Payroll ManagementEmpowering Your Workforce, One Payroll at a Time
COMPANY INCORPORATION
Accounting & Taxation
Audit & Assurance
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Various Social security ratios and base
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Complex Individual Income Tax calculation
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Incentives to the executives and special talents
Why Manage Payroll?
Key challenges
- Ever-changing government regulations and requirements. Understanding and staying up to date with local regulations is a big challenge.
- With different provinces/cities following different regulations and procedures, it is difficult for foreign companies to efficiently handle local payroll requirements.
- The interpretation and implementation of even nationwide policies can vary at local levels increasing compliance risks.
Employers must establish an efficient payroll system so that their employees could be paid accurately and timely and at the same time complying with the overall legal, fiscal and regulatory requirements.
A professional payroll management can benefit you from,
- Cost-saving: Hiring a payroll specialist will greatly save you the cost on internalized HR management
- Time-saving: outsourcing this time-consuming and complex payroll calculation and filing burden, so as to focus on the core business;
- Risk mitigating: maintaining a payroll management in full compliance with labor laws and social contributions system are of key importance for operating businesses in China.
Our Services
Our payroll specialists identify practical, compliant and efficient payroll solution for clients. Sinovest on-the-ground consultants will structure and implement the payroll administrative procedure on a regular basis.
- To ensure that employee payroll and benefits administration is done in full compliance with local laws and best practice;
- To record all significant social security contributions and taxes;
- To send the payrolls to your employees according to an agreed schedule.
- To stay in contact with the authorities (Labor and Social Security Bureau, Tax Bureau etc.) to make sure that all the required reports and declarations are accurate and up to date;
- To advice on the remuneration package (the fringe benefits, personal income tax planning etc.)
Frequently Asked Questions
3 tips for employers before hiring people:
- Open a company social insurance account for employees and a housing fund account for local employees.
- Understand the labor law and the regulations about social security, allowance, and incentives.
- Simulate the cost of candidates to understand your total labor cost.
A professional agency will update the latest policies and laws for you. They will help you optimize your labor cost and avoid compliance risks. And it will make less cost rather than hiring a dedicated employee for payroll.