Key Features To Look For In An Outsourcing Payroll Services Provider In Singapore
Managing company payroll can be chaotic. From employee payments to part-time contractors to keeping tabs on leaves and reimbursements – the task is daunting, to say the least. A single unintentional mistake in maintaining payroll can land employers in serious trouble. It is estimated that 1 out of 3 business managers have been penalized for payroll discrepancies in the last year. Needless to say, companies spend millions of dollars on paying fines that tamper their reputation. All this trouble could be comfortably diverted towards hiring modern payroll outsourcing services providers.
This already hefty job also requires employers to keep track of payroll regulations, tax laws, and company policies. Small companies who still prefer handling their payroll manually by themselves, mostly lack advanced software. Their dependence on Excel has further complicated matters. Know more about this here: The Case Against Payroll In Excel. A Tech Accountant’s Opinion.
Given all these issues, even small business owners in Singapore are now gradually shifting towards outsourcing payroll services to better manage this tedious task, get accurate end-results and avoid landing in legal trouble. Once you have made up your mind to partner with outsourcing firms, the next most important decision to take is figuring out the right agency that provides payroll services in Singapore.
Below are the questions you need to ask yourself before choosing a payroll partner:
1 . Does hiring an outsourcing firm show a positive cost-to-benefit ratio?
Compare costs and affordability of maintaining an internal payroll management team with the pricing packages of outsourcing payroll services providers. Remember to calculate the cost of hiring staff that includes their training and onboarding.
2 . Do you require the latest accounting and payroll software or are you comfortable with the traditional brick-and-mortar?
Advanced payroll software help save time and are especially useful in wrapping up lengthy tasks easily within a short duration. Payroll outsourcing services Singapore that provide payroll services are often equipped with such software. Even though this is advisable, you should determine whether or not you need one based on the scale of your business.
3. What are your unique payroll needs?
Before looking for an outsourcing payroll partner, make a checklist of all your specific needs. Use this as a standard when looking for the best payroll service provider for you. If you need payroll services Singapore, look for the best firms available in that region.
By now, you should be able to put a finger on exactly what you are looking for in a payroll services outsourcing firm. Here are the key points to consider before finalizing on a particular payroll agency:
Looking into the company’s credibility is a crucial factor when selecting an agency. Check how long the firm has been providing payroll outsourcing services in Singapore and what their clients have to say about them. Carefully assessing various client testimonials is by far the best way to figure out the authenticity of a business.
Experience and Qualifications:
The most important aspect of a payroll outsourcing services Singapore provider is its employees. When outsourcing payroll, you should have a clear idea about the people who would be in charge of your accounts that contain both financial and other sensitive information about your own employees. Look into the expertise of the payroll specialists and be sure to analyze the amount of time they take to complete a job and their internal employee screening process.
Your payroll service provider has to be in constant communication with you. This translates to the fact that the firm you choose should have a high level of personalized customer service and should not be some arbitrary sales representative. Any firm that provides payroll services Singapore should understand your business requirements to the core and present you with solutions to better manage your payroll.
Features of Payroll Service:
When looking for payroll services in Singapore, carefully make a note of all the features that are being provided to you. Some of the most fundamental features that you should consider are:
- File superannuation services that include CPF, EPF and other related funds.
- Payslips and tax forms issuance processes to employees.
- Administer and accurately handle leaves and reimbursement claims from employees.
- Availability of employee and contractor expense reporting system.
The Extent of Customization of Services:
Your outsourcing payroll services partner should be open to adjust and customize its services based on the specific needs of your business. When you choose its services, you should have the autonomy to choose, add and remove services according to your requirements. The greater the extent of customization, the easier it is so businesses to cope with an external firm.
Latest Software Availability:
Technology is taking over all manual tasks and making them faster, easier and simpler. With the latest payroll software, agencies can now significantly shorten the amount of time taken to prepare payroll reports and also promise efficiency and accuracy. The payroll services provider of your choice should have such software at their disposal to enhance productivity and ensure a better service overall.
Pricing Packages and Affordability:
Make a note to have a clear view of the payroll services that you will receive at a certain price and look into the availability of additional services at separate prices also. The packages available should be competitive as per the market value. Again, cheaper prices do not necessarily mean that the services provided by the agency would be effective.
The right payroll services provider is the one that can offer you services at per your needs while also being affordable, time-efficient and approachable.
Mundane tasks are often the most important. Employees are the lifeline of your business and hence, managing their compensation processes in a fast and accurate fashion is an important part of any business. This needs a keen eye for detail and undivided attention.
An increasing number of employers in Singapore are now looking for easier ways to handle their payroll data and outsourcing is by far the best solution they have come up with. Be mindful of the features discussed above and you can hire the best agency to help maintain your payroll expenses in a seamless manner.