Payroll accounting is essential for growing businesses. To keep good employees, you must pay them on time, and their paychecks must be accurate. You also need to deduct the right amount for their taxes and accurately pay any taxes you're responsible for. Employees also expect direct deposits into their accounts rather than paper checks.
Your payroll will become more complicated as you add more employees and benefits. If you open subsidiaries in new countries or hire employees or contractors in other countries, your payroll will become even more complex. Global payroll providers can ease the complexities.
As your company grows, payroll will be more time-consuming; however, a payroll system can also save you a significant amount of time. You can use that extra time to develop new products and services or gain new customers.
You don't necessarily need a famous payroll software, but you need an effective one. Here's a list to help you find the best payroll software for your growing Asian business.
Deel
Deel allows companies to pay employees in their preferred currency and use their preferred method. It allows for paying the entire team with one click as well as automatically calculates and considers benefits and taxes.
The cost is $49 per month per contractor hired and $599 per month per employee hired. A 50 percent discount is available for the first year for VC-backed startups with less than $10 million in funding. Enterprise pricing is available for larger companies.
Deel is available in 150 countries globally, including these Asian countries:
- The Philippines
- China
- Singapore
- Japan
- Indonesia
- Taiwan
- Malaysia
- Russia
- Cambodia
- Bangladesh
- Fiji
- Kyrgyzstan
- Uzbekistan
- Tajikistan
- Thailand
- Timor-Leste
- Australia
- New Zealand
Employment Hero
Employment Hero takes care of the details of hiring employees and paying them. It posts job announcements on crucial job boards, tracks the applications throughout the process, and develops compliant contracts. It provides automatic payroll and leave tracking solutions.
Pricing is ala carte or in bundles. A basic Human Resources only package is $7 per employee per month, with a minimum charge of $99 a month, while a full HR package is $14 a month per employee, with a minimum charge of $199, for example. Optional extras, such as a learning library, are available for an extra charge. A basic payroll only package is $4 per employee per month, and a premium payroll only package is $6 per month, both with a minimum of $100. Businesses can save some by ordering both services together.
Employment Hero is available in Australia, New Zealand, Malaysia, and Singapore. The company has announced plans to expand into Thailand, Vietnam, Indonesia, and the Philippines.
Multiplier
Multiplier provides contracts that comply with local laws and allow onboarding, paying, and managing of employees on one platform. It will enable approving payroll with a click and includes leave and expense management solutions.
Multiplier bases pricing on employee counts. Packages begin at $20 per month for only payroll services. A complete package, including payroll and hiring and onboarding for employees, starts at $40 a month for contractors and $300 a month for employees.
Multiplier operates in more than 150 countries but specializes in Southeast Asian markets.
Remote
Remote provides international payroll, benefits, taxes, and compliance. It also provides access to country-specific benefits packages. It has a remote API to allow for integration across the HR stack, and it has solutions for protecting intellectual property.
The HR package begins at $250 a month, with the first employee free, and global payroll is by quote only. For contractors, it is payroll software free. Special pricing is available for non-profits, benefit corporations, trusts, and social enterprises.
Remote is available in many Asian and Asian/Pacific countries, including:
- Australia
- Hong Kong
- Indonesia
- Malaysia
- New Zealand
- Philippines
- Singapore
- Taiwan
- Turkey
The company says it will begin serving Cambodia, Kyrgyzstan, Vietnam, Bangladesh, Japan, and Thailand sometime in 2022. It says it also plans to serve Fiji, Kazakhstan, Laos, South Korea, Tajikistan, Timor-Leste, Turkmenistan, and Uzbekistan soon.
Wallex
Wallex allows for smart, customised, low-cost payment solutions for your growing business - be it to employees, contractors or/and suppliers. The bulk payments feature can quickly pay employees in 46 supported currencies and to 180 countries. It has more than 36,000 customers and is available across Asia and globally. Its licenses and offices are in Singapore, Hong Kong, and Indonesia.
The best thing about Wallex is that prices are customised based on the size, volume and needs of the business. Unlike many global payment providers, Wallex provides every business a local dedicated Account Manager to uniquely serve them. Wallex is the only global payments provider especially tailored for companies underserved by banks, such as startups and SMEs. Wallex requires no maintenance fees and setting up an account is for free. Give it a try by signing up for Wallex here.
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