As your business grows and expands in Thailand, the HR function becomes more complicated. Whilst the goal may to simplify work practices, hiring new staff often results in more work - responsibility for paying salary on time, along with accurately deducting social security fund and tax payments, and paying necessary fees to Social Security Office and Revenue Department, calculating commissions, unpaid leave, over-time, bonuses and others - the management of all this on a monthly basis is demanding.
Outsourcing payroll makes sense on many fronts:
a) it is cost effective when considering the time taken
b) it allows you to benefit from payroll software used by the payroll service provider
Additionally, the provision of professional payslips for your staff is a unique selling point when recruiting, as not many organisations actually do this in Thailand. Payslips are useful for staff who wish to obtain loans, mortgages or undertake other financial activities.
Outsource payroll - you'll be glad you did!
Written by Stuart Blott, General Manager, Sutlet Group Co., Ltd.
Sutlet Group manage FCA Thailand who, you may have guessed, offer accounting and payroll services to clients in Thailand!