Payroll Outsourcing Services in Singapore
For any firm, managing the accounting, human resource, payroll, taxes, and other financial obligations at the same time is a complex and time-consuming affair. Many businesses still do all of these activities in-house, not realizing that such routine administrative work is getting intricate day by day, and is a big drain on their time. There are many companies in Singapore who decide to outsource the job to dedicated payroll service providers with the latest technical resources and enable their staff to add value elsewhere in the business.
Outsourcing payroll involves employing an outside agency to do the routine work of managing the salary, calculating and payment, along with other related functions. As per the Singapore Employment Act, companies need to pay exact salary to their employees in a timely manner within 7 days after the end of the salary period. Upon failure to comply with this rule, companies will either be penalized or will be held responsible for an offense under the Employment Act. Therefore, preparing and dispensing salaries in time becomes all the more important for companies. And the best way to comply with the Employment Act and still enjoy the benefits of paying your employees on time is by outsourcing your payroll Singapore services to a Payroll firm.
Why Should You Outsource Your Payroll?
Businesses often lack the knowledge, expertise and time to keep up with the constant changes in local payroll legislation. With so many rules, laws, and employee benefit program it becomes extremely challenging to process the exact salary and reimbursement of each employee. Payroll processing companies provide a wide array of reports that address the most common reporting requirements. If you outsource your company’s payroll in Singapore you could use the same staff elsewhere, reducing overall time spent on the payroll process and saving on the cost incurred on them.
Benefits of Payroll Outsourcing Services
Here are the advantages why you must outsource the payroll services of your company.
1. Time and Cost Efficiency
Outsourced payroll can be very cost effective, and offer additional operational benefits that can save time and money. In fact, cost saving is a by-product of payroll outsourcing. Most companies outsource their payroll because of the hassle it proves to be, not realizing that by outsourcing, they are actually going to save costs in the long term.
2. Complex Rules and Calculations
It can be extremely challenging to calculate the payroll of the employees considering various legislative frameworks amended by the government. Hence companies can outsource these services and save themselves from the hassle of calculating the payroll of each employee.
3. Better Reporting
Payroll outsourcing companies provide such comprehensive reports which may not be possible with your in-house payroll software may take a long time for your IT staff to figure out or develop. You can quickly get the outsourcing company to deliver specific & ad-hoc reports for your custom analysis.
4. Professional Services
Payroll outsourcing companies provide basic to complex payroll administration for businesses. They maintain individual payroll files for each employee and compute all the salary and reimbursements on time. Printed or electronic pay advice via the internet are delivered to each employee, and annual bonus, increments etc. are processed with ease.
Payroll outsourcing can save you from all the challenges of changing rules, doing individual payroll calculations and having to answer your employee's everyday questions about their payroll. You get comprehensive reports, direct access to payroll experts, and save time and money in the process. It also results in having a greater peace of mind, and more time to focus on the business. Such a wide array of benefits has convinced thousands of companies to switch to an outsourced payroll solution.
So, what are you waiting for? Look for a good payroll outsourcing firm, and get started today!
Business Setup Worldwide offers the following payroll outsourcing services:
- Support your entire employee payroll life-cycle, from their date of joining to exit
- Lowering risk pertaining to compliance and penalties
- Processing monthly salaries
- Processing reimbursement and arrears
If you are looking for payroll services for your company, contact us today – we’d be happy to assist.