Payroll system? We find excel is sufficient for our managing our payroll as we don’t have a big team.
Yes. You can use excel spreadsheet for your management accounting or use online payroll calculator to calculate payroll manually but you may still have difficulty in complying with Singapore legal laws and IRAS tax requirements. We will advise your HR to have a professional payroll system for payroll processing so long you have employed local or foreign workers even if you have recently incorporate your business only. There are good payroll online systems designed for small business. If the primary reason of not investing in a professional payroll system software is to save on payroll services fees so as to lower business expenses, then maybe you need to do more research or seek professional advice. With the help of an automatic payroll process, you can then have more time for your business. It will help to calculate payroll taxes, simplify payroll processing and automate the process of paying your employees every month.
With so many payroll services company such as sap payroll, payroll serve, hr payroll, which company can offer a payroll system that is suitable for your business? Accounting software providers and developers have even integrated the software with payroll functions such as myob payroll and xero payroll in order to offer a better solution for SME business owners. You may wish to consider the 10 tips of choosing the right payroll system for your business before making your decision. Otherwise, you can save more time by outsourcing payroll services to Singapore Accounting. We provide online payroll services for small businesses as well. Leverage on our expertise and knowledge with HR payroll system. Our consultants will find out more from your HR professionals to understand your company’s HR and payroll system requirement. After that, we will provide and demonstrate the payroll system software with the features that your company is looking for.
Payroll System – Top 10 Tips For Your Consideration
Tip 1: Should SME Use Online Payroll Or PC-based Payroll Systems?
Given both online payroll systems and payroll pc-based systems offer equivalent standards in terms of user friendliness and functions, which would you choose? Convenience and portability are probably what most Singapore SME companies are looking for nowadays. Payroll online software not only provide automatic secure backups for your important data, it is also accessible wherever you are so long there is internet connection. Accounting software with payroll functions like myob that started with pc-based systems and are now having online version as well. If you do need to work offline, you can also look for payroll management software that allow both online and offline sync functions instead of purely online or pc-based only. Online-based payroll systems is the future.
Tip 2: What Are The Payroll Software’s Actual Functionality?
With so many payroll companies offering different versions of payroll software, which is a more suitable option for your company? Do you need to customize job pay rates or variable pay? Can you perform automatic payment calculation for employees who took no pay leave? Can the payroll functions integrate with your leave management system for easy management and efficiency? Not all payroll software has the necessary functions for efficient HR management. Do seek advice from respective software specialists before purchase.
Tip 3: How Detailed Are The Payroll Reports?
Reports offer valuable insights and overview on the organisation. Some payroll systems restrict the way of how you want to run the reports such as viewing reports that begin from certain month only or for a fixed window time only. Some even does not allow any customization. Make sure you avoid any disappointment by finding out clearly if there is any such restriction with the payroll system or else you might not be able to view historic information.
Tip 4: How Compatible Is Payroll Software With Accounting Software?
Most companies would use one accounting software for accountants, bookkeepers to perform accounting and another leave management software system for HR to manage employees leaves. Accounting, leave, payroll and other services have information that they require from one another. Therefore, it is important to check how compatible the payroll system is with your other systems for your small business. Most ideal payroll software needs to integrate seamlessly with them, be it online or pc-based software systems to maximize business performance.
Tip 5: Allow Data Transfer Into New Payroll System Easily?
Not every pc-based or online payroll system have the flexibility in allowing data from your previous payroll systems to be transferred into new payroll system easily. Unless the payroll specialist include such services, otherwise it will be a hassle for company to set up accounts and prepare the necessary data.
Tip 6: What If Decide To Stop Payroll System Subscription Fees?
We believe it is every Singapore SMEs concern of what will happen to their existing data if the payroll system they are using can no longer fulfill the requirement or the small business has grown into a bigger enterprise that they need to switch to other payroll company. Will company lose access to all the data especially if it is an online payroll system and have decided to stop paying the subscription fees? Does the online payroll system allow export of the data or still allow you to access payroll history or its past reports? It is essential to inquire this matter before engaging the payroll service.
Tip 7: Who Can Have Access To Payroll System?
It will be good if the payroll online system permits more than one account so that SME companies do not need to depend on only one person but to assign more people to login and help with the payroll process. Consider questions such as does the payroll services limit the number of account administrators? Can accountants access to reports and data? Can employees access information about their own income online any time?
Tip 8: Does Payroll Company Offer More Payroll Services Options?
Singapore SME can save on operation cost or spend less payroll fees subscription if the payroll system is able to offer functions that is sufficient for the size of the organisation. You may encounter some software may have such limitation that you probably end up paying extra features that the business does not require.
Tip 9: Is There Any Payroll Online System Support?
Payroll system software should be user friendly, so easy to use that it can be self-served. But often we would require support for unexpected problems. Some online payroll services only offer software assistance. Other payroll services can only advise on payroll management matters but not on the technical support. Some payroll specialists’ support will expire after certain period of time or might require you to subscribe. If you are running a small business, what types of support is available is another area that SME companies should consider as it can affect the initial planned budget.
Tip 10: Any Guarantee For Payroll Fees Refund?
Although SME companies probably search for recommendations on payroll services online before purchase, but it is still something new that the companies have not experienced before. Chances are the results of the services may not turn out to be what you have expected initially. Check the terms and conditions first if the payroll services provider offer any money back guarantee before any purchase even if it is for trial.
At SingaporeAccounting.com Pte. Ltd., we provide comprehensive payroll packages with accounting services Singapore. SME or new startups can hence be able concentrate in developing the core business quickly without worrying about the management of accounting and payroll.