Why Singapore Businesses Choose Payroll Outsourcing Services
The in-house payroll function can be time-consuming and stressful. Well, you can outsource it to a third party. If you choose payroll outsourcing services carefully, you get peace of mind, save money, and happy employees.
Experienced firms offering payroll services in Singapore can help you deal with your payroll and HR processes efficiently. Their trained payroll executives generate accurate payroll and help you stay compliant. Trusting them leads to accurate net salary, tax filing, and efficiently maintained timesheets.
Outsourcing non-core tasks like payroll processing is a well-established business strategy in Singaporean companies. Those with small payroll departments use it to benefit from access to experts and efficient payroll data management. If you are still undecided, let us read a few more reasons why companies choose to outsource their payroll.
Can You Benefit from Payroll Outsourcing in Singapore?
Outsourcing payroll to a competent third party is a common trend in Singapore. By doing so, you get experts to look after your payroll management and processing. You should go for it if you are a:
Singaporean Small and Medium Enterprise (SME)
As an owner of a SME, you may not have the budget for an in-house payroll or HR activity. However, you cannot shy away from your responsibility. In Singapore, you have to pay your employees within 7 days of the end of your pay cycle. This is where a reliable payroll services provider can help you be compliant.
Startups
Experts advise startup founders to be careful when spending their budget. And only hire employees if they can generate revenue. Your payroll is a non-core task and generates no revenue. So, it makes sense to choose payroll outsourcing services to delegate the task.
Multinational Company (MNC)
If you run an MNC, you may rely on payroll outsourcing Singapore for different reasons. These payroll firms are fully capable of taking care of the payroll needs of your international employees. They learn the tax regulations that are applicable to each of your employee before calculating their salaries. You don’t have to deal with the complexities involved and can focus on growing your company.
Complex Payroll
If you run a finance, manufacturing, or healthcare company, then you will surely know how complicated it is to fulfil tough tax and payroll requirements. Outsourcing these to a provider with experience in executing payroll for such companies is not a waste of money.
New Business Owner
If you have just started a new Singaporean business, your first priority should be to get customers and generate revenue. And, as mentioned earlier, you are not going to do it by processing your payroll perfectly. Outsource it and free your time and focus.
Growing Business
If you have successfully managed to grow your business, then the chances are that you will hire more employees. It means you will need to expand your payroll department. You may have to commit more resources to the task. The alternative is to hire a payroll firm you can trust with your data and let their experts manage your compliance.
Reasons to Choose Payroll Outsourcing Services Firm
Reduce Payroll Processing Costs
Payroll cost reduction is one of the reasons why business owners choose payroll outsourcing services providers. It saves your expenses on employee salary, benefits, and incentives as you do not have to hire in-house payroll executives.
In addition, you save time and HR efforts as you do not have hire and train them. The move also enable you to reduce technology-related costs as you do not need to implement any payroll software or tool. These firm use the latest payroll software to ensure the accuracy and timeliness of your payroll.
Payroll Compliance
The payroll services in Singapore keep up with the changes in payroll rules and regulations. If needed, they send their professionals for training programs and seminars conducted by well-known payroll authorities.
Their preparedness plays a vital role in the calculation of accurate mandatory contributions like CPF, taxes, deductions and employee salaries. The use of payroll software enables them to automate various payroll processes, accommodate changes in tax rates and execute the task accurately.
They follow the payroll rules and help you avoid fines. Timely payroll compliance keeps both the IRAS officials and your employees happy. Their work is reflected in the flawless management of your human capital, which leads to a happy workplace.
Data Security
In the days of widespread hacking and ransomware attacks, you need to choose payroll outsourcing services provider to protect your business’ financial data. These professionals use the latest payroll software, firewall, antivirus tools to ensure your data security.
Trusting these firms minimises the chances of data breaches, which keeps your financial and employee data safe. In addition, they maintain your financial and employee data accurately in compliance with Singaporean laws. They regularly update the changes in your employees’ status to calculate their salaries correctly and on time.
Reassign Staff to Achieve Core Goals of Business
When you hire an experienced provider of payroll services in Singapore, it frees your staff from the HR and financial departments. You get to reassign them to achieve the business objectives.
It allows them to levearge their specific skill set, experience, and training to grow your company by focusing on strategic activities. On the other hand, your provider use their skills and experience to manage your payroll processes efficiently.
Up and Down-Scaling of Payroll Services
Payroll services firms employ a team of expert executives and accountants. These professionals know how to manage their workload to accommodate your business needs. You do not have to rush to hire employees on ad hoc basis when the workload increases and then, keep them on your payroll.
Access to the Latest Payroll Software
After hiring a payroll firm, you do not have to invest in the latest payroll software. Your provider gives you access to their software. Some even have mobile apps that you and your employees can access to communicate information.
Your employees also get to send their leave applications, check leave status, raise queries and put forward their claims. The automation drastically reduces the workload for you and your HR staff.
You save time, money, and effort by getting rid of a non-core task like payroll that generates no money for you. All you have to is choose payroll outsourcing services that can fulfil your business needs. By coing so, you get an access to the latest payroll software, streamlined payroll process, and payroll solutions customised to your needs. Contact us at info@sbsgroup.com.sg or +65-6536 0036 to know our payroll services.
Also Read: The Main Benefits of Outsourcing Payroll
