In payroll outsourcing a third-party specialist company provides services that include the calculation of the employee payroll and preparation of related reports (in whole or in part).
Who can benefit from payroll outsourcing?
Payroll outsourcing can be beneficial for small companies and individual entrepreneurs who have a small number of employees, and so do not require or cannot find a full time, qualified in-house accountant. This service may also be beneficial for foreign companies that plan to expand into Russia, as Russian legislation is complicated to navigate.
Main benefits of payroll outsourcing:
- Optimization and standardization of the payroll process
- Compliance of the payroll and reports with the requirements of Russian legislation and reduction of tax risks
- Cost reduction related to the employment of payroll accountants
- Confidentiality of employee and management salaries
VALEN outsources payroll accounting based on a taxpayer’s specific business and in full accordance with the requirements of labour and tax laws. Our highly professional experts have extensive experience and knowledge of payroll outsourcing and guarantee the accuracy and timeliness of all types of payroll records.
Our team can provide a full range of services related to your company payroll and the preparation of payroll reports:
- Preparation of payroll
- Calculation of holiday pay and compensation for unused holiday pay upon dismissal
- Calculation of severance pay and other benefits
- Calculation of statutory sick pay
- Calculation of payments under independent contractor agreements
- Calculation of taxes and insurance premiums
- Accounting treatment of salaries and related taxes in the 1C accounting program
- Preparation of pay slips
- Preparation of individual paysheets and 2-NDFL forms
- Creation of bank transfer requests to pay taxes and insurance premiums
- Preparation and submission of reports on wages to the regulatory authorities (2-NDFL, 6-NDFL, reports to the Pension Fund, Social Insurance Fund, statistics authorities)
- Preparation of explanatory letters and responses as requested by the tax authorities
- Consultations when liaising with the tax authorities