Outsourced Payroll Processing Services for Foreign and Local Enterprises in the Philippines
Employees are a significant asset to any business seeking to achieve success. As an entrepreneur, ensuring that your employee management responsibilities are up-to-par with current labor laws will increase your chances of enjoying a fruitful business venture.
Payroll processing can be challenging. With a large pool of highly qualified payroll professionals and a simplified approach to payroll solutions, we help our clients achieve a seamless experience in processing payroll requirements for their employees.
What We Offer
Our payroll processing services comprise of four simple steps:
#1: Gather and Collate
We collect relevant employee data such as timesheets, employee databases, and other payroll instructions to obtain accurate gross salaries for employees.
#2: Analyze and Process
After gathering the necessary documents, we analyze and process them accordingly, depending on the client’s needs. Our services include conducting computations for the required withholding taxes on compensation, gross salary, and statutory deductions such as SSS, PhilHealth, and HDMF based on the latest government regulations.
#3: Review and Finalize
Our payroll reports undergo a 3-tier internal review process before sending them to our clients. We also include bank file for salary disbursement and sending of individual payslips as part of our finalization process.
#4: Report and Fulfill
Through our streamlined payroll process, you can secure compliance with the necessary monthly and annual reports to appropriate offices, execute payments, and comply with necessary policies on behalf of the client.
What We Require
Before availing of payroll processing services, you will need to secure the necessary documents:
- Employee details and a copy of the Contract of Employment for each employee
- BIR Form 2316 from the previous employer
- Monthly timesheet details, including the number of hours worked, overtime hours, tardiness, and absences
- Payroll register from January to present (if engaged in the middle of the year)
Upon completing the required documents and depending on the number of employees, our payroll specialists will process your payroll needs within 3-6 business days.
Outsource Your Payroll Processing Needs in the Philippines
Outsourcing your payroll needs can benefit your company in numerous ways. It raises the bar for business continuity while ensuring that highly-trained payroll professionals take charge of a company’s payroll needs.
Payroll processing can be challenging. Through end-to-end assistance in salary computations, government contributions, and general compliance with the latest labor and employment laws, we can help you achieve a seamless payroll process for your business.
What are the steps of payroll processing in the Philippines?
Payroll processing in the Philippines involves four steps:
- Client sends montly timesheets and other requirements
- Payroll provider computes gross salary, withholding tax, and government contributions of each employee
- Payroll reports are sent to client for review
- Payroll provider submits final payroll report to appropriate government offices.
What are the requirements for payroll processing in the Philippines?
The requirements for payroll processing in the Philippines are as follows:
- Employee details (including BIR Form 2316 from previous employer)
- Monthly timesheet details (including number of hours worked, overtime, tardiness, and absences)
- Payroll register showing individual salaries, taxes withheld, and deductions for government contributions
- Bank transmittal report reflecting name of employer, net pay, and bank account number.
How long does payroll processing in the Philippines usually take?
After the client submits all required documents for computation, payroll processing in the Philippines usually takes 3-6 business days.