When you outsource payroll services in Singapore, you are essentially getting rid of a non-core administrative task to one of the payroll service providers. Ultimately, it frees time which you can use to concentrate better on business’ core competencies without worrying about compliance and well-being of your human resource. So, it makes sense to get expert assistance from an experienced payroll service provider in Singapore, when you need it most.
SBS uses the latest cloud-based payroll software for accurate keying-in and processing of your payroll data. Some of these tools come with features like project costing and offers mobile apps that employees can use to access their payroll data. As one of the reliable payroll services providers, we ensure hassle-free compliance with the regulations of the Singapore Employment Act.
Must Read: 10 reasons to outsource Singapore payroll services
Outsourced Payroll Services Singapore
SBS Consulting has successfully rendered invaluable consultation and support for payroll services to Singapore-based SMEs for the past several years. Our range of payroll solutions to you includes;
- Handling complex payroll account
- Processing payment instructions
- salary calculation, necessary payroll taxes, deductions and tax reporting
- Filing bank payments
- Preparing electronic itemized payslips, online and hard-copy
- Statutory payroll reports
Hire Payroll Services in Singapore for Timely Payday
Singapore is an important business destination in Asia Pacific for starting a small business, which increases the significance of payroll service in Singapore. It is just and at the same time, strict with the implementation of laws. As per its employment laws, you, as a Singapore company owner, need to pay your employees within 7 days after the end of your salary period. Failure to comply with this rule means that the employer will be held responsible for and penalized for the lapse by the Inland Revenue Authority of Singapore (IRAS).
Therefore, the onus is on the companies to plan and initiate the payroll processes and calculate accurate gross to net salary for each employee. They cannot postpone it, as the payroll is one of their significant liabilities. They need to find the right provider of HR services or payroll agency and discharge it promptly. Employees paid on time are happy human capital. Employ one of the best accounting firms specializing in payroll to do the task for you. As one of the leading payroll service provider in Singapore, SBS Consulting takes care of timely and accurate payments for your business.
Has Auto-Inclusion Scheme (AIS) Added to the Employer’s Burden?
Under the Auto-Inclusion Scheme (AIS) for Employment Income, you, as an AIS employer, must submit your employees’ employment income to IRAS electronically. A few individuals have a misconception that it is easy to take care of the payroll computation, additional components like employee benefits, government remittance or contributions like CPF and levies, tax filing requirements, or generating confidential pay slips for the company’s employees.
However, updating the time-attendance sheet, handling payroll issues and claims in keeping with the company policies, the local legislation governing tax laws and statutory requirements is time-consuming. And you have to invest in the latest payroll software to automate the task. It costs you valuable time and the services of well trained professionals.
Maintaining a payroll ledger, employees’ personal data and payroll information securely are also one of the most important tasks. When new employees join your company, you need ask them to file required documents and update HR payroll data.And when an existing one leaves your company, you need to initiate processes for taking care of tax clerance and CPF refund.
All in all, payroll processing is a thankless job that, if something goes wrong, can harm the company’s brand image and relationship with its employees. It is why Singaporean small business owners, Pte Ltd companies and many SMEs choose payroll outsourcing services and pay the necessary costs to acquire their wide range of solutions.
Payroll is Time-Consuming and Costly!
If you still process your small business’ payroll in-house, then you already know that it costs. The resources and infrastructure for it add to your operational costs and wastes your HR staff’s valuable time.
It is why hiring one of the best payroll services providers is the efficient way to comply with the Employment Act and continue to enjoy the benefits of paying your human resource on time.
SBS Consulting, with its affordable services and customized solutions, is the right payroll service provider for getting the work done satisfactorily. We use the latest payroll system to deliver tailor-made payroll services in Singapore to many small and medium enterprises and big companies.
Why Outsource Your Process to a Payroll Management Services Singapore
Gone are the days when payroll was just about paying employees of your small business. In the modern business environment, crucial accounting tasks like payroll processing have become very complicated. To do it in-house, you need well trained payroll specialists, resources like the latest payroll software, and long hours.
Rather, you should search for and appoint an experienced payroll provider. You can choose from the best bookkeeping services, accounting services, a professional employer organization, or HR services providers that offer the complete suite of payroll management services.
When you outsource payroll service in Singapore, it allows you to reassign your team of experienced professionals to execute core business goals. It means you have more time to retain existing customers, convince new customers, establish stronger relations with your suppliers, develop an effective marketing campaign, market research, or achieve current business goals and objectives.
Benefits of Hiring Third-Party Payroll Outsourcing Services in Singapore
- Our end-to-end payroll services include adjustments, overtime, and other variables
- Employees can access the electronic payslips
- Peace of mind as our all-inclusive payroll service ensures your statutory compliance
- Access to year-end support for payroll tax compliance, including IR8A/S, is an inherent part of our service
- Access to real-time payroll management and real-time report generation
- Assurance to stay updated with legislative changes and statutory reporting requirements
- Assurance of confidentiality
- No need to invest in a costly payroll system or on training employees to use it
- Save on unnecessary expenses of recruiting dedicated in-house payroll specialists
- Use saved time and resources for your core revenue-generating activities and to increase the productivity of your business in a cost-efficient manner
How SBS Consulting Helps in Processing Your Payroll Singapore
After you engage SBS Consulting as your Singapore payroll service provider, we will assign an accounts manager from our team to you. The appointee will work with you to address your payroll needs and provide professional advice to process payroll as per existing policies and practices.
SBS Consulting is widely acclaimed as one of the best payroll services in Singapore. The firm provides key services and takes care of all of your business’ payroll needs from start to finish and beyond. We will provide you with expert Singapore payroll services in compliance with the rules and regulations. Contact us to discuss your payroll requirements with us or to get more information on our wide variety of corporate services.
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