without causing any system lags. You wouldn’t want valuable data going missing or everyday operations coming to a halt just because there’s a new system in place.

Step 6: Computing & Disbursing Compensation

Once you have cleared all communication and security checkpoints, it’s time to compute, collate, and disburse the payment. This is when your payroll expert will collate all the multi-tier employee bases, compute deductions and bonuses, consider tax breakdowns, and proceed with the compensation disbursement.

Step 7: Concluding Payroll Processing

Depending on the type of payroll processing package you choose, your payroll experts can help you with multiple other perks. For instance, some payroll experts will send you spreadsheet-based reports on the compensation details, profits, and losses for the financial year. Some may even help you with business forecasts and choosing compliances that benefit your organization the most.

Do You Know About Payroll Penalties?

Much like employees going against the company rules get punished with penalties, even corporations or organizations can face the same. For instance, unpaid payroll taxes, repeated delays in compensation, going against your company’s code of conduct, and failing to file Form 941 are all offenses in the eye of the law. Companies can get sued or may end up with a huge financial penalty if they don’t abide by the employee, labor, and business laws set by the Country /State. So how do you avoid these unwanted situations? You bring in a professional payroll processing company that is always on top of compliance so that you don’t miss out on these compulsory actions.

In a nutshell, payroll processing companies can not only make your payroll job easier, but they can also help you avoid landing up in a legal soup by helping you follow rules and regulations seamlessly. However, when choosing a payroll processing organization, keep a few security factors in mind. For instance, make sure the company that you’re choosing has industry credibility and is backed by good reviews and ratings from your peers. Overall, we believe investing in a payroll outsourcing expert can be super beneficial for you in the long run.

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Modern Payroll Outsourcing Meets Traditional Values

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.

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Make Your Payroll Pain-less!!

There’s no such thing as easy payroll maintenance. From security to accuracy, the entire gamut of payroll processing is not just lengthy but strenuous too. Can you imagine, 100+ employees, maintaining their confidentiality, handling their salary timeline, safekeeping their sensitive information- and that’s just one small part of what payroll really is all about! At a time like this, services for payroll outsourcing Bangkok can be a real helping hand to you.

Are You Facing These Payroll Problems?

Before we delve into the solutions, let’s just discuss payroll problems that companies usually face. To begin with, one of the major setbacks in payroll maintenance is the need to keep yourself updated with the latest rules, regulations, and compliance. Coming in second, is the need for advanced tech. Payroll processes require the utmost level of accuracy and efficiency backed by iron-clad security systems that can protect your personnel’s sensitive information. A run-off-the-mill payroll software will often fail to accomplish multiple aspects. Then comes the diversity challenges. Handling remote work, maintaining payment details, anticipating obstacles and more.

The Best Payroll Provider in Thailand

Payroll service providers can be defined as market experts with in-depth knowledge about payroll processing. These experts often act as third party payroll providers and are usually equipped with world class tech backbones to make the payroll process smoother and more accurate. CloudForce HR is a similar organization perfecting the process of payroll for all the companies who are currently struggling to make their process leaner.

Here’s How We Aim To Help

• We bring the best of advanced software solutions to personally man your payroll process.
• Our team of payroll experts include market leaders, legal leaders, and finance pros- who work hand in hand to make sure your payroll process is up-to-date, compliance ready, and financially accurate.
• We work with a transparent module which means all our services will be laid out and broken down for you so that you don’t end up paying hidden charges.
• Our round the clock work module ensures all your payroll activities are delivered right on time, every time!
• We care about your confidentiality and thus, employ industry accredited security systems to prevent fraud, phishing, or scrupulous data sharing to third parties.

If smooth payroll processing without burning a financial hole in your pocket is something you have in mind, this Thai payroll provider will be perfect for your business. Have some payroll related questions? Want to find out about our latest payroll management systems? Reach out to us today.

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Here’s How To Secure Your Payroll Service

If you’re heading a firm or overseeing payroll operations of an organization, you must’ve come across the term ‘payroll fraud’. With up and coming third party companies claiming payroll proficiency, the outsourcing market for payroll has taken quite a hit when it comes to security. That being said, payroll, alone is a process that requires a lot of manpower, accuracy, and efficiency. Sometimes, payroll outsourcing Thailand is the only way out.

But, here comes the most important question. How can you keep your sensitive company data, employee accounts, and more safe and secure while outsourcing your payroll?

We can help. We have rounded up payroll security into 5 pointers for you.

Update Your Payroll Software

Why go for a modern software when the old one is working just fine, right? While you’re trying to save a few bucks, your old software system is failing to fight advanced hacking measures. That is probably why our Thai Payroll company believes in working with state-of-the-art software solutions to make sure your data stays protected- now and always.

Limit Your Payroll Access

Outsourcing payroll typically means handing over sensitive information to third parties and expecting nothing bad happens. But instead of blindly putting all your faith in them, why not restrict sensitive information and only allow limited access- for example to the few personnel who are personally manning your organization. This one power move can increase your data security significantly.

Fish Out Phishing Schemes

We are all aware of those suspicious workplace mails that asks employees for their personal information. One of the major payroll security setbacks reported the unawareness of employees against ‘phishing’ schemes like these. We recommend training or educating employees so that they can report these scrupulous activities the moment it crops up on the screen.

Prioritize Protection of Physical Data

You have been prioritizing online security so much, that you’ve forgotten all about the physical data present on your person. Don’t worry, you’re not alone. Most companies focus on online security, sidelining physical data theft. To tighten your payroll security, our payroll outsourcing firm recommends taking due measures to make sure your physical data- as in old records, files, CDs, desktops and more are secured properly.

Upgrade Your Disposal System

Securing your present data is not just enough. The trick is to create a 360-degree security and that includes ensuring disposal of your old, existing physical data is being done accurately. Backup your old data on a secured cloud if needed and clean out old storage cabinets and files carefully so that it doesn’t land up on the wrong hands.

Payroll Processing is a meticulous job, no doubt. Carrying out an entire process alone cant be quite difficult. However, with proper security measures in place and a sturdy protection protocol in lieu, you can outsource your payroll and keep it protected at the same time.

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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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3 Common Payroll Mistakes and How to Avoid Them

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.

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Can Payroll Outsourcing Really Save Time, Cost, And Effort?

Managing an organization’s payroll is anything but easy. There are a lot of intricate processes that individually function, yet come together as a whole to create the umbrella term- payroll processing. Now imagine, an up and coming company or a well settled company for that matter, dedicating their priceless time and resources into perfecting such a delicate yet irreplaceable process. Wouldn’t you rather outsource such an integral process to industry experts and refocus your priorities on other core, business expanding verticals? That’s where payroll outsourcing companies come in.

Why is payroll outsourcing in Thailand so popular?

With the array of organization development expanding every day, the industry of payroll in Thailand has undergone quite an upgrade. Most companies, regardless of the size or make, today believe in outsourcing the burden of payroll to payroll outsourcing experts in Thailand. And this brings us to the prior question- can payroll outsourcing really save time, cost, and effort altogether? The answer is YES!

Let us list out some of the eminent benefits of outsourcing your payroll-

• One of the best features of payroll outsourcing to Thailand is that, there are a lot of veteran payroll experts out there who are willing to do your payroll processing without burning a big financial hole in your pocket. You get the best of expertise backed by state-of-the-art technical support and that too at half the cost of maintaining your own in-house payroll process.
• Often in-house payroll departments are merged with other departments such as finance or administration, whereas a payroll outsourcing company is steeply dedicated to payroll and payroll only. This means, your third-party payroll experts have an in-depth industry knowledge including statutory rules, regulations, modification in rules, and more. This allows you to be effortless compliant with the changing laws while saving on manpower and resources.
• Payroll outsourcing companies work with a strong subject knowledge AND accredited technological support. This means, you can expect less to no error in your payroll processing, allowing you to deliver your services on time, without failure. Backed by intricate technology, these processes also offer outstanding security and safety measures so that no other third party can infiltrate and use your valuable data. At the same time, most accredited payroll companies allow a crystal clear communication strategy that allows your organization to be a part of the payroll process without dedicating time or resources to it.

Still wondering if outsourcing your payroll would be best for your organization or not? Why don’t we start with a brief consultation and work our way to seamless payroll processing from their onwards?

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