Payroll service – who needs it anyway?
The field of wages is a very complex field that requires great punctuality, and a thorough knowledge of all labor and wage laws in Israel. Payroll management requires a lot of resources from the company owner while paying attention to details. A payroll service is the efficient solution that saves many increases. A payroll service is a department of the company or business that is responsible for billing employees. The department is based on the internal laws of the company or business and handles the processes of charging wages, calculating wages, sending invoices, and more.
A payroll service allows you to easily manage all the processes related to your salary in an optimal and clear way. It allows you to easily manage your salary data and track additional changes related to your budget. In addition, a payroll bureau allows you to save a lot of time and effort in managing your payroll.
What is a payroll service?
A payroll bureau or an outsourced payroll bureau is actually a payroll calculation service bureau with many years of experience that provides a professional, reliable service that saves you, the employer, costs and unnecessary dealings with the employees and the law authorities.
Our professionalism is your advantage:
1. Salaries are calculated by an accountant who is an expert in the field of accounting and is well-versed in labor and taxation laws.
2. Great savings in the costs of directly hiring an accountant.
3. Savings in the maintenance of payroll software.
4. Adherence to schedules for the payment of employee wages.
5. Counseling and accompaniment in all issues related to employee-employer relations.
6. Execution speed and availability.
How does the payroll service help us?
A payroll bureau is a bureau that manages your entire payroll system in the business at the most professional level and without compromises. The employer saves you many increases, unnecessary dealings with the employees and the authorities, and highly professional treatment of the most important resource in the organization. A payroll accountant is a critical function in the management of a business company and is entrusted with the execution of payroll calculations and their various components for employees.
Today, many organizations are aware of the risk involved in the preparation of payslips, which requires accuracy, rigor, and extensive and in-depth knowledge of labor laws. The Payroll Bureau of “Et Retzon Ltd” with over 30 years of experience provides its clients with service in the most professional manner with the help of the best quality professionals.
Who is suitable to work with a payroll service?
In recent years, a new player in the field is the Ministry of Labor and Welfare. The service began contacting many employers in a random and non-random way and checking their salary calculations. Over 92% of the inspections end with fines being imposed on the employers. These fines range from tens to hundreds of thousands of shekels.
Therefore, the preparation of pay slips through a payroll service inevitably leads to a high professional level of the slips and increased protection for the employer against claims by the Ministry of Labor and claims by employees
Why is it worth working with an outsourced payroll service?
Preparing pay slips through a payroll service dramatically lowers the costs of producing the pay. Take for example an employer with 150 employees who maintains payroll. The cost of calculating an average rental salary is about NIS 17,000 (12,000 gross and social security). On the other hand, if he chooses to produce the slips through a payroll service, he will pay less than half!
In other words, producing slips through a payroll service gives security and peace of mind to employers, raises the professional level, and is significantly cheaper than the cost of producing wages through the employment of an internal payroll accountant.
At Ratzon Ltd. has been active for over 20 years and is part of the Ben Shmuel group of accountants. The company employs dozens of accountants and provides services to entities such as Ben Gurion University, the Avi Sofer chain, cleaning and security companies, restaurants and many others.
If you are also the head of a business and employ employees, you also know that they do not work for free. At the end of each month, you are happy and happy to reward them financially for the wonderful work they have done for you. As we know, preparing a payslip requires knowledge, professionalism and thoroughness, taking into account the terms of employment, social conditions, social security contributions and the like. This is where an external payroll service / outsourced payroll services comes into play.
While there are businesses that choose to employ payroll accountants within the organization, there are also those who choose external payroll accounting, and rightly so. Working with an external service that performs the salary calculation for you establishes a wide range of notable advantages for you.
A growing business needs a professional payroll service by its side
Payroll is one of the biggest expenses in business, and proper payroll management will help you and your company reduce excess tax payments, plan the company’s growth over the years, and reduce errors in payslips (and employee lawsuits for such errors).
We provide payroll services to hundreds of businesses – and we are sure we can help you too. We undertake to give you as a customer our full attention, pay attention to the small details and offer a real benefit to your organization.
Our service includes:
Checking engagement contracts with service contractors
Production of payslips for employees
Preparation of internal work procedures and contractor employee complaints mechanism
Periodic inspections in accordance with the requirements of the law
Inspection of contractor employee complaints
Defect correction tests
Court opinions and expert witness services
Reports to the institutions, dealing with the social security and income tax institutions on salary issues
Finalization of accounts for employees, which includes form 161 and calculation of compensation
Handling of social security claims – reserves, maternity benefits, unemployment benefits, etc
Hiring
Regular monitoring and control of monthly reports
Reports to the provident funds while coordinating wages with the insurance agents
Control over the entry of tax reconciliations, credit points for employees, and review of forms
Ongoing customer service and care And more!
And in conclusion, the payroll accountant is a professional entity that has all the constitutional and practical information regarding employee payments. The company owner who is interested in receiving a comprehensive answer when it comes to salary will benefit from a comprehensive and beneficial service in all respects.
