- Generation of pay slips and reimbursement slips, individual employee wise.
- Generation of monthly reimbursement statement.
- Computation of monthly withholding taxes and time-to-time revisions.
- Ensuring the timely deduction of taxes from payment of salaries to employees.
- Ensuring timely deposit of the tax.
- Ensuring compliance with tax provisions, by performing a review of internal documentary controls
- Preparation and filling of the annual return of taxes on salaries.
- Time Savings / Productivity: Payroll processing inside your business is a time consuming process. Outsourcing payroll allows employers to concentrate on their core business and frees up the business owner, human resources or accounting personnel to work more on strategic tasks.
- Overhead costs are reduced: As a business owner, your time has a value that’s linked to the revenue you generate from the tasks you handle at any given time. The time you are able to save each day is money earned. With that in mind, think about all the time you’ve spent, and continue to spend, on these payroll tasks every day. If you look at the total time you spend on payroll each pay period compared to the costs of outsourcing, you’ll see a great deal of cost savings when you take those tasks off of your plate.
- Improved data security: There’s a fair amount of risk that comes with in-house payroll. The door is wide open for identity theft. Employee records can be viewed by those who handle payroll. Employees can tamper with records and there’s also the risk of embezzlement.
- Aside from these employee risks, you’ll need to consider the security of your payroll software. While the software itself could be relatively secure, you may house your data on a server or network with security flaws that could leave you open to data theft.
- Outsourcing your payroll typically means your data is stored on highly-secure servers that use cutting-edge encryption technology, along with redundant data backups.
- If you want this same level of security on-site, you’ll need to spend a significant amount of capital to create a secured network.
- Guaranteed government compliance: Potential costs of payroll mistakes, which are a very real possibility. Just because you’re not an expert in the government tax regulations doesn’t mean you aren’t responsible for mistakes. You’re still legally responsible for any cases of misrepresentation or failure to file accurately with government.
- Even a single mistake can leave you open to audits and costly penalties. Because regulations change constantly, often many times throughout the year, it’s unlikely that you can stay on top of all of these changes when your focus is to run and grow your business.
- We understand tax law. It’s our business to keep up with the rules, regulations, and changes in tax law. We guarantee accuracy and compliance. If there are mistakes, we will make corrections while handling the liability of any errors we may make.
- Access to a variety of services: Even a seasoned accountant has a limited skill set. With outsourced payroll services, you typically get a variety of services and the benefit of an entire organization.
- Identify the services most relevant to your needs and provide us with details of the services to be provided or we can customize a plan based on your specific needs.
Why Outsource to Aviaan Accounting?
- We provide customized payroll services as needed by our clients.
- We have experienced professionals.
- We have very stringent data security and privacy regulations in place.
- We use appropriate software for providing services.