Why Should You Appoint a Payroll Service in Singapore
A large number of Singapore companies use payroll services to take care of compliance and pay their employees. The services provider sees to the consistency in their payroll processing. The move frees them from having to track the changes in CPF and tax requirements consistently.
Who Should Hire Payroll Services in Singapore?
If you are still unsure of whether or not to engage a third-party payroll services company, go through the following list. You should hire a payroll firm if you are a;
A new company that is not familiar with Singaporean labour laws
A business owner who does not want to spend on the in-house HR department
Owner of a rapidly growing company that wants to focus on core goals and objectives of the business
Should I Hire a Professional Payroll Service?
When you hire a professional payroll services provider, you benefit from their experience and deep knowledge of labour laws. They advise you and support you in streamlining processes. You should expect the following payroll services from them:
Executing payroll processing instructions
Filing bank payments
Statutory reports
Accurate salary calculations
Itemised electronic payslips
Key Reasons for Outsourcing to a Payroll Service
Payroll is your liability, and processing it is a complex and time-consuming task. And as per the Employment Act, you have to pay salary to your employees within 7 days at the end of every cycle. If you fail to do so, you may get penalised.
It is why business owners rely on outsourcing payroll services. Their executives are punctual and ensure that your employees receive their salary on time. Their output complies with the regulations put out by MOM.
Reduced Costs
Hiring a payroll service proves more economical in the long run than investing in an in-house HR department. Their experts carefully calculate the correct payroll tax amounts, and you do not overpay.
Save Time
Your payroll services provider sets up a disciplined payroll system for you. You do not have to spend time on paperwork or filing forms and wait for IRAS’s review. It helps in cutting down the confusion and streamlining the task.
Accurate Payroll
Payroll services in Singapore know how to handle various components like CPF, tax, statutory contributions and levies, Etc. They streamline the payroll tax calculation for you. They don’t make mistakes in calculating salaries and help you avoid over or underpaying your employees.
Avoid Payroll Mistakes
Payroll taxes and the related rules change from time to time. It is easy to make mistakes if you do not have the latest information. It can lead to fines and penalties from the IRS. An accountant or bookkeeper experienced in payroll taxes will help you avoid mistakes because they know what to look for and how to handle the forms correctly.
Quick Payroll
Experienced payroll executives have updated information at their fingertips. They take less time for the task. It means they can process the payroll without having to search for relevant information.
Payroll Tax Filing
Payroll services assist you in payroll tax filing. They are quick in handling the calculations for you. Their experience enables them to cope with almost all types of situations.
Eliminate Paperwork
Payroll tax-related paperwork can be overwhelming. It means maintaining employee information and employment details and filling and submitting forms in time. If you do not have the info on the latest changes in tax regulations, it can lead to a disaster. It is one of the main reasons companies outsource it to payroll services in Singapore. Their accountants or tax consultants take good care of your paperwork.
Data Security
As per the rules, you need to maintain and store info related to your employees and payroll taxes for the prescribed period. If a disaster struck, it could destroy this information leading to severe complications for your company. And you will need to start at the start. An experienced Singapore payroll service company knows how to maintain their clients’ financial and payroll tax data. Your data remains secure with them, and you can ask them for the backup of its latest copy if you need it.
Outsource Your Payroll to Nimmish
Nimmish is a reliable, professional payroll service in Singapore. Our payroll executives are knowledgeable and competent to execute your company’s payroll needs. We can reduce your payroll costs, save valuable time, and eliminate stress. We take care of your non-profitable and non-core tasks. It enables you to focus on your business’s core objectives and goals.
Contact us at +65-6536 0036 or email us at info@nimmish.com to know how we can customise our payroll services to meet your business needs.
Recruitment Agency Singapore - Nimmish is a well-known global manpower consultancy based in Singapore - Recruitment and Staffing Solutions.