On average, half of a person's wakefulness is spent on work, so it would be desirable for them to be able to pay some kind of compensation to themselves as an entrepreneur or to their employees. For this reason alone, for a rational comparison, we have made a salary payment feature in the service together with Palkkaus.fi (Suomen Palkanenta Oy). In the future, the payment of wages and the necessary notifications to the authorities, as well as accounting entries made on the basis of the salary paid, will be processed automatically from one place.
Payroll and NOCFO in a nutshell
Payroll and the necessary accounting entries require only a few steps.
1. Include yourself as an entrepreneur or your employee who is paid a salary
2. Pay salary and possible surcharges
3. Once the debit is made from your account and you have connected your bank to NOCFO, we will make a login proposal that you just have to accept. We will also automatically add a receipt for the payment of wages to the transaction.
What accounts and notifications does the service handle for you?
After the salary payment, Suomen Palkanlasenta Oy manages net wages accounting on the basis of wages paid. At the same time, the service makes the necessary notifications to the authorities. To the Incomes Register The service automatically makes a salary information declaration within five days of the salary payment, as well as a possible No payroll payment notification if the employer is included in the Employer Register. For the Tax Administration are sent payroll withholdings and employer's health insurance contribution.
Based on Incomes Register notifications TYELcompany (if the company is subject to TYEL) sends the invoice to the company about a month after the salary payment automatically. Similarly Employment Fund (TVR) bills the company based on quarterly filings for TVR payments.
More useful information on hiring and payroll can be read From the Palkkaus.fi website.