To ensure your business operations run seamlessly in Vietnam, one must stay on top of payroll and HR compliances. However, complying with the country’s changing laws with in-house payroll and HR departments may add costs, time, and stress to management. And still, that doesn’t always ensure flawless compliance.
Many multinational firms outsource their payroll and HR processes to the regional payroll outsourcing partners in Ho Chi Minh City to overcome the aforementioned shortcomings.
In this article, we’ll discuss the reasons why outsourcing payroll and HR processes are imperative for foreign firms operating in Ho Chi Minh City.
The Benefits of Outsourcing Payroll and Human Resource Services in Ho Chi Minh City
Saves time and increases productivity
Payroll processing is a time-consuming operation that involves keeping track of employees’ benefits and deductions, new hires, terminations, and paid time off, as well as changes in federal and state regulations.
By outsourcing payroll activities, management can work on more important tasks that could affect the company’s productivity.
Reduces overhead costs
Working with a payroll service can significantly lower the direct expenses of handling payroll. Outsourcing payroll activities relieves a company of the stress of having a dedicated department to manage payrolls which reduces overhead costs that would have otherwise been spent in paying salaries.
Avoid IRS penalties over errors
According to the IRS, 40% of small companies pay an average of $845 each year in penalties for late or inaccurate files and payments. Small business owners aren’t experts when it comes to navigating the complex world of government tax laws.
Keeping up with the changes in state, federal, municipal, and industry-specific regulations can be a daunting task. A qualified outsourced payroll service provider will have a team committed to staying on top of all developments that may affect your payroll, ensuring that you stay in compliance.
Payroll processing is a complicated process and requires trustworthy personnel to manage it. Even with long-term trustworthy staff, there is always the possibility of identity theft, money embezzlement, or personal benefit through tampering with business information.
However, the majority of payroll service providers have the required technology in place to detect and warn clients of any kind of payroll fraud. Furthermore, online payroll systems provide a haven for the company’s sensitive payroll information.
Where to outsource payroll and HR in Ho Chi Minh City
Cekindo is a one-stop avenue for professional payroll and HR outsourcing services in Ho Chi Minh City. Our experienced consultants ensure that your payroll data is handled in line with the accounting standards in Vietnam. It also offers tax guidance and post-payroll audit services, which save you time and allow you to focus on your core company operations.
Cekindo provides a comprehensive spectrum of payroll services to ensure immaculate payroll and HR compliance in Ho Chi Minh City. These include:
- Payroll outsourcing
- HR administrative services
- Cutting-edge staffing solutions
- Support in acquiring a Work permit
- Support in acquiring a Temporary Residence Card
Having an outsourcing partner like Cekindo on board to deliver talent-driven operations, increases your chances of succeeding in today’s highly competitive business market. Fill out the form below and our consultants will get back to you.