How do we assist you in the Payroll Services?
Most Singapore companies use payroll services to handle the compliance and administrative functions of paying employees.
Managing payroll in Singapore is considered less complex compared to other ASEAN regions.
However, some Singapore companies encounter challenges keeping track of the changing CPF and tax regulatory requirements.
An experienced third-party payroll service provider sees that there will be continuity in the payroll processing.
Getting dedicated payroll services ensures invaluable consultation and support.
Our monthly payroll services include processing payment instructions, filing bank payments, generating statutory reports and salaries, generating employees’ electronic payslips. Our team ensure that you stay up-to-date with Singapore’s payroll regulations.
Who should get payroll processing services?
You should outsource the monthly payroll processing if you are:
1. New market entrant who is unfamiliar with the local labour regulations;
2. SME owner who wants to access advantage cloud payroll software;
3. SME owner who has a limited budget for the independent internal human resource department; or
4. Owner of a rapidly expanding company that requires to manage limited resources and time while focusing on core business goals
We ensure your employees receive salary payment on time and comply with MOM.
The Singapore Employment Act requires companies to pay their employees with the exact salary promptly. That is within 7 days at every end of the salary period.
Failure to comply with the Employment act means companies will be penalized or held responsible for an offence.
Salary preparation and dispense in time is essential to many companies. While the payroll process is a difficult task to handle, outsourcing payroll services is a great help.
And you can reduce operational costs and prevent wasting valuable working hours.
When you work with a Singapore Outsourced Accounting firm, you can expect quality solutions and proven expertise.
You will feel at ease with our payroll services and focus more on business operations.
Why should you outsource the payroll process?
A few decades ago, payroll was just all about paying the employees.
As the business environment continues to advance, payroll processing and other accounting tasks become more complicated.
If you prefer in-house payroll processing, then you will need enough resources and time and well-trained staff.
Outsourcing this payroll task to a trusted payroll service provider means you can spend more time handling other HR matters.
How do we assist you in payroll processing?
We will assign an account manager to manage your payroll records.
The account manager works closely with you and your team in addressing your needs are.
The said professional would help you have a deeper understanding of the latest Singapore manpower policies and practices.
The cloud payroll services include the management of original correspondence, data entry, Net Pay calculations, registration of employers with CPF, calculation of statutory contributions, annual reporting, report distributions, payslip management, filing, and record-keeping services.
1. Comprehensive payroll management services for Singapore businesses, including salary items’ calculations based on company policies and Singapore statutory requirements.
2. Make on-time payments to the company’s employees by cheques or by using GIRO.
3. Responsible for accurate calculation and submission of CPF report to CPF Board.
4. Prepare detailed monthly payroll reports for monthly review and approval.
5. Issues e-payslips to the employees and prepare year-end IR8A forms.
We offer cloud payroll services to companies in Singapore to free up your resources, including valuable human capital and give you more time to focus on other projects.
Our cloud team also manages the entire range of human resource (HR) services, including hiring, the employment letter for employees, company insurance preparations for employees and general HR consultancy services.
What are the features of quality payroll services?
Accurate Payroll Processing
A reputable payroll processing service provider ensures an accurate calculation of the employees, be it weekly or monthly. They disburse the correct salary to the employees via cheque, cash, or online.
Up-to-date Salary Increment Tracking
The third-party payroll processing is responsible for updating any information associated with employee salary increments. They will also adjust the differences if the salary increase occurred.
Effective Allowance and Deduction Management
Reliable payroll services in Singapore prioritize management and maintenance of allowances, deductions, savings, loans, and arrears of the employees. The salary computation for resigned employees and new joiners is according to the working days that they registered.
Reliable Employee Information Collection and Maintenance
With outsourced payroll services, you will get complete assistance in employee data, movement tracking and maintenance.
Precise Variables Calculation
Your chosen payroll service provider will help you calculate the monthly commissions, shift hours, and overtime payable to your employees. You can be sure that they will receive the correct variables. After that, they will accurately calculate the salary of your employees.
Customized Report Preparation
The third-party payroll service provider can prepare custom reports for general ledger maintenance. They will also assist you in monthly payroll report preparation, and the Central Provident Fund (CPF) reports. Besides, they also offer tax form preparation and special bonus runs, if applicable.
What is the cloud payroll outsourcing workflow?
1. Implementation – Our team migrates the employees’ information on our cloud payroll system.
2. Updates or changes – Should there be new joiners or resignees in the month, please inform our team promptly before the monthly payroll processing cut-off date.
3. Monthly e-payroll processing – Our team conducts variance analysis, creates a query list, and sends it to the company. We will make amendments upon receiving the company’s comments.
4. Monthly salary disbursement – Every month, we generate the monthly GIRO payment (an electronic direct debit mechanism between the designated bank, the company and the employees).
5. E-payslip – With cloud payroll software, all employees can receive and retrieve their e-payslip on any device anytime.
6. Monthly e-CPF submission – After month-end processing, our team prepares the CPF contribution based on prevailing allocation rates and submit it to CPF Board within fourteen (14) days after the end of the month.
7. Monthly e-payroll reports – Our team generates the payroll reports for the accounting records and provide the relevant general ledger journal entries.
8. Annual income tax – Our team prepares the relevant personal income tax forms (IR8A, IR8S, Appendix 8A or Appendix 8B) for all employees (employed in Singapore) before 1 March of the following year.
What are the benefits of outsourcing payroll services in Singapore?
Improved Compliance with Singapore regulations
Hiring professional payroll services call for improved compliance, along with routine oversight of records. The service provider has a team of payroll professionals specialising in monitoring up-to-date rules and regulations and withholding tax rates.
Streamlines Human Resources Process
While the internal payroll department involves operational costs and staffing concerns, outsourcing payroll streamlines the internal HR division. As a result, your HR team can focus on managing the company’s relationship with the employees and eliminating strategic issues.
Mediate Cultural Issues
Good payroll processes can prevent cultural barriers that usually result in miscommunication during data collection from a diverse workforce. When payroll data is being collected, processed, and explained, third-party service providers act accordingly and understand the cultural differences.
Transparency and Confidentiality
When you outsource payroll processing, you can be sure that sensitive data will remain secure. You do not need to worry that such information will become public knowledge. Only the senior personnel and key decision-makers are aware of the payroll details. With increased transparency, immediate reports about errors are expected without complications in the inter-departmental reporting structures.
Below are other benefits upon hiring payroll services:
End-to-end payroll services such as overtime, adjustments, and other variables
Access to year-end tax support like IR8A/S
Employees can access electronic copies of payslips
Real-time report generation and payroll management
Reduce employee training and software cost
Budget 2022: Increase in CPF contribution rates for workers aged 55 to 70
Employer and employee CPF contribution rates for workers aged 55 to 70 will continue to increase in 2023. The Government will provide the employers with a similar offset. As a result, employees in that age group will see their CPF contribution rates increase by 3 to 4% over the next 2 years.
Budget 2022: Adjustments to Foreign Worker Policies
The Government amended the regulations governing Employment Passes (EP), S-passes (SP) and work permits (WP) in Singapore. Combining local and foreign professionals can help Singaporeans excel in a world of intense global competition as well as create more good jobs and career opportunities.
Contact our Singapore payroll outsourcing service today!
For reliable and quality payroll services in Singapore, do not hesitate to contact and work with us.
We will take care of all your payroll needs and provide you with the best possible solutions. We make sure that you will receive the best payroll services and comply with the Singapore government’s rules and regulations.
Please send through your enquiry via Contact for our team to understand exactly what concerns you have. The Payroll Processing team will contact you to discuss this in detail.