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HONG KONG PAYROLL ACCOUNTING
Payroll Services, Bookkeeping, and other Accounting Outsourcing for Hong Kong Organisations
Qualified Staff
Payroll professionals with years of training and experience in the HR field.
Efficient Service
Our tools, equipment, and systems are meticulously put together to deliver the best.
Custom Solutions
Our HR and payroll solutions are made to fit any Hong Kong organisations.
Timely Support
Our support is timely and reliable. We will always be here to give ample assistance when needed.
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WHY OUTSOURCE YOUR PAYROLL ACCOUNTING FUNCTION?
As a business owner, paying your employee right is just one aspect of the job. You have to also take note of the expenses you just made in the form of staff wages. This is known as accounting for the payroll expenses in your books. To stay on top of the accuracy of your accounting books at all times, you have to be able to learn how to record each and every payroll transaction. Usually, payroll journal entries are used by employers to record payroll expenses. Payroll accounting helps any business owner keep track of the incoming and outgoing money of the business and it gives you an accurate summary of your expenses.
Some of these common business expenses are employee compensation (covers salaries, wages, paid time offs, bonuses, commissions, and other taxable income reported), payroll taxes (federal income, social security, healthcare, and applicable state or local income taxes withheld from employee wages), employer taxes (the company's match of social security and healthcare taxes, as well as federal and state unemployment taxes), and employer portion of fringe benefits (health insurance, retirement plan).
Payroll Accounting Services
for Hong Kong companies
For one to effectively record payroll transactions in accounting books, understanding the concept of debit and credit is crucial. These two are always equal, but they are opposite entries. When a credit increases an account, you will have to increase the opposite account with a debit. To grasp better the different types of accounts in payroll accounting, to put it simply, gross wages (expense), checking (asset), and tax payable (liability).
Once you decide to have your payroll accounting outsourced, we will put your mind at ease by doing the leg work for you. Our payroll accounting experts will help you set up payroll accounts, calculate taxes and other deductions, gather and compile payroll reports, record payroll expenses, record payables, double-check records, transition account periods, and the likes. You can expect that we'll also take care of the payroll accounting entries, including but not limited to initial recording, accrued wages, and manual payments.
Outsource, and focus on what you do best.
Payroll accounting is composed of all the nitty gritty calculations. This is why we will aim to provide the kind of expert assistance you need for payroll accounting. We can calculate for you the direct and indirect compensation for labor, calculate the indirect expenses such as commissions and bonuses), calculate withholdings and deductions, calculate provisions, record entries in the accounting books, generate payments for employees, and calculate posterior adjustments to provisions. To help meet the complexity and compliance challenges of payroll accounting, our experts will take care of all the payroll accounting tasks for you.
Leave the accounting to us...
Some companies use this model for payroll accounting: direct compensation for labor (salaries, wages, overtime pay), indirect compensation for objectives (commissions, bonuses), and legally required expenses (sick days, holidays, vacations, health insurance).
Simply out, payroll accounting is all these complex tasks combined: the calculation, management, recording, and analysis of business expenses.
This process can definitely become overwhelming, which is another reason why employers seek help from accountants or outsource the company's payroll accounting.