Shiodome Partners’ dedicated payroll staff can process monthly payroll and bonus calculation, as well as, year-end adjustment procedures, on our clients’ behalf. Payroll is a task that requires only a short period of time but is complicated due to the nature of payouts and deductions. Furthermore, due to the sensitive information involved, foreign corporations in Japan can largely benefit from outsourcing such kind of tasks. It can also be paired with our payment processing service as a BPO service.
Benefits of Outsourcing Payroll
Below are some of the benefits of outsourcing your payroll.
- Reduce labor costs related to payroll processing
- Avoid disruption of business due to payroll staff’s retirement, absence, etc.
- Calculate payroll in compliance with changes in the statutory laws (social insurance rates are revised annually).
- Prevent personal information (salary amount) from leaking into the company
Many HR personnel who are not familiar with payroll computation are reluctant to perform the payroll processing. There are also many cases where even if enough personnel are available, they don’t have a thorough understanding of the income tax calculation, employment insurance rates, social insurance premiums, etc. Payroll is always a monthly task for companies regardless of their industry. Despite the frequency of payroll tasks, in addition to the problems indicated above, they also face the following issues often:
- High turnover rate of staff in charge of payroll
- Uncertainty in the accuracy of payroll computation
- Aim of reducing the cost of hiring HR employees for payroll
- For confidentiality purposes, owners don’t want their own employees to calculate the payroll (however owners don’t have time to do it themselves)
- Time is used for payroll processing instead of using it to deal with the core business of the company
- Lack of information on revised statutory laws related to payroll
- Insufficient understanding of the social insurance rates
Considering these factors, it is advisable to outsource the payroll process including the paperwork for social insurance to professionals such as Shiodome Partners.
About our Payroll Service
- Draft and review wage regulations (wage increases, cuts, bonuses, etc.)
- Time card compilation and management
- Salary and bonus calculation, year-end adjustments
- Year-end adjustments
- Preparation of payroll documents (pay slips, salary payout table (bank), FB file)
- Drafting and improvement of payroll flow
Risk-managed payroll services based on the advice of a certified labor and social insurance consultant
While payroll tasks should be done quickly and accurately, it’s quality should not be dictated by whether the fees are high or not. Shiodome Partners will provide feedback on our client’s management style as well as any risks we acknowledge while doing payroll services for your company, based on the advice of our certified labor and social insurance consultants.
Quick support with a sense of urgency
With a relatively young average age, Shiodome Partners’ members are active and light on their feet. Speedy response is important when working on payroll, which is why we promise to provide quick payroll support for our clients.
Extensive support for companies preparing for their IPO
Shiodome Partners has a large number of consultants who are familiar with IPO (public stock offering) related work. Managing one’s human resources is important for companies aiming for an IPO. Since payroll calculation is something companies do regardless of whether they are aiming for an IPO, payroll would be considered a task that most ventures would outsource.
Able to offer multilingual support
Shiodome Partners is also home to bilingual staff proficient in major languages such as English and Chinese. Recent years have seen an increase in foreign business expansions into Japan. On the other hand, more employees from Japanese entities are being sent to work in overseas locations. In such an environment, we are proud to offer our payment processing services in English and Chinese to be able to further support our clients. We can also perform more complicated payroll tasks such as gross-up calculations for expatriates.