Why Outsource Payroll Services in Singapore?



 Every Singapore company has to pay its employees within 7 days of the end of their pay cycle. Payroll is their liability. Ignoring the provisions of the Employment Act means asking for hefty punishments. It is why both large and small companies hire outsource payrollservices in Singapore.


Who Provides Payroll Services in Singapore


In a traditional company, its HR or accounts department handles payroll processing. However, modern companies are outsourcing the task to payroll services providers. Most of the time, the providers also do the company's accounting, taxation and auditing.


What do You Get Under Payroll Services?


When you outsource payroll services in Singapore, you can expect the following services from your provider:


  • Maintain employee data

  • Prepare and send the Itemised payslips to employees

  • Calculate salary, overtime, incentive/commission, bonus, statutory deductions like CPF and levies

  • Manage employees' savings, loans, & deductions

  • Set up CPF/GIRO account

  • Monthly CPF filing

  • Salary disbursement using cash/cheque/bank transfer

  • Preparation and distribution of itemised payslips

  • Timesheet and leave management

  • Manage employee benefits

  • E-submit an employee's Form IR8A to IRAS under Auto-Inclusive Scheme (AIS)

  • E-submit Form IR21 (departing foreign employees) to IRAS

  • Track changes in salary: increments and other variables

  • Comply with MOM's rules & clients' payroll policies

  • Keep employees' data confidential


Why Outsource to Payroll Services in Singapore


The payroll executors need to pay attention to many components, which makes the task complex and time-consuming. Small businesses generally assign a staff member to it.


If they are lucky, they have a passing familiarity with payroll. It increases the chances of mistakes. On the other hand, they don't get to practice their main skill set.


Outsourcing the task to payroll services providers gets you to access to experts. They have updated knowledge of changes in payroll rules. They are used for payroll processing. You get to assign your staff to the core goals of the company.


When to Hire Payroll Services in Singapore?


Modern businesses, even the new ones, employ outsource payroll services inSingapore. They want to focus on their core goals. If you have not done so yet, here are factors you should consider:


Number of Employees

If you have a small number of employees, switch to payroll services. In-house payroll is costly. You pay for the payroll software, office space, computers, etc. You also pay for salary, benefits, paid leaves, etc. The cost/head is high.


Remove Distraction

If your payroll processing is distracting you from generating revenue, it is time to outsource it. It especially happens to sole business owners. They need to multitask to stay afloat. They cannot give time to the payroll. Hiring a reliable payroll services firm totally works for them.


Questions You Must Ask the Payroll Services Firm


  • What is your basic payroll package?

  • How much it costs?

  • Does the cost rises depending on the employee number?

  • Do you provide additional services?

  • Are there any hidden costs?

  • What do you do to secure your clients' data?

  • Will you give us the names of your regular clients?

  • How fast can you generate reports for us?

  • Which communication modes do you use?

  • Do you process yearly tax clearance for foreign employees?


Outsource payroll services in Singapore saves you time and money. They take care of the preparation of reports and your compliance. It is why they are popular. Please message us at info@sbsgroup.com.sg or call us at +65-6536 0036 to discuss your payroll needs with our experts.

Comments

Post a Comment

Be nice words while commenting

Popular posts from this blog

Why Should You Invest in Payroll Outsourcing Services

Image
Yes, you can indeed reduce the overhead costs by hiring a reliable payroll outsourcing services firm. They ensure that your employees are paid on time. They follow the rules and regulations to ensure your compliance. They also reduces your administrative workload. What are Payroll Outsourcing Services? Outsourcing payroll services is hiring a third-party firm to execute all or a few of your company's payroll-related tasks. They streamline your payroll management. They relieve you of the complicated and time-consuming payroll tasks. They help you save time, effort, and money. Ask Questions Before Outsourcing Payroll in Singapore It would help to remember that finding the right payroll outsourcing services firm to fulfil your needs is challenging. Start by short-listing a few firms and ask them questions to know how they will: Digitise your payroll and employee data Maintain and update your employee data Calculate employee salary and othe...
Read more

What is Payroll Outsourcing?

Image
  You may have found that processing payroll for your singapore company is getting complicated. Before you even start with it, you have to familiarise yourself with the compliance related changes the labour and payroll laws. Well, it is high time you should know about payroll outsourcing in Singapore. What is Payroll Outsourcing? Singapore payroll outsourcing is a service provided by a professional third-party payroll services firm. The firm handles legal, taxation, and accounting services for you. First of all, it reduces your workload and saves time and money. Most importantly, the firm ensures that your staff receives its paychecks as per your payroll cycle. These professionals take the complexity, errors, delays, and business risk out of the equation. Your payroll outsourcing firm helps pay your employees on time and accurately. It strengthens the bond between the company and its employees. Moreover, it lends to a productive environment in the workplace. ...
Read more

Tips on How to Manage Your Payroll in Singapore

Image
  Do you find it challenging to manage your payroll in Singapore? If your answer is "Yes!" you should find its root cause and take immediate action to resolve the situation. Failing to do so will compromise your payroll compliance efforts and bring you grief.  You, as a Singapore employer, have to work hard to comply with the payroll and labour laws. You are responsible for calculating accurate salary, contributions, and taxes. You also must deposit salaries and generate itemised payslips and payroll reports.  Payroll processing is inherently complicated and taxing. It is much more than just maintaining a list of employees and what you must pay them. You need payroll experts to manage your payroll in Singapore accurately. Payroll in Singapore is too much of a task for owners, especially those who are solo owners and multitask. So, at this juncture, it will be a wise move for you to explore the alternative of hiring a payroll services firm.  Key T...
Read more