Factors to consider before choosing your payroll partner in Singapore
Let us understand why Singapore businesses hire outsource payroll services. Every business owner eventually learns how difficult it is to manage payroll processing. Paying each employee accurately after deducting the right amount of taxes and statutory contributions is complex.
Key Factors in Singapore Payroll Processing
Payroll processing requires mental focus and time unless automated using payroll software. Payroll for a remote team further adds another level of complexity to the task.
If you are new to entrepreneurship, you should try and master this task as soon as possible because payroll is your liability. And executing the task with inaccurate salaries can harm your relationship with the employees.
Before you hire a payroll partner in Singapore, list your business needs. Understand how standard payroll services by these firms can make your payroll more efficient. It will help you zero-in on the right provider for your business.
Types of Payroll Services
Depending on your needs, you can choose from different payroll services in Singapore. Local payroll services serve local businesses and foreign companies that are operating in Singapore. Then, there are global payroll providers that assist Singaporean companies in processing payroll for their foreign employees.
Payroll Processing
Outsource payroll services firms use the latest payroll software to execute your task. It drastically reduces the processing time. It eases the repetitive calculations for tax deductions and claims, mandatory contributions like CPF, workers’ levies, etc.
Many of the firms have web-based payroll services. You can save business’ financials, payroll, and employee formation on their servers. They also help you manage your employee’s time and attendance sheet.
Tax Calculations
You have to be very careful in calculating your employee tax amounts. Then, there are the right forms to fill out and submit. The chances of errors are high. Simple mistakes in this task can cost you dearly.
Payroll services in Singapore update their knowledge base whenever the labour and tax laws change. The software enables them to automate the task. It brings accuracy to their output. It eliminates the errors that eventually happen due to mental fatigue if you manually process the payroll.
Statutory Compliance
Installing a proper payroll system lets your business deal quickly with its statutory compliance. Doing so helps in complying with labour and tax laws and regulations changes. It is what you can expect from your payroll partner in Singapore. They take care of all the legal issues by helping you comply with all the requirements.
Leave Management
Employee leave management includes managing sick leaves, annual leaves, unpaid leaves, holidays, etc. It is a task in itself. Manually, it is time-consuming work. Outsource payroll services provides integrated solutions and assist you in managing the task satisfactorily for your local and remote teams.
Employee Access to Data
Traditionally, employees inform changes in their details or apply for information to HR. But today, the payroll provider gives them access to the payroll software. They can log in to change their details and get the required information about company policies, etc.
The employees can access the system from their home, office, or a traffic signal using their mobile. It drastically reduces HR work.
Outsource payroll services providers to reduce typos and create a reliable, digitised database. Most importantly, they save time and effort by enabling you to integrate payroll, time and attendance, and 3rd party payments. You can use this time to achieve core goals and grow your business.
