Handling payroll is not as easy as it sounds. The process can get complicated as your business continues to expand, and you have to keep an eye on the details if you don’t want to make silly mistakes like misclassifying an employee or miscalculating overtime pay. While it’s true that you can always hire someone locally to take care of this for you, many small, medium-sized, and even large businesses have decided to reach out to professionals who offer payroll outsourcing services from countries like the Philippines and India.
Yes, a lot of entrepreneurs prefer to do this themselves. But is that wise? You can do so much more if you delegate the task to someone capable of handling the job. Payroll outsourcing services providers from the Philippines are generally inexpensive. You can hire a full-time accountant for as low as $400 a month. You read that right.
It should be noted that the rate is for an entry-level accountant who only has a couple of years’ experience. These remote workers are skilled university graduates, but they probably don’t know much about the specific rules for payroll and taxation in the US, so you will have to train them first.
On the other hand, the average salary of an experienced accountant from the Philippines is around $700 per month. The difference is not that big when you think about it because you’re already getting a veteran for that amount of cash.
Employing a specialist locally is not always an option if you’re running a small business because you may not have the budget for that. Fortunately, you can hire an experienced payroll outsourcing services provider from the Philippines with a proven track record. You may even find some who are willing to work by the hour or on a project-by-project basis, so you don’t have to pay them if there’s nothing for them to work on.
Imagine the amount of money you will be saving. You will get a professional to do your payroll for you efficiently, and you don’t even have to offer benefits like health insurance, workers’ compensation, paid time off, sick days, etc. In addition to that, you don’t have to buy office equipment and accounting software. Your accountant probably has the best tools available already since he has to stay ahead of his competitors.
Besides being cost-effective, you will also have the advantage of having an accountant familiar with tax regulations and laws in the US. We all know that tax regulations change from year to year, so you need someone who has been keeping up-to-date on tax changes.
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The best way to find a payroll outsourcing services provider from the Philippines is to go to OnlineJobs.ph. The site is the largest online job board for finding and hiring Filipino talent, and a lot of professionals are looking for accounting jobs there.
To join OnlineJobs.ph, you will have to create a free account. This will give you the ability to browse resumes and post job listings. However, it doesn’t allow you to hire or communicate with applicants because the purpose of the free account is to allow you to see if you like the talent pool available.
You need to upgrade to a paid account if you want to get in touch with them. OnlineJobs.ph offers two pricing plans: the Pro plan for $69 per month and the Premium plan for $99 per month. While the Premium plan has some nice features like the ability to contact 500 candidates per month and unlimited background data checks, you don’t have to pay $99 to get the most out of the site.
The Pro plan at $69 should be good enough for you unless you want to hire a lot of remote workers. With the paid plan, you can now get in touch with your preferred candidates. Now, if you don’t like the idea of paying $69 per month, you can simply cancel the subscription once you’re done recruiting.
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It’s simple. All you have to do is send a payroll report, and the provider you hired will use this report to process your company’s payroll information. Data such as the number of employees, the hours worked, sick time, vacations, deductions, benefits, etc. will be collected to calculate payroll. Once you have sent the report, you can now sit back and let your accountant do the work. Everything is taken care of offsite.
Your payroll outsourcing services provider from the Philippines can use the Electronic Federal Tax Payment System (EFTPS) to make your Federal tax payments for you online, so you don’t have to worry about doing it manually. Of course, you should register on the EFTPS system to periodically verify payments. Do your due diligence and check if your accountant is paying on time. You should have access to your payment history for the last 16 months, so you can see if everything is in order.
Many companies chose to manage their payroll internally because they are unaware of the options available to them. But having read through the article until this point, you should already understand the advantages of outsourcing this function.
Outsourcing your payroll takes away the headaches of maintaining your own accounting staff. As mentioned before, these accountants already have their own software and equipment, so you don’t have to pay for those.
Now you will have all the time in the world to focus on the things that only you can do as a business owner.
Check out this article if you’re planning to hire an accountant from the Philippines. You may learn a thing or two about how they do things.
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