If you are still doing your own payroll processing for your business then you are taking valuable time away that should be spent on generating more profits and increasing your current customer base. The intricacies of payroll should be contracted out so that your staff get paid on time and more importantly, that mistakes don’t get made. You can’t expect your business to be more innovative and to be more creative if you and your staff are concentrating more on paying out salaries than on the core of the business itself.
You are probably trying to figure out why it is that the competition keeps pulling ahead of you and it might be because they are using modern technology like a payroll management system provided to them by an external provider and they are able to provide your staff with up-to-date information about their salary structures, their vacation due and many other things. While payroll is a very important part of your business, it shouldn’t be something that is holding you back and so the following are just some of the reasons why all businesses in Vietnam tiny or huge should be contracting out their needs.
- No possibility of any fines – It is true that if you don’t submit the relevant filings with regards to tax withheld from employees then you could be looking at a significant fine and the worst-case scenario, an audit from a government employee. You want to avoid either of these two situations at all costs and so this is one of the main selling points of contracting out all of your payroll needs. The relevant information will be sent to the government department in a timely fashion and there will be no need for anyone to visit your place of business.
- It reduces mistakes – Your staff relies heavily on their salaries at the end of the month or week and they want to be paid for any overtime that they do. If you are still doing it manually then there is a higher likelihood that you’re going to make mistakes and if they are not paid in full or not paid at all then they just might quit and take up a job with your closest competitor. You just can’t let this happen and so this is why you contract out your payroll needs.
- It actually saves you money – When you think of the cost of setting up your own human resources department to take care of your payroll needs, you’re going to have to hire at least one full-time member of staff and provide them with all of the government-mandated payments and benefits. It would make a lot more financial sense to contract out your needs and leave it up to the professionals, which would be much cheaper.
It’s time to start streamlining your business and especially your payroll department. Contact the correct service provider today and start making changes in your business that benefit everyone.
