How To Find The Right Payroll Services in Singapore For Your Specific Service?
You have to be careful about how you choose right payroll services for your business. Selecting one blindly will only add to your frustration. It may harm your brand. It may flip the relationship between you and your employees. Worse, you may be penalised or fined for violating the rules.
Why outsource payroll?
You can either process your payroll in-house or outsource it to a third-party payroll services provider.
In-house Payroll
In-house payroll setup is costly. You have to bear the expenses of salary, employee benefits, computers, and software. Hiring, training, and firing employees add to your workload and stress.
The alternative, hiring payroll services for specific products, really works for companies with a large and fluctuating head count.
Setting up a payroll system for you
These firms employ experts with the latest knowledge about labour and payroll rules changes. It enables them to set up your payroll system correctly.
They ensure that all your payments, including an employee’s basic salary, are correctly calculated and go to the right places.
Itemised payslip
Employees like to be informed that their salary has been processed. They also want payslips. Keeping with the law, these firms provide them with itemised payslips giving details of each component.
Access to data
Many payroll services Singapore provides online payroll portals or mobile apps. Your employees can use these to access and update their details on the server. They do not have to wait or depend on your HR staff to do so.
What is payroll outsourcing?
Payroll services Singapore can calculate salary, bonuses, taxes, and statutory contributions. They can deposit the accurate salary into your employee’s registered bank account and file taxes.
Depending on your business needs, they can also deliver payroll services for specific products. In addition, payroll outsourcing Singapore is an affordable option over a long period. They automate payroll tasks using the latest software.
What do payroll services Singapore deliver?
You can go to payroll firms for different services. The most common ones are listed below:
- Calculate benefits, bonuses, pay, etc
- Deduct taxes
- Calculate statutory contributions
- Employee payments
- Prepare and send itemised payslips
- Tax filing with IRAS
- Maintaining payroll & employee records
How to Choose Right Payroll Services Firm?
Payroll is one of the liabilities of your business. And as per the Employment Act of Singapore, you must pay your employees within 7 days from the end of your pay cycle. It is of vital importance to do so accurately and promptly.
To choose right payroll services for specific product or full services, follow the tips below.
Tailor-made payroll services
Discuss your business’ needs with the payroll provider and know their basic package. It will tell you if you need extra services and how much they will cost. They will then be able to customise their solutions to fulfil your needs.
You may also need to handle a few lightweight payroll tasks in-house, and the provider will do the heavy stuff, like calculations. Pay for what you get. Ensure that there are no hidden costs involved.
Update employee details regularly
During the discussion, ask the provider about their processes to check and update employee details. Updating an employee’s status whenever there are changes is an important payroll task.
Employees get transferred and promoted. Changes in an employee’s grade, role, or location can affect the statutory deductions, taxes, and final pay. A change of location may also mean the need to apply different legal rules.
Data Security
Today, hackers are on the prowl. They either steal your valuable data and sell it online or deny you access to it. Such an incidence can compromise the privacy of your data. Either way, you end up on the losing side.
You need to ask your payroll provider about the measures they have in place to protect your business’ financial, payroll and employee data. Ask them about the internal processes, technologies and software tools they use to keep your data safe and secure.
Firms that know your industry & niche
There are many payroll services in Singapore. However, choosing the right payroll services for your business is crucial.
Search for a firm which has served clients’ from your industry and niche. They will come prepared as they will have a general idea about how your niche works and the payroll challenges they can help you with.
Hiring a provider that knows your payroll difficulties is beneficial. It will reduce your workload and stress drastically. They will be able to operate independently without too much of your supervision.
A provider you know
Each corporate services provider operates in their way. So hiring someone you know and are familiar with their work ethic and flow make sense. Ask your bookkeeping and accounting services firm whether they also provide payroll services.
Automate payroll task
You do not have to outsource all of your payroll activities. Think of automating easy tasks using the latest payroll software. This way, you will not pay expert fees for executing basic tasks.
As a business owner, you should entirely focus on achieving its core goals. You get enough time for it if you choose right payroll services firm. The move saves you time and effort. You get to use your limited time judiciously to grow your business.
