PAYROLL PROCESSING

HOW PAYROLL PROCESSING works

LIST OF BENEFITS

Easy Calculations

Save Time

Safe Backup

Cost-Effective

Easy Forecasting

Chance of Error Minimised

Data Security

Avoidance of Duplication

Secure Data

Reducing Costs

PAYROLL PROCESSING

Steps for payroll PROCESSING

1

Define Payroll Policy

For payroll to work, the management has to agree on well-defined policies in order to govern how payments will be calculated and distributed. Such policies include attendance policy, leave, and benefits, pay policy, etc.

2-2-2

Collect Payroll Inputs & Verify

We will gather financial information from various departments to ensure our input into the system is as accurate as possible. The chart below is a glimpse of the information we will acquire:

Icon 3Created with Sketch.

Payroll Calculation

The information is then input into the payroll system for actual payroll processing. We then reconcile the values and double-check for accuracy to avoid any mistakes.

1

Statutory Compliance

During the payroll process, we then adhere to the statutory compliances. We make statutory deductions in line with EPF, SOCSO, EIS, IRB/ LHDN, etc. These are then paid to the respective governing/authoritative bodies.

2-2-2

Payroll Accounting

Every company keeps a record of all its financial transactions in an accurate book of accounts. Salary paid is a significant cost. All accounting data will be input into the ERP/ accounting system.

Icon 3Created with Sketch.

Payout

Employees are usually paid through bank transfers, cheques, cash, or whatever payment plan/system that a company has in place for its staff.

OTHER SERVICES

OTHER SERVICES DELIVERABLES ON FEE QUOTED BASIS

Process Salary and Statutory Payments – (EPF, SOCSO, LHDN, Labour Office)

Assist for Statutory registration for the new set-up of the company.

Year-end Borang EA and Borang E (e-filing)

Representation to payroll and labour related government offices for any company and HR Matters.

HR Consulting, business transformation and restructure

Payroll Processing & Administration education certification

MORE INFO

To ensure a good and accurate payroll management process, we plan the payroll process step-by-step. Proper payroll processing can ensure that your legal obligations are met and your employees are paid on time. Our payroll software can support your payroll is processed in a timely manner and accurately.

OFFICE MALAYSIA

OFFICE AUSTRALIA

© All rights reserved

Virtuepayz