Singapore Payroll Services
SBS Consulting offers you comprehensive Singapore payroll services that are unique and come without any hidden costs. Contact us if your in-house payroll setup is eating away into your resources. We can answer your most-pressing payroll-related queries and assist in taking care of your business needs by rendering customized payroll solution.
When you outsource payroll services in Singapore, you are essentially getting rid of a non-core administrative task to one of the payroll service providers. Ultimately, it frees time which you can use to concentrate better on business’ core competencies without worrying about compliance and well-being of your human resource. So, it makes sense to get expert assistance from an experienced payroll service provider in Singapore, when you need it most.
SBS uses the latest cloud-based payroll software for accurate keying-in and processing of your payroll data. Some of these tools come with features like project costing and offers mobile apps that employees can use to access their payroll data. As one of the reliable payroll services providers, we ensure hassle-free compliance with the regulations of the Singapore Employment Act.
Must Read: 10 reasons to outsource Singapore payroll services
Outsourced Payroll Services Singapore
SBS Consulting has successfully rendered invaluable consultation and support for payroll services to Singapore-based SMEs for the past several years. Our range of payroll solutions to you includes;
- Handling complex payroll account
- Processing payment instructions
- salary calculation, necessary payroll taxes, deductions and tax reporting
- Filing bank payments
- Preparing electronic itemized payslips, online and hard-copy
- Statutory payroll reports
Hire Payroll Services in Singapore for Timely Payday
Singapore is an important business destination in Asia Pacific for starting a small business, which increases the significance of payroll service in Singapore. It is just and at the same time, strict with the implementation of laws. As per its employment laws, you, as a Singapore company owner, need to pay your employees within 7 days after the end of your salary period.
Failure to comply with this rule means that the employer will be held responsible for and penalized for the lapse by the Inland Revenue Authority of Singapore (IRAS).
Therefore, the onus is on the companies to plan and initiate the payroll processes and calculate accurate gross to net salary for each employee. They cannot postpone it, as the payroll is one of their significant liabilities. They need to find the right provider of HR services or payroll agency and discharge it promptly. Employees paid on time are happy human capital. Employ one of the best accounting firms specializing in payroll to do the task for you. As one of the leading payroll service provider in Singapore, SBS Consulting takes care of timely and accurate payments for your business.
Has Auto-Inclusion Scheme (AIS) Added to the Employer’s Burden?
Under the Auto-Inclusion Scheme (AIS) for Employment Income, you, as an AIS employer, must submit your employees’ employment income to IRAS electronically. A few individuals have a misconception that it is easy to take care of the payroll computation, additional components like employee benefits, government remittance or contributions like CPF and levies, tax filing requirements, or generating confidential pay slips for the company’s employees.
However, updating the time-attendance sheet, handling payroll issues and claims in keeping with the company policies, the local legislation governing tax laws and statutory requirements is time-consuming. And you have to invest in the latest payroll software to automate the task. It costs you valuable time and the services of well trained professionals.
Maintaining a payroll ledger, employees’ personal data and payroll information securely are also one of the most important tasks. When new employees join your company, you need ask them to file required documents and update HR payroll data.And when an existing one leaves your company, you need to initiate processes for taking care of tax clerance and CPF refund.
All in all, payroll processing is a thankless job that, if something goes wrong, can harm the company’s brand image and relationship with its employees. It is why Singaporean small business owners, Pte Ltd companies and many SMEs choose payroll outsourcing services and pay the necessary costs to acquire their wide range of solutions.
Payroll is Time-Consuming and Costly!
If you still process your small business’ payroll in-house, then you already know that it costs. The resources and infrastructure for it add to your operational costs and wastes your HR staff’s valuable time.
It is why hiring one of the best payroll services providers is the efficient way to comply with the Employment Act and continue to enjoy the benefits of paying your human resource on time.
SBS Consulting, with its affordable services and customized solutions, is the right payroll service provider for getting the work done satisfactorily. We use the latest payroll system to deliver tailor-made payroll services in Singapore to many small and medium enterprises and big companies.
Why Outsource Your Process to a Payroll Management Services Singapore
Gone are the days when payroll was just about paying employees of your small business. In the modern business environment, crucial accounting tasks like payroll processing have become very complicated. To do it in-house, you need well trained payroll specialists, resources like the latest payroll software, and long hours.
Rather, you should search for and appoint an experienced payroll provider. You can choose from the best bookkeeping services, accounting services, a professional employer organization, or HR services providers that offer the complete suite of payroll management services.
When you outsource payroll service in Singapore, it allows you to reassign your team of experienced professionals to execute core business goals. It means you have more time to retain existing customers, convince new customers, establish stronger relations with your suppliers, develop an effective marketing campaign, market research, or achieve current business goals and objectives.
Benefits of Hiring Third-Party Payroll Outsourcing Services in Singapore
- Our end-to-end payroll services include adjustments, overtime, and other variables
- Employees can access the electronic payslips
- Peace of mind as our all-inclusive payroll service ensures your statutory compliance
- Access to year-end support for payroll tax compliance, including IR8A/S, is an inherent part of our service
- Access to real-time payroll management and real-time report generation
- Assurance to stay updated with legislative changes and statutory reporting requirements
- Assurance of confidentiality
- No need to invest in a costly payroll system or on training employees to use it
- Save on unnecessary expenses of recruiting dedicated in-house payroll specialists
- Use saved time and resources for your core revenue-generating activities and to increase the productivity of your business in a cost-efficient manner
How SBS Consulting Helps in Processing Your Payroll Singapore
After you engage SBS Consulting as your Singapore payroll service provider, we will assign an accounts manager from our team to you. The appointee will work with you to address your payroll needs and provide professional advice to process payroll as per existing policies and practices.
SBS Consulting is widely acclaimed as one of the best payroll services in Singapore. The firm provides key services and takes care of all of your business’ payroll needs from start to finish and beyond. We will provide you with expert Singapore payroll services in compliance with the rules and regulations. Contact us to discuss your payroll requirements with us or to get more information on our wide variety of corporate services.
FAQ’s
Businesses waste limited time and resources when they process their payroll in-house manually or using a desktop or online payroll solutions. Many Singaporean companies opt for payroll outsourcing Singapore.
Your chosen provider of payroll services in Singapore then takes care of your company's payroll. They use job titles, pay rates, time-sheet to compute salary, benefits, statutory contributions, taxes, and loans for each of your employees.
They also prepare itemized payslips for each employee and statutory payroll reports for the management. They keep you updated on Singapore payroll laws and Employment Act changes.
They ensure your company's employees are paid correctly at the end of each pay cycle. Doing so relieves you from doing this non-core but important administrative task. You can use the freed time, money and mental space to work on the core and profit-making goals of the company.
After you opt for payroll outsourcing Singapore and hires a reliable provider, they expect employee data from you. The details like job titles and grade, pay rates, taxes, hire date, age, and benefits come in handy to them at the time of payroll processing.
In Singapore CPF rates and, consequently, contribution amount depends on the age of the employee.
While processing your payroll, these agencies:
- Calculate Salaries, benefits and reimbursements
- Calculate and deduct taxes
- Calculate and deposit statutory contributions
- Calculate other deductions
- File and pay taxes
- Transfer online or deposit salaries in employee's registered bank account
- Prepare payroll reports and maintain payroll records
Some of the providers of payroll services in Singapore offer full payroll services and manage your payroll from start to finish. In this case, you need to submit your time-sheet, business and employee data to them. You also need to be prompt in informing them about the changes in a worker's employment terms and tax status. These services, naturally, cost more.
On the other hand, you can also hire a provider of payroll services in Singapore for partial services. They do complex payroll tasks like salary, taxes, contributions and other deductions. However, you need to take care of basic payroll administration like maintaining time-sheet like recording time, attendance, and maintaining employee data.
In reality, you need to take stock of your business' payroll needs and choose the provider most suitable to you.
Opting for payroll outsourcing Singapore is a simple way of eliminating non-core administrative tasks for you. It also enables you to enjoy stress-free quality time. Or, you can use the freed resources to take care of the most important tasks of your business.
Startup SG Equality: It is an investment fund under which government and private investors co-invest in startups.
Experience: Accurate payroll processing needs knowledge of its administrative and regulatory requirements. The right provider of payroll services in Singapore can fulfil this requirement for you. They are well-versed with the latest changes in their field and expertly help you avoid financial penalties or harm to your brand image.
Increased Efficiency: Payroll processing is a time-consuming and resource-heavy task. It is also costly and exhausting. The best payroll service provider in Singapore has the infrastructure to take care of it. They use the latest payroll software and efficient processes to execute your payroll.
The providers are also proficient in executing the payroll. It is how they earn their bread and butter. They streamline your pay cycle and also makes the task affordable to you. They try to make each of your payday successful.
Data Security: You need to trust your provider with business' financial transactions, bank details, and employee's personal data. Some business owners avoid doing so for fear of data leak. However, the firms offering payroll services in Singapore operate at a professional level. They take steps to prevent a potential data breach.
Scalable Services: The companies providing payroll services in Singapore can customise their packages to fulfil your business’ specific needs. Their experts can scale up and down their services to you whenever the need arises.
The cost of payroll outsourcing Singapore depends on whether you need full-scale or partial payroll services. Your preference for a provider of payroll services in Singapore can also impact the cost.
If you are a new company, you will need to pay one time charges for a payroll setup fee, bank GIRO setup fee and PF Account Application. And then, you will need to consider fees for the monthly payroll services, monthly GIRO payments, preparation of IR8A and IR21, etc.
SBS Consulting Pte Ltd provides payroll services in Singapore. You can use their fees as a reference:
| Services | Fees | For |
| Monthly payroll retainer - Minimum 10 Employees | S$400* | Monthly |
| Monthly payroll retainer - from 11th employee onwards | S$20* | Per Person |
| IR21 (Manual and e-submission) | S$250* | Per Person |
| IR8A pre-sealed envelope | S$3* | Per IR8A envelope |
| IR8S and CPF capping | S$3* | Per person |
| Appendix 8A (Housing benefits) | Minimum S$200* | Per person |
*All prices exclusive of 9% GST (Goods and Services Tax)
Payroll is the liability for every Singapore employer. As per Employment Act, they have to discharge it within 7 days of the end of their current pay cycle.
The payroll processor has to comply with the statutory regulations and still has to ensure that the calculations are accurate and paydays are successful each time.
However, payroll processing takes a huge amount of time and resources. After all, it is a record of the salaries and wages paid, bonus amount disbursed, net pay, and tax deducted for the employees.
Many business owners prefer payroll outsourcing Singapore. Doing so help them:
Save time: The payroll data is highly specific to each employee. It is why processing takes time. Payroll is a non-core task. Outsourcing it to a provider of payroll services in Singapore saves you time.
Reduce costs: The provider renders expert and timely payroll services. It means you do not have to pay any fines or penalties or suffer because of late or inaccurate filing. They produce accurate results, which means that you are no more overpaying any employee.
Payroll Software: The providers use the latest payroll software to do your payroll. You do not have to invest in it. By paying affordable fees, you get access to experts, processes, and cutting-edge technology.
Security: If payroll outsourcing Singapore worries you, then you need to know that doing your payroll in-house can also be risky. There are numerous examples of Identity theft, embezzlement, misuse of funds and info.
Payroll services providers in Singapore are professionals. They invest in systems to prevent data breaches and keep your financial and employee data safe.
Statutory compliance: The payroll is employer's liability. And you have to do it accurately. Payroll mistakes, errors, or omissions can really hurt your relationship with employees and can get you penalised. It can also hurt your brand image.
