Statutory Compliance, Money Movement
We do not stop at payroll accurate and compliant calculations. We go beyond to remove from our clients the stress of statutory filing and payment as well as the payroll disbursement (subject to local restrictions and regulations).
Statutory Compliance and Filing
BSH has put in place a highly robust process across all countries to deliver:
Compliance to local statutory rules and regulations
Declarations*
Registrations* of HR events such as hire, leavers, salary changes,…
The updates of statutory regulations is an on-going process that relies on:
Subscription to EY and other partners’ statutory publications
Monthly checking of websites (every authority and every month)
Confirmation by BSH local team following monthly visits to the authorities
* Dependent on the country, declarations or registrations are performed online or in-person. Some services are excluded for specific countries
Money Movement, Disbursement Services
BSH performs bank file uploads and disbursement on behalf of clients through highly secure web-based banking services.
In addition, BSH has developed a highly automated process to eliminate human errors in raising funding requests and in disbursement to employees, authorities and third parties.
Following the client G2N sign-off followed by ‘Close payroll’ action by BSH, disbursement amounts in associated currencies (statutory and payroll) are automatically pushed to the Fund Request Engine to construct the Fund Request when generating the payment report and bank file. Reconciliation amounts from previous disbursement are automatically reconciled in the generated fund request. The fund request and bank file are automatically sent to the client under a pre-set naming convention with needed security.
Upon receipt of the fund, BSH finance releases the disbursements to the beneficiaries.
Aside from the money movement services, BSH has a disbursement service to perform the ‘first upload and audit’ of generated bank files into the client’s banking system. In this mode, clients maintain the responsibility of the final audit and release.
