Setting up a Company - accord HRM

Getting Started

How to setup a Company Profile?

To setup a Company Profile:

  • Select “Create Company”
  • You will be redirected to the “Company Creation Wizard” – an eight-step process to create a company.
  • All the information with (*) sign is mandatory that must be filled in.
  • After providing all the information, click “Save” to complete the process.

What is the information required to setup a Company?

Following details are required to setup a Company:

  • In the Overview tab fill up the required company information.
  • In the Tax Info tab, fill in the TIN, Tax Zone, Tax Circle and BIN of the company. The company’s TIN and BIN certificate can also be uploaded here.
  • In the Department tab, fill in the detailed department structure applicable for the company.
  • In the Job Positions tab, fill in the detailed job structure applicable for the company.
  • In the Work locations tab assign the work locations applicable for the company.
  • In the Tax Settings tab, determine the allowable tax credit by selecting either maximum or actual investment as per company policy. For more information regarding the tax settings refer to Setting up a Company Q1.
  • In the Salary Settings tabselect the Fixed Benefits, Variable Benefits and the applicable deductions for the organization.
  • In the PF Settings tabfill in the required Provident fund settings if applicable for the organization.
  • Click “Finish” once the process is complete.

*Please note that if the Company creation process is not complete, the progress can be saved and can be resumed later.

Which forms and documents need to be uploaded to setup a Company?

  • Name of the Company
  • Name of Contact Person
  • Email of Contact Person
  • Phone Number
  • Company Logo
  • Company Address
  • e-Tin
  • BIN

Tax Settings in the Company Creation Wizard explained.

Tax Settings is the sixth step in the Company Creation Wizard. After the company creation information can always be accessed and edited in the “Settings” from the Dashboard. Below are the areas of customization that are available.

Treatment of investment allowance

An employee shall be entitled to a credit from the amount of tax payable if he/she invests during the income year in certain schemes. The eligible investment amount will be the lesser of:

  1. Actual investment made
  2. 25% of total income
  3. Tk. 10,000,000

Select “Assume maximum investment based on employee Total Taxable Income” or “Assume actual investment” as per company policy to determine the allowable tax credit.

Selection of tax area

Selection of “Tax Area” in Tax Settings will ensure correct selection minimum tax based on the Tax Areas.

The Minimum Tax of the following areas are:

  1. Areas falling in Dhaka City Corporation (North and South)- BDT 5,000
  2. Chattogram City Corporation – BDT 5,000
  3. Other City Corporation – BDT 4,000
  4. Areas outside of the City Corporations – BDT 3,000

How to setup fixed benefit(s) under Salary Settings in the Company Creation Wizard?

To setup the fixed benefit(s); please follow the steps below:

  • Navigate to Company Dashboard>Company Settings>Salary Settings.

The fixed benefits are:

Regular Benefits:

Regular Benefits consists of Basic Salary, House Rent Allowance, Conveyance Allowance and Medical Allowance.

Except for Basic Salary these benefits can be turned on/off depending on the company policy.

Non-Cash Benefit:

As per company policy if applicable;

  • Turn on/off Rent-free accommodation
  • Turn on/off Conveyance for personal/private use.

Other Monthly Benefits – Taxable:

As per company policy if applicable;

  • Click “Add” to include Other Monthly Taxable benefits.

Other Monthly Benefits – Non-Taxable:

As per company policy if applicable;

  • Click “Add” to include Other Monthly Non-Taxable benefits.

How to setup variable benefit(s) under Company Settings in the Company Creation Wizard?

To setup the variable benefit(s); please follow the steps below:

  • Navigate to Company Dashboard>Company Settings>Salary Settings.

The variable benefits are:

Variable Benefits – Taxable:

As per company policy if applicable;

  • Turn on/off “Medical Reimbursement”
  • Click “Add” to include any taxable adhoc allowance.
  • Set tax treatment for the benefit from the dropdown menu.

Variable Benefits – Non-Taxable:

As per company policy if applicable;

  • Turn on/off “Loan/Advance”
  • Click “Add” to include any non-taxable adhoc allowance.

How to setup deduction(s) under Company Settings in the Company Creation Wizard?

To setup the deduction(s); please follow the steps below:

  • Navigate to Company Dashboard>Company Settings>Salary Settings.

The deduction(s) are:

Fixed Deductions:

As per company policy if applicable;

  • Click “Add” to include any applicable other post-gross deductions.

Variable Deductions:

  • Turn on/off “Advance Income Tax”
  • Click “Add” to include any applicable pre-gross salary deductions.
  • Click “Add” to include any applicable other post-gross deductions.

Can we import data from excel to complete a Company setup?

Initial setup for company requires an eight-step process to be completed. Further information can be uploaded via excel after company setup is complete.

Can an agent setup multiple company?

Yes, an agent can setup multiple companies subject to the package subscribed. Kindly contact sales@accordhrm.com for further details.