Managing Your Payroll Outsourcing Services

Payroll management is critical for businesses to maintain a healthy employee relationship. In many instances, their growth and success depends on it. It is why they use outsourced payroll services in Singapore. However, it would help if you communicated effectively for managing your payroll outsourcing services.

As a Singaporean employer, you know that accurate and timely payroll processing is essential. It helps to open up about your payroll needs and strike a chord with your provider payroll services in Singapore.

You have to work at managing your payroll outsourcing services effectively. It is as good as actively building trust with your shareholders, suppliers, creditors, and customers. Meeting them halfway helps. Consider them as your in-house payroll or HR team. It goes a long way in striking open communication with them. Ultimately, it helps discharge your business' liability on time, increase performance, and earn credibility as a brand.

Payroll processing is complex, time-consuming, and stressful. It is more than writing a paycheque for employees at the end of your pay cycle. It means handling employee benefits and claims, deducting taxes and statutory contributions, turnover, leaves, bonuses, incentives, etc.

Benefits of Managing Your Payroll Outsourcing Services in Singapore

Your payroll services in Singapore help in:

• Freeing Time

• Accurate tax remittances

• Payroll reporting

• Being compliant with the updated rules related to payroll, labour, pension plan, and insurance

• Reducing costs

• Taking care of employee grievances

• Accessing the latest software and tools

• Digitising critical data & eliminating paperwork.

• Strategic planning

In addition, management of payroll outsourcing services also means:

Point of Contact

You cannot expect to work in a haphazard way and expect to streamline your payroll management. Appoint one of your payroll-aware staff members to coordinate with your payroll services provider.

Your provider has already assigned a manager to you. These contact persons have enough authority to solve most of the payroll-related issues. It helps in executing the task efficiently.

Communication

Regularly scheduling meetings with your provider helps in managing your payroll outsourcing services. Both the contact persons can discuss your business and payroll needs, issues, and actions needed.

Be clear in communicating what you expect from them. Convey your suggestions and plans. Update them with the changes in your requirement, if there are any.

You should also let them know, through their contact person, if you want them to up their performance level, customer service, or changes in your preferred modes of communication.

Once in a while, you or one of your senior staff members should meet the provider to discuss the performance. This review meeting should also cover the critical changes in your company's policies, constitution or M&AA, new value-added services and the need for software or technology up-gradation from the outsourced payroll services in Singapore.

Invoicing

You must track and validate providers' invoices to effectively manage your payroll outsourcing services. These are critical steps to ensure financial compliance.

Things may not be this transparent if you have hired one of the global payroll vendors. Changes in the exchange rates can significantly affect your bill amount. So check and validate your invoices carefully.

From time to time, set a meeting with your provider and review value-added services. Focus on improving areas that could contribute to the efficiency of payroll processing for your business. You may also discuss staffing, training, or upgrading software systems, tools or technologies with them. Make sure to talk to only the top management of your provider.

Compliance

Service Level Agreements set the standard of service you can expect from your provider. And Key Performance Indicators enable you to determine whether it is helping you meet your goals or not.

Schedule and conduct performance and focus reviews regularly. The review reveals the variance between the committed and actual performance. It helps in judging the provider's efficiency and deciding whether or not they comply with the service agreement.

It also reveals necessary corrective actions to improve performance. It also shows the preventive actions you outsourced payroll services in Singapore must initiate immediately.

Non-Disclosure Agreement

Your payroll and employee details are confidential and must remain so. Sign a non-disclosure agreement with your provider. Maintaining your data's privacy and safeguarding it from malicious elements is necessary.

Hiring outsourced payroll services in Singapore reduces your non-core workload. However, you have to work on managing your payroll outsourcing services provider. You have to build a healthy or, at the least, a working relationship with them to process your payroll effectively.