There are many payroll outsourcing companies in Singapore providing value added services to business owners. Many functions such as payroll exist in every business. The way they are coordinated contributes significantly to the success or failure of the firm. The business management must ensure they all run in the right way to ensure that the business succeeds. Among the major functions of a business is the human resource management. Employees determine whether a business will succeed or not. When the employees are dissatisfied, they will be demotivated to work and hence poor results. The ways a business remunerates the employees is among the major things that affect their motivation to work. A business can opt to run the payrolls itself or it can outsource. Outsourcing requires a good company is used to ensure that the system works effectively.
How Payroll Outsourcing Works
Payroll services require information to be submitted to the authorised payroll outsourcing company from which they can base their payments. You need to give information concerning the employees, their number, job groups, positions, date of birth and so forth. The outsourced payroll service can as well collect the information raw from your company where you did not have an organized payroll system in the company before.
After the initial database is created, the payroll outsourcing company you are working with will then require information on the number of hours worked frequency of payment, amount to pay per unit time, expenses to deduct if any, details of possible holiday or sick day deductions and so forth. The information will be dealt with according to how the company works as well as the system in your firm. The information can be submitted on hard copies, email or other means based on the systems used by your company and the company you are working with. With all the information needed by the outsourced payroll company, your employees will receive their salaries and wages at the agreed time and, the company can provide the services of filing the tax returns.
Benefits of Outsourcing Payroll Services to Payroll Companies
Free up your time
Handling payrolls by hand consume a lot of time. As such, a business can save the time that could have been used by its staff to do other income-generating jobs. The value of such time adds to the company could be several times higher the cost of outsourcing the services to payroll outsourcing companies in Singapore.
Direct labor for processing payrolls is expensive. That includes either when the services are done by staff in the business or when a part-timer is hired to process them. Such expenses will be cut by payroll outsourcing
Offers direct deposit
When a business handles the payroll itself, it may be required to go to the bank to authorize payment. Such trips to the bank can be time-consuming and require a lot of paperwork, which gives room for error. Outsourcing payroll services avoid such hustles since you will not be required to go to the bank and the money will be deposited into the accounts of your employees at the agreed time.
Leverage outside payroll expertise
Since most business owners and managers do not update themselves with the constantly changing regulations on remuneration and other government requirements, they can take advantage of the experienced professional thereby reducing quarrel with the government and other regulations relating to labor.
SingaporeAccounting.com is one of the leading payroll outsourcing companies in Singapore, offering solutions to startups and business owners in accounting and payroll matters. Contact us to find out more about our comprehensive services and pricing.