What is Payroll Outsourcing?

 

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.

Payroll outsourcing in Singapore goes a long way in reducing your administrative workload. You do not need to keep abreast of the latest changes in the payroll and data privacy regulation.

Payroll outsourcing in Singapore saves you time, which you can use to focus on growing your business. Your firm ensures seamless and streamlined payroll processing, however big staff you employ.

How Does Payroll Outsourcing Work?

Your payroll outsourcing firm gives you access to a team of payroll experts. You can trust them to handle the time-consuming and complex running payroll for each of your employees at the end of every payroll cycle. They will relieve you from having to monitor and handle payroll compliance changes.

These professionals calculate taxes and statutory contributions like CPF and SDL levy. They will deduct these for you. on your behalf. They will also generate statutory payroll reports for you.

Outsourcing Your Payroll Processing

In-house payroll can be costly and error-prone. Your payroll executive may not be experienced enough to take care of all the compliance needs of your company. It may lead to penalties because of unfulfilled tax compliance.

Outsourcing payroll saves you tons of time, money, effort and anxiety. You also do not have to hire an in-house payroll team.

What will your payroll outsourcing firm do for you:

• Complex payroll account handling

• Processing of payment instructions

• Accurate calculation of salary, payroll taxes, deductions, and tax reporting

• Filing bank payments

• Preparing electronic itemised payslips

• Preparation of statutory payroll reports

Outsourcing Payroll and Questions What to Ask

Before outsourcing your payroll, ensure:

• They have substantial experience in payroll processing for clients in your industry and niche

• The size of their payroll team

• Whether they will assign a dedicated manager to you

• Qualifications of their payroll experts

• Their response time to answer your questions

• How they will handle payroll compliance obligations

• A professional payroll outsourcing firm will answer all such questions and more

• Range of their payroll services

• Whether they have healthy relationships with their client

• Their charges for payroll/employee

• Expertise in Singapore tax filing

Relive the Burden of Payroll Processing

Payroll processing is a time-consuming administrative task. But that does not mean that your HR staff have to shoulder it. Asking them to do it manually is taxing and unnecessary.

When you decide to go forward with payroll outsourcing in Singapore, you are unburdening them of the non-core task. Freeing their time and resources helps them focus on your company's strategic objectives. And it is also suitable to let the professionals handle your complex and tedious payroll needs.

It gives your HR teams enough time to:

• Providing essential support to employees

• Develop training programs for talent retention

• Monitor strategic goals for employees' performance

When Should You Go for Payroll Outsource?

You should opt for payroll outsourcing in Singapore when you want:

• To focus on developing the workforce

• To optimise and streamline HR processes

• Deep insights into your costs

• Not to invest in in-house payroll

• To ensure compliance and reduce costs

• Payroll experts to handle your payroll challenges

• Not to risk data security

• To ensure data confidentiality

Payroll outsourcing in Singapore helps you cut costs and reduce manual errors and non-core tasks. And most importantly, it also helps avoid penalties for non-compliance with the statutory payroll regulations in Singapore.