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FREQUENTLY
ASKED
QUESTIONS
Your Professional Payroll Provider
1. What are the payroll outsourcing potential benefits?
HR and IT Cost Reduction
IBC offers an affordable package which is more cost effective than maintaining a local in-house payroll team as well as a local payroll software.
Strict Confidentiality
Payroll details of management level may NOT be disclosed to all levels of HR. Having payroll details managed separately and reporting to designated HR will definitely avoid any accidental access or termination disclosure.
Core Business Attention
By outsourcing a non-revenue-generating task, businesses can focus on fee-earning activities as well as more strategic compensation and HR functions
Up-to-date Compliance
IBC guarantees to provide up-to-date payroll labor law requirements and alert with the recent changes by the local authority
2. What does the standard pricing package include?
IBC provides an affordable and flexible fee schedule which suits your needs. The pricing is attributed to a number of factors, which includes size of the payroll, number of payroll cycles per month, complexity of the payroll and any customized reports involved.
The standard package will includes standard monthly payroll processing, pensions calculation and submission and pay-slips distribution. Check out our service here
3. What are the salary and pensions
payment arrangement options?
Typically, the following are the 2 most common approaches:
1. Clients Remit Funds to IBC's Client Trust Account
IBC calculates the funding required to settle the salary and MPF payments during the monthly payroll run. Upon receipt of the funding, IBC will then verify and submit an accurate autopay bank file to the banks and disburse the salary payments to employees. IBC will also arrange MPF payments before the statutory deadline.
2. Clients arrange salary payments with their own bank account and settles MPF directly.
IBC provides an autopay file of the bank that client is using to be uploaded by the client and execute payment. Client also have to settle the MPF payment accordingly.
In between the above options, we are also pleased to work through other alternatives during implementation stage.
IBC's Payroll Procedures
1. Processing Monthly Payroll
2. Generating and Reviewing Payroll Reports
3. Generating a Bank File
4. Disbursing the Salary Payments to Employees
5. Generating and Reviewing MPF Remittance Report
6. Distributing Payslips to Employees Individually
7. Preparing Taxation Report When Necessary
Payroll Procedures
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