Payroll Services in Bangladesh

The importance of maintaining an efficient payroll has become more important these days so is the Payroll Services in Bangladesh that are provided by our efficient Lawyers and Accountants, as businesses are growing rapidly and along with them, grows the number of employees. 

Payroll Management Services in Bangladesh takes into consideration the wages, salaries, bonuses, calculations of provident funds or profit-sharing incentives etc. along with withheld taxes which can have major legal implications if it is not handled properly. The mis-management of Payroll Management Services in Bangladesh can reflect on  employee morale directly as it directly effects their livelihood and in terms of the company itself payroll provides an insight to the fundamentals of its business as it shows the type of employees on whom the entity is spending most of its running costs. Something, so key to the survival of the company such as payroll requires the dedication of an experienced and efficient payroll wing.

Third party payroll services in Bangladesh are serving a very important role in this market. Bangladesh, with a lot of foreign direct investment over the last decade in almost all the relevant sectors had a copious number of offices established in the country be it in the form of companies or branch offices or liaison offices of foreign companies. 

Local proprietorship and partnership businesses have also grown to unprecedented levels where they are creating a lot of employment. Along with this growth, there comes some challenges in maintaining these working forces. Also, there are other labour intensive industries such as in the RMG, Agro industries etc. 

Maintaining the payroll in such offices and industries can become a challenge as this means maintaining a separate wing to this purpose. This means dedicating separate office space for this work which in this era, in such busy cities like Dhaka or Chittagong with limited commercial space could be quite expensive and challenging. Adding to this challenge is the requirement of training a group of employees for payroll specifically. Since, payroll maintenance requires constant update with the legal and taxation matters, there is constant training required to keep up to date. Also, further there is the need to be in sync with the digital age which warrants purchase of expensive technology and software. Most importantly, this is a time consuming operation and this time can be utilized by the entity for other purposes.

This is where Third Party Payroll service providers step in. Third Party providers already have the requisite set up to provide the payroll services both hardware and software wise and since they are constantly providing this service, Third Party providers are also updated to the requisite legal parameters required to provide the best services. This is why the Third Party Payroll Service providers are able to yield better and more efficient payroll services and this obviously in most cases is much more cost effective for the entity than to have in house team specifically for payroll services. 

FMA is a full service law firm in Bangladesh with a completely dedicated financial wing. FMA’s team can provide excellent payroll services as it has extensive experience in this field. FMA is currently handling some major third party payroll assignments for some of the biggest business corporations in Bangladesh with employees numbering in the Thousands. FMA is also apt at providing continuous support through out the year irrespective of how payroll is being generated i.e. weekly, monthly or yearly. FMA’s team continuously updates itself with regards to the requirements of the industry both technically and in terms of the legal and taxation knowledge mandated for the best support for payroll services. In addition, FMA ensures a continuity of its’ experts to the particular clients so that they are able to provide more compartmentalized and client specific services.

FMA also takes the matter of confidentiality extremely seriously. Since, payroll is a rather sensitive matter and demands careful preservation of the information, FMA takes extreme caution in maintaining these records even in its’ digital form. In addition to the payroll services, FMA is able to provide advice and services for all taxation related issues. Further FMA’s full legal team is able to provide any legal service required as it is able to provide services as a total one stop solution center.

All in all, as mentioned above, in this day and age it is most prudent and efficient to dole out the responsibilities of payroll to Third Party service providers. Not only does this make the best use of resources, it is one very pleasantly detailed headache not to have.