Why Should Business Uses Payroll Outsourcing Services?
Make Payroll a Priority
It may seem like a simple support task, but payroll outsourcing in Singapore is, perhaps, one of the most important activities associated with the business. In order to keep staff morale up, a good payroll experience is essential. By allowing a team of dedicated professionals to handle your payroll, employees will appreciate the importance you give to their salary-related matters. Employee morale is imperative to a successful business, and it starts with fair and timely payments.
Streamline Your Practices
Using a payroll outsourcing service can make your HR functions and business operations more efficient. With support tasks taken care of, employees can focus more intently on profit-earning tasks. Clearing away the clutter, and pushing procedural activities off to an outsourcing company allows your dedicated employees to focus on tasks that can make the company more money. It also allows them to work more creatively, more efficiently, and with greater freedom.
Tax and payroll mistakes are a common problem in small and mid-sized businesses, and can halt an otherwise healthy business from growing. A company can falter merely because of poor book handling and payroll practices. Fortunately, outsourcing payroll in Singapore can help you keep your business on track. Outsourcing payroll in Singapore ensures you have well-versed team of experts in tax codes, laws, and IRAS regulations working on your payroll reports. Even Innocent mistakes made by a well-meaning employee can be costly, but by employing a payroll outsourcing company in Singapore, you’ll can eliminate such risks and can rest assured every regulation is being followed.
Outsourcing payroll in Singapore may seem like a decision reserved for large businesses, but small and mid-sized businesses can also greatly benefit from outsourcing payroll as well, leaving their teams happy and ready to get down to more creative and forward-facing tasks.
3 Major Benefits of Payroll Outsourcing
Payroll outsourcing is an effective way to take care of tasks that a business itself may not have the expertise to handle. Unfortunately, many Singapore business leaders do not realise this until after they’ve spent too much money, and time, trying to figure out a function, such as payroll, that they are actually not equipped to handle.
Here’s why smart Singapore business leaders focus on doing what they do best and leave payroll processing to the experts:
1. Payroll Outsourcing Saves Time
A business exists to perform a service or sell a product, and much of their energy resources, and efforts are streamlined to perform profit-making tasks. When business leaders take resources away from profit-making activities, they waste time doing something they cannot do as well as an expert. For Singapore payroll, these time-consuming activities include:
- Researching Singapore’s wage and hour laws
- Setting aside time to calculate the entire payroll every pay cycle
- Using time and resources to print, sign, and distribute cheques or pay slips
- Submitting prepared payroll taxes with the proper filing records to government agencies
2. Payroll Outsourcing Saves Money
Singapore is predicted to have a 3.75% overall salary increase in 2023, surpassing even pre-pandemic levels. Now as remunerations go up and businesses incur more costs, employers will have to prioritise saving where they can – such as outsourcing certain functions.
In addition to that, Singapore tax laws are complicated and take dedicated effort to accurately assess. As businesses expand across various regions, and as their Singapore payroll increases in size, the legal issues surrounding paying accurately, legally, and on time, require the dedicated effort of an expert to understand and execute.
On that note, if a business doing payroll in-house misunderstands one of the many complex timely payment stipulations and laws in Singapore, they stand to lose money due to legal penalties. What’s more, Singapore payroll experts know how to pay employees what they’re owed, make the most of laws, and keep as many funds as possible with the business.
In short, as businesses in Singapore expand, payroll outsourcing can be key to saving money.
3. Outsourcing Ensures Confidentiality
The convenience of outsourcing Singapore payroll isn’t merely a matter of making life easier for a business owner; it makes the business safer.
In-house payroll processing entails trusting a member of the business with secured information such as other employees’ salaries, and business financial statements. When an employee processes payroll, the risk of detrimental security breaches increases, such as sharing of salary information, embezzlement of funds, or tampering with company records for personal gain. The security of a business’s server also puts employees’ personal information at risk, creating a liability.
When using Singapore payroll experts, businesses can protect themselves against internal security breaches, and have access to state-of-the-art systems with the highest level of security, all while being able to ensure their business operations run smoothly.
Looking to outsource your payroll and elevate your HR functions? With over 20 years of expertise in Asia, we at Links can help you with your payroll requirements – all tailored to your specific business needs. Contact us today and we’ll be in touch with you!
Voted best recruitment agencies in Singapore, Links International is an industry leader in innovative HR outsourcing Services with services such as payroll outsourcing, visa application, PEO/EOR Secondment, outplacement counselling, recruitment and more! Contact us for more information on how we can help leverage your HR function.