6 Payroll Strategies to Increase Efficiency
Payroll is a major liability for companies. In addition, it is also expensive in terms of cost, time, and effort. It is why companies outsource payroll in Singapore to increase their efficiency and save their resources.
Working with a professional payroll service in Singapore improves the accuracy of your payroll computations, tax filing, and promptness in keeping the deadlines. It also helps you avoid fines, penalties, etc.
Top Payroll Strategies for Singapore Companies
Here are six payroll strategies you must to follow to streamline the task and reduce stress.
1 Standard Pay Schedule
Payroll processing has many components and is an inherently complex task. Experts advise owners to streamline their payroll is to keeping it simple.
You can start by creating a standardised payroll schedule for your company. Pay all your employees on the same day. It will help you avoid duplication of efforts. It will save you time and effort.
2 Statutory Compliance
Singapore companies have to follow many statutory regulations to be compliant. It is tedious, but you have to follow each regulation in force to process your payroll correctly. You also need to keep an eye on the latest changes and implement them.
You have to be on your toes to update your financial data regularly. Use only updated payroll and employee data for accurate output. Doing this will help keep your employees happy and avoid attention to regulating agencies.
3 Go Digital, Ditch Your Paper-Files
Modern businesses rely on digitised data. It helps find info fast, easily track items/requests, make data-driven decisions, etc.
The inherent problem with using a paper-file system is that it is manual-intensive. You have to maintain a file, find it when needed, turn pages to locate the required details, and store it back in its place. It takes time, assuming you find the file in its place and it is not stolen, misplaced, or damaged.
Yes, it is time to ditch your paper filing system and go DIGITAL.
4 Automate Your Payroll
Traditional payroll processing using paper and pencil is a thing of the past. Even using Excel spreadsheets is out-of-date. If you use it, then you already know that it is highly manual and the most error-prone way of processing your company’s payroll. It is also troublesome to fully process digitised data.
The solution is to implement the latest payroll software. The digitised data, in this case, is reusable. And you can process it from many angles.
You can automate various payroll-related tasks using the software. It simplifies employee tracking, information requests, communication with employees, etc.
5 Employee Access
Traditionally, HR staff used to deal with employee requests, answer queries, pass on forms, etc. Today, they do not have time.
While implementing the latest payroll software, make sure it comes with a mobile app. Your employees can use this app to access the resources they want. They can easily check their leave balance, apply for leave, post queries to HR, etc.
Employees can also access their accounts and change their bank or home address, email address, or phone details without HR’s mediation. It reduces the paperwork and gives HR a free breathing space. Escaping these manual tasks also enables your HR staff to focus on their core goals.
6 Outsource to the Right Payroll Service in Singapore
Payroll is an essential but non-core task. It will never generate any revenue or profit for your company. This is a good enough reason for you to outsource payroll in Singapore.
Their payroll executives are well-versed in labour and tax laws. They know the latest changes in rules and can correctly apply them to calculate taxes, deductions, statutory contributions, and, ultimately, correct salaries. They may also directly deposit salaries in your employees’ registered bank accounts and generate itemised payslips for your employees.
Yes, your payroll, employee and financial data is sensitive and needs to be protected. The solution is to choose a professional provider to outsource payroll in Singapore. Ensure that they use the required tools and technologies to prevent any data breaches and are insured to cover any such incidences.
You, as a Singapore employer, cannot avoid payroll. However, you can use simple payroll strategies to streamline. Many outsource payroll in Singapore to reduce their workload and increase overall efficiency. If you want to do the same, contact us to discuss your business needs and to know our customised payroll solutions.