P&A Grant Thornton Outsourcing
P&A Grant Thornton Outsourcing, Inc.
P&A Grant Thornton is a wholly owned subsidiary of Punongbayan & Araullo (P&A), a leading professional firm providing audit, tax and advisory services through its client-caring team of professionals.
"The P&A Grant Thornton Outsourcing team provides solid first-rate support for key administrative activities such as accounting and payroll. We see ourselves as partners to our clients: We work steadily and efficiently in the background, enabling our clients to take center-stage and focus on hitting their growth targets and taking their businesses to greater heights.”
Whether you are a start-up or a well-established business, your key functions will always include accounting and payroll. As your business grows, these functions become more important – needing to be in tune with the demands of customers, partners, regulators and employees – even as they become more tedious and complex.
The P&A Grant Thornton Outsourcing team can help you with your accounting, payroll preparation, and compliance with statutory documentary requirements. We have high-quality personnel, technological tools, and logistical resources that you can count on to get the job done.
Payroll processing services
More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department.
Payroll processing may look simple, but the process can get complicated, especially as a business expands its manpower. A payroll accountant has to update the tax status of employees (single, married, no. of dependents, etc.) on a regular basis; monitor work activities during the payroll period (overtimes, sick leaves, vacation leaves, etc.); know which income accounts are taxable or not (de minimis, bonuses within the P30,000 limit, etc.); know the rules and regulations of relevant government agencies (BIR, SSS, PagIBIG, PhilHealth, etc.); and ensure that payroll processing and payouts are done on time to avoid employee complaints or dissatisfaction.
In some companies, payroll processing eats up a significant part of management time: The highest finance or HR officer in the company oftentimes handles management or executive payroll. But that executive has better use of his or her time than reviewing payroll. Moreover, there is the issue of confidentiality – some employees may inadvertently gain access to confidential payroll information when data is lying around during the payroll processing period.
Another issue that business owners must watch out for with regard to payroll is fraud. Since the processing of payroll is handled by just one or two trusted persons, review may not always be conducted thoroughly, thus fraud happens.
P&A Grant Thornton Outsourcing, Inc. (P&A Grant Thornton) can handle your payroll processing needs so that your management team can focus on your core business. Our team of well-experienced and properly
trained professionals can handle your payroll requirements whether you have 10 or 10,000 personnel.
In addition to the computation of employees’ pay, P&A Grant Thornton can also provide the following functions under our payroll processing services:
• Maintain bank accounts exclusively for payroll and payroll-related disbursements
• Prepare schedules of statutory and internal contributions and obligations
• File and pay statutory contributions and obligations, manually or electronically
• Annualize employees’ income tax
• Provide secure online payslips through ePay
Other special services
With our wide-ranging hands-on experience in accounting
- related tasks, we are able to service clients’ other short-term and special job
requirements, such as:
- Bank reconciliation
- Accounts reconstruction
- Data cleansing and reconciliation of receivables, payables, and other real and nominal account balances
- Inventory and fixed assets counts, summarization and reconstruction
We also assist in the preparation of schedules and documentary requirements during audits by internal and external parties, including government agencies.