We are pleased to introduce the range of BPO services offered by RSM Outsourcing (Malaysia) Sdn Bhd which are:
- Payroll Outsourcing
- Staff Placement Services
- Outsourced accounting and GST accounting services
Staff Placement Services
Placement of experienced accounting professionals in your finance department for a specific period of time.
A placement may be advisable under the following situations:
- Your current finance staff are facing peak periods (e.g. annual budgeting) and require a temporary helping hand;
- Your current finance staff are required to participate in special projects (such as system migration, participation of a merger / listing exercise) and may not be able to focus fully on their routine functions;
- Your current finance staff are on long leave of absence / temporary re-assignment; and
- Existence of backlog accounting work which current finance staff are unable to spend time to resolve, such as huge unidentified suspense, clearing, other debtors and creditors account balances, credit statement or bank reconciliation, backlog accounts; etc.
- huge unidentified and unmatched trade spend and good returns,
- long outstanding and accumulated suspense, clearing, other debtors and creditors account balances,
- backlog credit statement or bank reconciliation as well as full set of accounts.
Benefits of staff placement services
- Your current staff can focus on task at hand while our experienced professionals work on the carved out portion of backlogs or routine work hence ensuring quality of work at both ends;
- Address the excess workload of your current staff which is a key factor causing staff turnover;
- Outsourcing offers additional and flexible resource at flexible cost structure; and
- Relieving your organisation from the effort in recruiting and retaining staff.
- You may even have the option to buy over the staff at end of placement period.
ACCOUNTING, FINANCE AND GST MAINTENANCE SERVICES
Accounting and Finance Services
1: Setting up chart of accounts
2: Book keeping and preparation of full set of accounts
3: Preparation of reporting package with specified requirements, if any.
4: Bank reconciliation
5: Maintenance of accounts receivables
6: Maintenance of accounts payable
7: Reconciliation of debtors’ statements, creditors’ statements, inter-company statements etc.
8: Bank maintenance – preparation of payments (including via online banking) and monitoring of cash flow
9: Cash flow projection
10: Profit/Loss projection and budgeting
11: Provisional tax computation for calculating tax estimates
12: Backlog accounting/reconstructing accounts from incomplete records
13: Recommendation, where possible, for implementation of internal controls for check and balance of accounting information
14: Preparation of the year-end financial statements, notes to the accounts and supporting schedules for external audit purposes and attending to auditor's queries
15: Preparation of accounting information required by tax agent and attending to tax agent's queries
16: Preparation of statutory financial statements in compliance with the Malaysian Financial Reporting Standards/Private Entity Reporting Standards
17: GST Accounting Tutorial
Outsourced accounting and GST accounting services
Under the Goods and Services Tax Act, 2014, businesses with taxable supply (i.e. turnover) exceeding RM500,000 in the current month and the preceding 11 months or projected to have taxable supply exceeding RM500,000 in the current month and the next 11 months, are required to be registered as a taxable person with the Royal Malaysian Customs (RMC). The registered person is required to file periodic GST returns and claim GST refund or pay GST accordingly.
At RSM Outsourcing (Malaysia) Sdn Bhd, we undertake this function on your behalf by providing the following services:-
1: GST Registration
2: Classifying all purchases/expenses and sales/income according to the tax codes required by RMC
3: Preparation of supporting schedule to substantiate figures submitted in the GST return forms
4: Reconciliation of GST figures in the supporting schedules to the financial accounts
5: Preparation and submission of GST return forms on your behalf
6: Payment of GST, if any on your behalf.
Notable accounting assignments:
- Assisted a reputable skin care retail chain with stores across Klang Valley in improving its financial reporting, cash management and inventory control processes
- Provide accounting office support including financial reporting, petty cash and bank account operations, attendance at stock count etc to a Sepang site office of a MNC turnkey contractor involved in KLIA 2 project whereby our services were rendered from Kuala Lumpur
- Undertake the entire accounting function of an international branding consulting firm including invoicing, cash forecasting, bank accounts maintenance, financial reporting and analysis
Timely and accurate payroll deliveries have a significant impact on employees’ morale and performance level. As this critical process may not give your company a competitive advantage, it is the ideal activity to be outsourced as resources needed for a full-fledged payroll function may not justify its benefits.
Signs you need to outsource your payroll function
1: You know payroll processing is important but do not add any value to your organisation
2: Too much time is spent on payroll processing
3: Keeping up with the latest procedures from various government agencies is becoming time consuming and complex
4: Investing and maintaining software or hardware just to process payroll is not justifiable
RSM Outsourcing (Malaysia) Sdn Bhd payroll team is fully equipped with the expertise and experience to manage your payroll function. We have the people, standard operating procedures, technology, experience and knowledge to deliver comprehensive, accurate and timely payroll services to our clients.
Our service delivery model is tailored to suit your organisational structure and requirements. No payroll is too big or too small for us. We are ever-ready and confident to step up and deliver.
We emphasise on privacy and confidentiality. We maintain appropriate security controls to protect your information at all times
Our Services for Payroll Administration includes:
Initial set-up stage/migration from existing systems
- Providing relevant advice to employers on hiring practices and applicable legislation in our capacity as payroll specialists
- Registering employers and employees with the relevant authorities such as Employee Provident Fund, SOCSO and Inland Revenue Board
- Set-up new /migrating existing employee personal data and payroll files
- Processing monthly payroll calculations including pay revisions and bonuses
- Disbursement of salary to employees via electronic banking facilities
- Preparation and submission of periodic statutory returns (Income Tax, EPF, SOCSO, HRDF, Tabung Haji, etc)
- Issuing payslips (pre-sealed envelope payslip or epayslip via internet)
- Providing payroll reports for management's review
- Administering new hires/termination
- Prepare and apply for new EPF/SOCSO membership and notify employment details of existing accounts
- Notify IRB of new employee/apply for individual income tax file number
Annual compliance processes
- Provide payroll Statutory Compliance Services such as preparation of annual tax forms for employers’ and employees’ annual tax filing
- Assist in computing back log salaries, allowances and all statutory computations
- Drafting of employee handbooks
Benefits of payroll outsourcing:
Instead of incurring cost for your own payroll department, outsourcing allows cost sharing of a routine but vital function with many other businesses. Apart from basic salaries, overtime, bonus and other less apparent staff related expenses, other expenses saved would include recruiting, training, medical benefits, staff amenities etc.
Removal of unforeseen contingency that could disrupt payroll operations
Payroll is one of the most vital processes in any organisation and yet it is carried out by a few selected staff; should there be any anticipated (e.g. maternity leave) or unanticipated (e.g. personal accident, family bereavement) incident that befalls on the few staff, there could be disruption to the payroll processes. Outsourcing your payroll function would remove the impact of such contingencies.
Better usage of your time
Instead of spending time managing a support function, your staff would be able to focus on value-added activities to contribute to your revenue.
Our payroll professionals represent an external point of your payroll process that facilitates segregation of duty hence strengthening your internal control.
Able to comply with latest development in payroll IT solutions without direct investment in new or upgrades in hardware and software
Outsourcing frees your financial resources to be allocated to other areas while you remain competitive and relevant as payroll technology advances
No headache in keeping track and making relevant process changes to cope with legislation changes
Our payroll professionals will keep you updated with the latest relevant legislation changes and ensure full compliance hence removing the risks and penalties of non-compliance
Notable payroll assignments:
- Assisted a reputable institution in re-computing two years of erroneous Employee Provident Fund contribution and making good the contribution shortfall
- Re-work calculations of the entire years’ salary, allowances and statutory contributions of a sizeable manufacturing concern
Mr. Yong Kam Fei & Mr. Lee Wee Tak
5th Floor, Penthouse, Wisma RKT, Block A, No.2, Jalan Raja Abdullah, Off Jalan Sultan Ismail, 50300 Kuala Lumpur, Malaysia