Today, companies are still determining how to complement a hybrid working model with an efficient payroll solution. They can choose from 2 available options: outsourced payroll services in Singapore and payroll software.

Which option is more suitable for you? Read on payroll outsourcing vs payroll software in Singapore to know more.

Payroll outsourcing or Payroll Software?

Well, both options have advantages and disadvantages. However, you will have to consider the following factors before making a decision:

  • Company size

  • Strategies to grow your company

  • Compliance requirements

  • Business model

Payroll Outsourcing Singapore

Outsourced payroll services in Singapore offer to take care of your complete or a part of your payroll function. If you are hiring a payroll services provider for the first time or replacing an existing one, you can expect basic services like:

  • Calculate gross-to-net pay

  • Calculate CPF and other statutory contributions

  • Provide payroll detail

  • Prepare variance reports and update payroll journals

  • Disburse salary and CPF using registered bank accounts

  • Issue itemised payslips

  • Prepare IR8A forms at the end of the year

  • Comply with Employment Act by preparing IR21, GML, NS MUP, CPF refund, and other forms

  • Administer employee leave, timesheets and expense claims

What is Payroll Software?

Payroll software enables you to automate and streamline your process. It helps you eliminate manual processes associated with the payroll using Excel spreadsheets or paper files. The software greatly enhances data reusability.

However, you need HR or finance staff to operate the software and data entry. Then, it can automate the calculation of bonuses, employee benefits, salary, expenses, and holiday pay. It eliminates human errors due to fatigue.

  • Saves time: It quickly generates itemised payslips and year-end payroll reports

  • Data security: The latest payroll software use encryption technology to protect data

  • Automation: Automation of various tasks reduces manual efforts and time-consuming tasks.

  • Insights: They provide real-time reporting and insights for decision-makers

Outsourced Payroll Services in Singapore

Payroll services in Singapore also save you time, effort and money. They charge affordable fees, and you get to see how much you spend per month. They enable you to reassign your staff to your company’s core goals.

The provider assigns a dedicated manager to you to ensure your compliance. This professional also helps resolve issues and lowers the risk of fines/penalties for non-compliance.

Outsourcing payroll services drastically reduce your staff’s workload and help increase your productivity. They use the latest technology to protect your payroll and employee data.

The latest payroll software can significantly enhance your payroll. It assists you in negotiating complex labour laws and regulations. However, you can select a firm for outsourced payroll services in Singapore for its specialised local payroll knowledge.

Your payroll services provider can relieve you of the stress associated with payroll issues. And this is where they are of immense use. They bring a personal touch to work. You do not have to waste time becoming familiar with the laws and the latest updates. You get to spend saved time on strategies for business growth and increasing revenue.