One of the more important parts of owning a business is dishing out your payroll, but this can also be very costly if not done correctly. In 2015 alone, the IRS in the US issues $4.5 billion in penalties to businesses who incorrectly calculated their payroll taxes and Thailand is no different with heavy fines issued repeatedly. It's just that either... There are varying salaries, shift differentials, benefit contributions and various other factors to take into consideration when paying employees leaving many SME's completely overwhelmed.
This leads to many businesses in Thailand turning to companies like us here at FCA Thailand for their payroll needs...But we're not just the less expensive option! Here are five key questions to ask when researching options.
What kind of customer service can I expect for Payroll Services?
Businesses run at all hours and so should your payroll provider as questions and issues come up 24/7 especially here in Bangkok! It's worth noting that looking for a company with a dedicated member of staff to your business ensures that you or your staff build a relationship that fosters productivity. Save yourself time and hassle with dedicated support who knows your story rather than starting from the beginning with someone new every time you reach out.
Is their payroll technology in step with current trends?
Technology is ever changing and it's easy in this part of the world to get trapped by technology and business processes from a bad 90s movie! Yet there are ever more options to get money to your employees, so why stick to the old, more expensive and time-consuming ways of the past. Physical checks, direct deposits and re-loadable debit cards are all options to consider when researching companies. In addition, you need to see how user friendly their software is. Cloud-based solutions are an option to make it easy for your employees to keep track of an update your information from any internet connected computer instead of submitting requests which can take days to process.
How safe will my business’ and my employees’ information be?
Handling your staffs information - particularly contracts & payroll - is extremely sensitive and crucial to store appropriately to avoid fines and regulatory penalisation's. For companies handling their payroll internally this simply isn't a priority as payroll is just a consequence of the real business that they are in. This has led to numerous breaches and crashes in the news which is occurring more often leading to more pressure on business to find a solution.
Who is responsible for any penalties incurred from inaccurate tax filings?
As we stated, errors in tax filings have led to billions of dollars in fines levied on an annual basis. In this part part of the world it is perfectly likely that some of these errors came from professional payroll services. Whilst everyone will promise accuracy, you should look for a provider which puts their money where their mouth is. If mistakes do happen, find someone who will pay for their own gaffes instead of passing the fines to you. An extra point to consider is that a company will be more invested in doing things right the first time if it's their money on the line instead of someone else's.
Can they do more for me than just payroll?
Whilst many payroll providers include HR services with their offerings, it's worth asking if there are other solutions for your business that they offer to help with the management and growth of your business. For example, we offer accounting services and cover BOI, company registration and many more!
Payment processing, employee benefits, insurance, technology, and loans are all needs that you may have to address at some point. Finding a company who houses all those options under one roof can simplify your life even more.
As you can see there is a lot to consider when choosing to outsource your payroll. Taking the time to research providers and asking the right questions will ensure you wind up with a company you are happy with who meets all your needs. If you have any questions of what we can do for you or simply want to clarify particulars about operating within Thailand, get in touch below. Thanks!