This is the bane of many small to medium enterprises. How many times have they been required to bring their books to the internal revenue service in order to reconcile what they computed against what should have been included in the first place? And, as always, most of their in-house accountants did not get this or that memo to do so, which causes backlog, penalties and all sorts of delays and hindrances.
Every organization needs to process the payroll of their employees in a timely and accurate manner. This, however, is not the simplest thing to do. Are you able to comply with the statutory and tax regulations (that change from time to time) while managing all of that.
If not, you should consider engaging the services of payroll outsourcing companies if the time you spend taking care of all that appears unreasonable.
This can be preferable than setting up and managing payroll in-house.
With an outstanding customer portfolio and business network, CBSI is now a pool of seasoned business consultants with specific expertise on accounting, payroll, bookkeeping and financial software. Our collective experience of more than 10 years in the industry of accounting and payroll services processing has proven that we can process a considerable number of payroll records on a monthly basis.
We have a proven record of more than 99% accuracy in payroll processing and have a team of highly qualified accountants who focus exclusively on payroll and accounting. We ensure complete confidentiality while providing transparent employee communication, meeting statutory requirements and doing basic payroll calculations to provide end-to-end small business payroll processing.
Our service consists of:
- Configuration of pay code taxability per employee
- Maintenance of tax table (Withholding tax table uploaded from BIR)
- Calculation of Employees Fringe Benefits tax (if any);
- Determination of monthly contributions to the BIR, SSS, Philhealth and
- Home Development and Mutual Fund.
The Client’s HR unit or equivalent shall provide regular timesheet details of the employees, stating the number of man-hours worked, overtime hours, tardiness and absences.
Preparation of Payroll register and Pay Slip
The payroll register shall contain individual salaries due to each employee with the corresponding payroll taxes withheld and deductions for each period.
Year-end Alphabetical listing (Alphalist BIR #1604CF)
This includes total salaries received per employee, total tax due, withheld and remitted to the Bureau of Internal Revenue
Preparation of BIR Form 2316 for individual employees as proof of Income tax payment of the employee.
List of Requirements for Payroll Services:
- Employee details and a copy of the Contract of Employment for each employee.
- Form 2316 of previous employer, if any.
- In case of termination/separation of employment of an employee, the Client shall inform CBSI at least 30 days before the effectivity of the termination/separation for the computation of the employee’s last pay.
- The Client shall inform CBSI of any changes in the status of its employees as soon as practicable.
Time Frame in the Submission of Payroll Information:
|Due Date||Tasks||In Charge|
|5 days before payout||Sending of payroll information||Client|
|2-4 days before payout||Timesheets, salary adjustments
Timesheets, salary adjustments
|2 days before payout||Computation of payroll||Clasen|
What We Use for Preparation of Payroll?
We use the software you are using for maintenance of payroll or the software you would prefer us to use. SAGE is the third- party software tool that we can work with.
Why choose CBSI as your Payroll Service Provider?
- Reliability and continuity of service
- Accurate handling of legal requirements
- Availability of more time for core business activities
- Flexible, accurate and timely delivery
- Improvement in management productivity and information
- Allow you to focus on continuous improvement of processes
- Substantial investment not required in software and IT
With this, you free yourself from the tedious preparation and gain more time to focus on more important issues involving human resources such as talent search, hiring and development of your workforce.
Call Clasen Business Solutions Inc. today and let’s see what we can do for you and your organization!