Payroll Calculation Outsourcing

Payroll calculation outsourcing: How it works

Payroll calculation is a function performed by the accounting service of all legal entities and individual entrepreneurs who have payroll employees. The Labor Code of the Republic of Latvia requires to pay the wages to employees at least once a month, which is established by the rules of labor routine, a collective or labor contract.

At small enterprises, the payroll calculation, as a rule, is carried out by a chief (the only) accountant or accountant for the payroll calculation. In large holding structures the whole departments are organized for this purpose.

However, more and more medium-sized and large-scale businesses approach specialized accounting companies that provide payroll calculation services (that is, they outsource the payroll calculation function).

The advantages of companies that outsource payroll calculations:

Firstly, the search for even one good accountant for payroll calculations is a rather difficult task, not to mention the cases when a whole department for payroll calculations is supposed to be recruited
Secondly, the payroll calculation area is the least connected with other areas of accounting, which implies a fairly simple and fast process of its allocation and outsourcing to specialized company
Thirdly, the payroll calculation area and, especially, the calculation of taxes and contributions is one of the most dynamic and frequently changing from the point of view of legislation, while ignorance or untimely application of the amendments that come into force does not exempt from claims and fines from controlling authorities
Fourthly, many companies want to ensure maximum confidentiality of data on the wage size of both ordinary employees of the organization and employees holding managerial positions
Taking into account all of the above, owners and managers of companies are increasingly coming to the conclusion that it will be easier and more reliable to order payroll calculation services from specialists in this field, that is, to outsource this accounting area.

The advantages of payroll calculating in STELLA LTD:

1  We calculate wages in the Tildes Jumis program, which, if necessary, can be tailored to suit the needs of your organization. The Tildes Jumis program is constantly updated to reflect the changes in legislation. You will have an opportunity to connect to Managerial unit of your Tildes Jumis program base, where there will be an opportunity to monitor all payroll calculations and track statistics.

2  The cost of payroll calculation services provided by STELLA LTD, includes all accruals, all types of settlements, including inter-settlement payments, full calculation of taxes and deductions from wages, all mandatory reports related to payroll calculations, therefore the indicated price is final, and you do not have to pay extra for certain types of services and reports.

3  Our company constantly supports and enhances the qualifications of our specialists, constantly monitors the changes in legislation.

4  You can submit the report prepared by us independently or to entrust its submission to our specialists. In this case the reports will be submitted electronically.