10 Reasons Why You Should Hire an Outsourcing Payroll Company in Singapore
Payroll is an employer’s liability. And the consequences and repercussions of failing to discharge it can be dire for your company registered in Singapore. It is why outsourcing payroll services and accounting may be an option for you.
When it comes to running a business, it is difficult to focus on each aspect, especially if you are a small business owner. Hiring a provider of payroll services in Singapore is the best way to reduce your administrative burden without sacrificing quality and compliance.
Also Read: Singapore Payroll Services
Why You Should Appoint a Singapore Payroll Company
Here are the key reasons for hiring a payroll service for your small business in Singapore.
1 More Accurate Payroll Processing
Payroll errors can cause many problems, from underpaying employees to payroll taxes not being withheld accurately. With an outsourcing payroll service company in Singapore, you don’t have to worry about making these mistakes because they will do it for you. These companies employ experts in the latest laws and regulations regarding payroll, so you can rest assured that your employees are being paid correctly.
2 Quicker Payroll Processing
If you are currently processing payroll yourself, you know how time-consuming it can be. You have to make sure all the information is entered correctly and that everything adds up before submitting it to the government. If there are any mistakes, you have to fix them and start over again.
3 Faster Filing of Payroll Taxes
With the help of payroll professionals, you can file your payroll taxes quickly and easily. The professionals will handle all the calculations for you, and it’s designed to handle all types of situations.
4 More Accurate Payroll Taxes
There are a lot of small details that need to be considered when you are filing payroll taxes on your own. For example, if an employee worked part-time for the first two weeks of the month and full-time for the last two weeks, you’ll need to manually figure out how much to withhold for the social security and Medicare taxes. It is something that a payroll service provider will do for you.
5 Lower Cost of Payroll Taxes
It is true that there are a lot of expenses associated with hiring an accountant or bookkeeper to handle your payroll taxes, but those costs are one-time expenses. The costs of using an accountant will be the same every year, and they don’t change based on your business’ revenue.
6 Avoid Mistakes
One of the biggest reasons to outsource your payroll taxes is that it helps you avoid mistakes. Payroll taxes are very complicated, and if you make a mistake, you can be subject to fines and penalties from the IRS. Hiring an accountant or bookkeeper experienced in payroll taxes will help you avoid mistakes because they know what to look for and how to handle the forms correctly.
7 Get Rid of Paperwork
The paperwork involved in payroll taxes can be overwhelming. You have to keep track of employee information, keep copies of their W-2s and file the forms correctly. If you outsource your payroll taxes, you don’t have to worry about any paperwork because your accountant or bookkeeper will handle it.
8 Save Time and Efforts
Outsourcing your payroll taxes means you will get back time that you would otherwise spend doing paperwork and filing forms with the IRAS. It can take a lot of time to file your payroll taxes, and then you have to wait for the IRAS to review them.
9 Lower Costs
Hiring an expert accounting service will cost you dearly. However, it will be worth it in the long run because they will save you money on payroll taxes. They will make sure that you pay the correct taxes and not overpay. They can also help you set up a payroll system that works best for your business.
10 Better Security
When you file your payroll taxes yourself, you have to store all of your payroll tax information in a safe place. If a fire or other disaster occurs, all of that information could be lost, and you will have to start over from scratch.
Hiring a reliable accountant services company will give you peace of mind because they will maintain all of your business’ financial and payroll tax information at a secure location, and they can help you back up the data so that it is available whenever needed.
SBS Consulting Pte Ltd is a reliable provider of customised payroll services to small businesses in Singapore. Our payroll executives can competantly execute your payroll needs and relieve you of a non-core task and the mental stress associated with it. Contact us at +65-6536 0036 or email us at info@sbsgroup.com.sg to know more about our affordable payroll packages.
