Be Audit Ready With Outsourced Services

Payroll audit is being given more importance by the IRAS and CPF and this has resulted in many companies being subject to the audits. Many times, the companies find themselves not ready to face such audits. There are occasions when mistakes are found during the audit and the companies face a penalty. It is not easy to make your company fully ready for audit unless you have professional help. This can be given by the outsourcing companies who have the expertise in the job and ensure that your company will not show any irregularity during the payroll audit. The payroll audit service are provided by payroll consultants who can guide you properly and ensure that your company is ready with everything when the audit happens.

Steps To Face The Payroll Audit Without Problems

You must be ready for your payroll audit so that you are not caught unawares. You must ensure that you are maintaining all the records properly. You must make sure that the records about tax, payroll and CPF contributions are kept properly. You must ensure that the payroll codes for reporting all wage types have been set up in the system. This must include the payments made in kind also. Ensure that there are no compliant gaps in payroll policies, procedures, and systems. You must monitor the processes and ensure that everything is being followed without any deviation.

As this work is very important and requires expertise it is better to hand over the job to the payroll companies. They have the experts to do the job. They are familiar with the audit requirements and can ensure that there are no deviations. Instead of worrying whether your payroll process is proper, it is better to let the experts check the process and ensure that you are ready for payroll audit. This will bring out any failures in payments or other matters and allow you to correct them before the audit is conducted. The agencies can help you keep yourself compliant at all times.

Outsourcing Complete Payroll Preparation

The main advantage of giving the payroll work to outside agencies is that there will be no compliance issues. They keep themselves updated with the latest rules. They also know the tax rates to be charged and deposited. This will help you keep to ensure that the taxes are paid as per the latest tax rates. The payroll outsourcing company will help in calculating the tax at the year-end and make sure you deposit the amount on time. They will also help you to submit the salary details of your employees to IRAS electronically.

There are other mistakes that you can commit if the payroll process is not followed correctly. There may be changes in the immigration status of some employees which means that changes must be made in the CPF contribution. If an outside agency is handed over the job, they will ensure that they take the details from the employees regularly. The software will also help employees to themselves update such details. This will keep your company within the legal framework.

Read also: Outsourcing Helps You To Concentrate On Your Business 

Selecting The Right Agency For Payroll Outsourcing

You must be careful about the agency that you hand over your payroll work. They must not only be experienced in the job but also have a reputation for maintaining strict confidentiality of the details. The company must also be completely transparent about the process. They must offer you access to the software that they use to maintain your payroll.