Updated: Feb 27, 2022
Do you have with any of these issues? Lack of resources or expertise to administer payroll and related functions, challenges in keeping up with changing regulatory requirements and managing compliance, or keeping payroll information confidential?
Outsourcing the administrative tasks of human resources can help businesses contain human resources costs, reduce the administrative burden, maintain strict information confidentiality, and improve organizational effectiveness. Outsourcing payroll offers your company the chance to streamline, optimise, and improve administrative operations. By handing off your payroll duties to a third-party company, you can guarantee a professional standard of service. Furthermore, companies who are growing rapidly will find that outsourcing payroll will free up a considerable amount of time and resources to scale and innovate your business instead.
Payroll outsourcing services generally means outsourcing of your company’s core payroll operational functions such as payroll calculation, salary disbursements, leave, claims and time and attendance to a third-party payroll service provider. Outsourcing payroll helps free up your internal HR team and resources from labour intensive and mundane work to focus on more important aspects of HR activities such as talent sourcing or employee engagement. Bestar can help ensure that your workforce’s salary is executed in a more accurate, seamless, and efficient way. By outsourcing, you can spend more time and resources on business innovation and growth.
Whether you are a small or medium sized company, a multinational, a start-up or an established business, outsourcing your payroll can be an effective solution. Smaller businesses who might be unable to hire a dedicated in-house payroll professional will benefit from expert services from Bestar. Larger companies on the other hand, can reduce costs. For all companies, outsourcing relieves the headache of payroll work and allows you to focus on core business competencies rather than internal administrative work. This can be particularly useful for small and large companies that are growing at a rate their internal teams cannot keep up with.
Your company will be able to see the benefits of outsourcing payroll work at any time. Many businesses choose to outsource at a time when they are experiencing or predicting a period of growth. Having an influx of new employees can make payroll services hard to keep up with, and finding the necessary personnel to do so can be difficult in its own right. Bestar can easily accommodate for periods of intense growth and keep your payroll tasks compliant and your employees happy.
How we can help
Bestar has a team of professionals that can craft personalised payroll management plans for your business, meaning your payroll tasks will be taken care of in a timely and professional manner. This way, you can have peace of mind knowing that your business is fully compliant with all the necessary employment regulations.
Our payroll outsourcing services team, with comprehensive payroll services and solutions, will tailor its work to your specific needs, allowing you to focus on your core business without the headache of staying on top of internal and statutory deadlines, and with the assurance of strict confidentiality at all times.
Bestar's Payroll team provides services to a wide range of clients across many different industries including high-tech, investment banking, pharmaceutical, retail, private equity fund, auto, media & entertainment, green energy, etc.
Bestar offers payroll outsourcing services that can help improve efficiency of traditionally complex and time consuming tasks for global businesses. We leverage online payroll system to help improve processes, and manage costs.
A payroll system offers an all-in-one cloud-based payroll platform for your business to reduce administrative burden and increase productivity. It can help with payroll, personnel, leave, claims, time clock, and attendance. An advanced payroll HRMS system also comes with an intuitive mobile application, ensuring that your company stays connected 24/7, with instant access to payslips, claims and leave applications.
We provide a ‘self-service’ employee online payroll solution that allows you to effectively manage your staff wages. Our online leave HR system helps to process leave applications and approvals.
Scope of payroll services
From calculating to payment deposits into individual employees’ bank accounts, we can assist with the entire administrative payroll process and provide customised payroll reports.
Provident fund schemes in Hong Kong, such as MPF, can take some time to understand. We can assist with organising and implementing statutory provident fund schemes to help ensure on-going compliance with local employment requirements.
Payroll services include calculating the gross net salary, MPF or ORSO contributions statutory entitlement pays, disbursement of salaries, managing payroll records, leave applications, expense claims, tax return forms, and more for each employee.
Initial set-up of the payroll system
Maintenance of employee data and payroll-related information such as allowances and benefits
Assisting employer's registration for mandatory provident fund scheme and enrolment of relevant employees
Processing of employee expense claim reimbursements
Managing and administering employees’ leave applications electronically
Computing gross to net salary, MPF or ORSO contributions
Payroll calculation and net salary payment arrangement
Provident fund contribution payment processing
Disbursement of net salary, MPF or ORSO contribution via bank accounts
Issuing hard or electronic payslips
Payroll report for accounting entry and management
Providing payroll details, variance reports and payroll journals
Preparing and submitting Employer's Returns and notifications, and remuneration statements
A full outsourcing solution will include everything from calculating disbursements to pay runs and reporting. Alternatively, simpler options entail only monthly pay runs with data supplied by the business.
How much payroll services cost
Pricing for Payroll services can range between HK$60 to HK$120 per employee, per month. The total cost will of course vary, based on how many employees you have as well as how comprehensive the service is. Other additional costs of services may include one-time implementation fees for the payroll system setup.
Speak to our experts today
If you would like to learn more about how Bestar can help, please contact us.