A E Y Accounting LLC Services
Payroll services in UAE is the recording and management of compensation and taxation of employees. Since it is not only about salaries but also involves the financial records. Notably, it regards employees’ work history, including deductions, overtime, bonuses, taxes, and more. Moreover, it is a significant duty of any organization to keep the up-to-date payroll of your company.
The tax-free environment and friendly business environment have encouraged many companies to either move base or establish a branch in UAE. Something well honored like A E Y Accounting LLC to deliver effective payroll services.
Payroll procedure in a tax-free economy is not a piece of cake as it seems. The diverse nationalities and the continuously changing local compliances make payroll a complex process.
Moreover, an accurate documented payroll operation has become essential for all the companies operating in the UAE. It happened after the execution of the wage protection system as announced by the Ministry of Labor in UAE. This change has led many firms to find professional and expert support from payroll services, either on-shore or off-shore.
Provide payroll services in UAE
While you are processing across borders and have a team of international workforce, your company need an effective plan and scrutiny. As a result, you both can completely follow HR policies and procedures. You can comply with the requirement of local regulations.
The penalty is fines or a ban from applying for a new work permit. Notably, companies that are not complying will face the risk of legal penalties. Due to it, they may face severe damage to your established reputation.
With our highly professional experts, A E Y Accounting LLC can significantly manage your end-to-end payroll.
We are always ahead to provide best accounting services to you.
Services we offer
We offer a wide range of payroll services in UAE, which includes below but is not limited to only these:
Firstly, prepare reports according to standards, such as gross to net, gratuity accruals, variance, and pay slips.
Secondly, manage the secure way of salary delivery using different currency payments.
Thirdly, Completely comply with labor registration in all GCC countries and the Wage Protection System in UAE.
Moreover, we incorporate complicated interface data. Hence, providing a flexible system consistent with any HR software and applications.
We provide refined and sophisticated pay slip distributions. Therefore, staff can access their existing and prior payslips anytime, using private login data and a personal portal.
Further, count the provision for end of services advantages and vacation leave authorization.
Make customized templates for internal and external submission.
Above all, with expertise of payroll services in UAE, we construct a journal entry itemized and summarized inflexible file format report. It can automatically interface this into the company’s accounting system. We set it according to the demands of your accounting department.
Wages protection system
In 2009, the UAE introduced an electronic salary transfer system that allows firms and businesses to pay workers’ wages through banks, and Central Bank allowed and approved financial institutions.
The Central Bank of UAE and the Ministry of Labor developed Wage Protection System to assure payment of wages is complete and through a database. Firms that do not implement this process will face penalties and fines. In addition, it will discriminate against them to get work permits.
To get involved in this system, companies must select at least one or more banks or agents licensed by the Central Bank. Once the allowed bank of an organization receives the wages, it delivers a notification to the Wage Protection System. The system sends details of workers and salaries and the payment transfer instructions electronically to the Central Bank of the UAE, which will forward all those data to the Ministry of Labor database to assure that the received details
correspond with those registered with the Ministry. The system will then approve data to the appointed person so wage payment can get started.
The WPS covers all companies and institutions that have their workers registered with the Ministry of Labor across all industries and will be helpful to various types of labor.
A E Y Accounting LLC can deliver complete payroll management and provide adequate services to our clients. In addition, we offer services according to clients’ needs, independent of their size, several employees, and complexities.