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Payroll Services
Payroll Services
Contact and appoint us as your professional dedicated payroll agent in Singapore.
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Contact and appoint us as your professional dedicated payroll agent in Singapore.
Payroll Services
Payroll Services in Singapore
Payroll is one of the most vital aspects of a successful business. Regular and accurate payroll is important in enhancing the employee experience. Payroll in business is not just about distributing pay-checks to workers. It is also about keeping records and managing employee information.
Some statutory board requirements also need to be met. This is why you may need a payroll service provider to effectively carry out your payroll directives with your Singapore company. Payroll service in Singapore will handle all the details of employment income and pay-check compliance.
As an employer or an investor looking to set up a business, you should manage your payroll carefully to avoid excess expenses and potential fines that could result if not done properly. The idea of a payroll service can be confusing to many business owners in Singapore. Therefore, we have put together this article to examine the relevance of payroll services to any business.
Here, you will learn how efficient payroll services will help your business and your company’s work culture. We will also let you know the importance of getting the right payroll services in Singapore for your business growth. Additionally, we will also provide answers to some FAQs on payroll service in Singapore.
What is Payroll, and What is its Importance?
Payroll is the process of giving remuneration to a company’s employees for their job performance. It is the company’s record of employees entitled to payment in a particular duration. The record also consists of employees’ salary data. In addition, other data such as attendance, employee position, pay policy, and leave status are also included in payroll data. Payroll data is used in the calculations of employee salary through payroll processing. Payroll processing involves calculating each employee’s actual net payable salary by subtracting necessary deductions from the gross salary.
Steps Involved in Payroll Processing in Singapore
Payroll processing steps are the roadmap for making a complete and accurate payroll system. The basic steps for processing payroll include collecting employee information, setting up an employee payroll schedule, tracking time worked, issuing on-time payments, and taking records.
1. Other document information
2. Reassess and keep records
With each payroll processed and payment made, it is important to document all the deductions, taxation, and calculations. Above all, you should review and reassess the transaction made. These records are necessary in case of disputes and legal matters. A well-documented payroll record will serve as a guide in case of issues that may arise.
Role of Payroll Services in Business
Payroll services affect every aspect of your business. By keeping business records and monitoring payments, payroll affects everything, including employees’ attitudes, regulations compliance, and effectively promotes business deals. Here are some of its benefits:
Encourages transparency
Payrolls systems have evolved to the extent where employees can now see their performance, salary structure, and other work data. This develops a sense of transparency and agreement in employees. Employees appreciate transparency in any type of workforce. Employers can use improved systems where employees can manage and view their personal information. This breeds confidence and creates a more comfortable and trustworthy relationship between the employee and employer.
Increased performance
Every employee’s net worth in a company is a function of his expected salary. Providing a fair payment system will help increase performance. Payroll is indirectly tied to employees’ performance. Staying competitive with your payroll system will be a great way to increase company performance and output.
Morale boosting
A high morale is one of the best indicators of the company’s payroll performance. A good payroll system will cause less grumbling of employees on payday, especially in small to medium-sized companies. A bad payroll system can cause employees to begin doubting the company’s financial integrity. Insecurity will set in, and if the problem is not quickly addressed, the employees’ morale becomes drastically reduced.
Regulation compliance
Under the Employment Act, all business owners must give out itemized payslips. The Inland Revenue Authority of Singapore (IRAS) requires that employees submit their personal income tax by 15th of April (paper filing) and 18th of April (E-filing), each year. Auto Inclusion Scheme (AIS) is applied to companies who have up to 5 on their payroll and/or companies who have been requested by IRAS to file an employee income. The employee income file is part of the records that payrolls set out to address.
Outsourcing Payroll Services in Singapore
It is no longer a secret that handling payroll is nowhere near easy. Although you can do the payroll processing yourself, it is a lot easier when you decide to outsource payroll management to a credible accounting company in Singapore.
If you are wondering where to get an expert to help with your payroll management in Singapore, contact SJH Advisory. We can help you handle the complexities involved in payroll and have the skilled professionals to help you create an efficient and error-free compliant payroll system. We also have what it takes to deliver a top-notch payroll service and carry out other accounting jobs for your company in Singapore.
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Payroll is one of the most vital aspects of a successful business. Regular and accurate payroll is important in enhancing the employee experience. Payroll in business is not just about distributing pay-checks to workers. It is also about keeping records and managing employee information.
Some statutory board requirements also need to be met. This is why you may need a payroll service provider to effectively carry out your payroll directives with your Singapore company. Payroll service in Singapore will handle all the details of employment income and pay-check compliance.
As an employer or an investor looking to set up a business, you should manage your payroll carefully to avoid excess expenses and potential fines that could result if not done properly. The idea of a payroll service can be confusing to many business owners in Singapore. Therefore, we have put together this article to examine the relevance of payroll services to any business.
Here, you will learn how efficient payroll services will help your business and your company’s work culture. We will also let you know the importance of getting the right payroll services in Singapore for your business growth. Additionally, we will also provide answers to some FAQs on payroll service in Singapore.
Payroll is the process of giving remuneration to a company’s employees for their job performance. It is the company’s record of employees entitled to payment in a particular duration. The record also consists of employees’ salary data. In addition, other data such as attendance, employee position, pay policy, and leave status are also included in payroll data. Payroll data is used in the calculations of employee salary through payroll processing. Payroll processing involves calculating each employee’s actual net payable salary by subtracting necessary deductions from the gross salary.
Payroll processing steps are the roadmap for making a complete and accurate payroll system. The basic steps for processing payroll include collecting employee information, setting up an employee payroll schedule, tracking time worked, issuing on-time payments, and taking records.
Other document information should also be available. Some of these documents will include: Job application letter, employment letter, and other contract agreements of each employee.
Payroll services affect every aspect of your business. By keeping business records and monitoring payments, payroll affects everything, including employees’ attitudes, regulations compliance, and effectively promotes business deals. Here are some of its benefits:
Payrolls systems have evolved to the extent where employees can now see their performance, salary structure, and other work data. This develops a sense of transparency and agreement in employees. Employees appreciate transparency in any type of workforce. Employers can use improved systems where employees can manage and view their personal information. This breeds confidence and creates a more comfortable and trustworthy relationship between the employee and employer.
A high morale is one of the best indicators of the company’s payroll performance. A good payroll system will cause less grumbling of employees on payday, especially in small to medium-sized companies. A bad payroll system can cause employees to begin doubting the company’s financial integrity. Insecurity will set in, and if the problem is not quickly addressed, the employees’ morale becomes drastically reduced.
Under the Employment Act, all business owners must give out itemized payslips. The Inland Revenue Authority of Singapore (IRAS) requires that employees submit their personal income tax by 15th of April (paper filing) and 18th of April (E-filing), each year. Auto Inclusion Scheme (AIS) is applied to companies who have up to 5 on their payroll and/or companies who have been requested by IRAS to file an employee income. The employee income file is part of the records that payrolls set out to address.
It is no longer a secret that handling payroll is nowhere near easy. Although you can do the payroll processing yourself, it is a lot easier when you decide to outsource payroll management to a credible accounting company in Singapore.
If you are wondering where to get an expert to help with your payroll management in Singapore, contact SJH Advisory. We can help you handle the complexities involved in payroll and have the skilled professionals to help you create an efficient and error-free compliant payroll system. We also have what it takes to deliver a top-notch payroll service and carry out other accounting jobs for your company in Singapore.
FAQs on Payroll Services in Singapore
Poor payroll management can lead to serious consequences on your company’s reputation. It can also affect your business productivity and revenues.
- Productivity issues
Low morale in an organization due to a bad payroll system will result in low productivity. The performance of staff is drastically reduced due to low engagement and input.
- Employee retention issues
Bad payroll system can lead to trust issues within an organization. If the employees sense that the employers are not being transparent with them, they could become poorly committed to the project. In addition, irregular payments and a bad compensation system will cause staff to start looking elsewhere and lead to a low capability to retain employees.
- Brings down the company’s reputation
According to many company employees, the talk of bad management can result in a bad reputation. Employees now have online platforms to air their views on the treatment they receive from their company’s management system. When this happens, too many complaints will consequently cause a bad reputation for your company.
Before working with any payroll service provider, it is important to look out for some key elements to ensure you can get quality payroll service from the company. First, you need to find a payroll service provider with a reputable quality of service. You should make sure the company you will be working with is easy to understand and customer-friendly. Finally, ensure that the payroll service provider makes use of a payroll system that can work well with your existing payroll system to avoid excess spending on new software programs.
In terms of cost, you should consider a payroll service provider whose cost requirements are within your budget range. Although more focus should be placed on quality of delivery rather than cost.
Several issues could arise in carrying out a company payroll service. Some of these issues result in defaulting of major compliance requirements and must be avoided at all costs.
- Failing to maintain records
Much paperwork is involved in payroll systems and it is difficult to keep track of everything. However, compliance requires every company to maintain records for all employees, even those no longer in employment under the company. Failing to keep these records can lead to legal issues with the Singapore tax agency.
- Misclassifying employees
Classifying employees wrongly can lead to serious issues with the IRAS. For example, classifying a regular staff member as an independent contractor will get you into trouble.
- Miscalculating overtime
Underpayment resulting from miscalculating actual time of service of employees can cause an employer serious trouble. Therefore, in calculating your workers’ payable amount, you should consider other factors such as commission, stipends, and bonus pay.
- Wrong documentation
With a lot of paperwork to be included in the payroll system, there are chances of leaving out a document or page from the file. This can cause serious problems as the IRS requires thorough and complete documentation from every employer.
Payroll preparation is a complicated and time-consuming process. This is why many businesses go for payroll outsourcing in Singapore. If you own a business or a company in Singapore, you can outsource your payroll system to a firm with payroll services. Payroll service providers offer a valuable alternative to this stressful process and relieve employees of the pressure of in-house processing. This helps companies to focus on productivity.
You will not need to purchase payroll software if you outsource to a payroll service provider. All you need to do is provide the payroll service provider with the required employee information and let them sort it all out for you. With that, you will save costs and have a simplified administration. You can also view your payroll system from anywhere in the world. With a good payroll service provider like SJH Advisory, a leading payroll service provider in Singapore, you will be able to run your business without fear of confidentiality breaches, late payroll crediting, and compliance issues will be all but avoided. Contact us now!
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