Managing payroll, overtime, claim and human resources transaction is a complex and time consuming activities. Many businesses still do all of these activities in-house, not realizing that such routine administrative work is getting bored by the day, and is a big drain on their time. HR professionals should focus on real HR works like staff training & development, staff compensation and benefits management etc. With the help of payroll service, it can save your company costs, resources, and manpower.
Here are the top reasons why you should outsource your payroll.
1. Complex Rules and Calculations
With so many rules, MOM, CPF, donation funds, by percentages for different age groups, employee benefit programs, employees joining & leaving and income taxes to consider, it is becoming extremely challenging to process the exact salary and reimbursements of each employee. With our payroll outsource, we helping you stay on top of legislation changes and ensure your HR and payroll practices comply with the imposed regulations. So you can answer your employee’s queries about their payroll confidently and clearly.
2. Professional Processing Services
Payroll outsourcing companies provide basic to complex payroll administration for businesses. We maintain individual payroll files for each employee and compute all the salary, allowance, OT and reimbursements on time. Electronic payslip via the internet are delivered to each employee, and annual bonus, increments are processed with ease.
e-Submission of government statutory board contribution files to The Central Provident Fund (CPF) and Inland Revenue Authority of Singapore (IRAS).
3. Better Reporting
Payroll processing companies provide a wide array of reports that address the most common reporting requirements. Save HR personnel time from doing data crunching and preparing the complicated branch, department and headcount report.
Payroll outsourcing can save you from all the challenges of changing rules, doing and checking individual payroll calculations. It results in having a greater peace of mind, and more time to focus on the actual business activities.
Such wide array of benefits has convinced thousands of companies to outsource their payroll.
So what are you waiting for? Look for a good payroll outsourcing partner and get started today!