Business Management, Finance, Local Business, Technology

Ensure Statutory Compliance Payroll Softwares In Singapore

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Payroll-software-singapore

When small businesses in Singapore starts to grow, they need to opt for payroll software Singapore. It is the time they hire additional employees to provide for the growth. They need to deal effectively with the increased workload of payroll processing. In fact, using a competent payroll software to address the problem is a must for them.

Processing Payroll is a Tough Task

The day humans started employing others to do their bidding; they come across a difficult task of providing remuneration to their employees. In the days of barter system, payroll processing was relatively easy. But, with the enactment of various laws, the complexity of the task kept on increasing. Today, anyone trying to do it manually inevitably wastes time and eventually makes a mistake.

For a small business lacking in expert human resources, a payday is a challenge. They find task is not easy, even for a limited number of employees. Several payroll factors need to be considered while calculation of salaries of the employees. If a business employs professionals from a number of tax jurisdictions, it raises the complexity of the task further. The calculation of deductions based on different rates of taxes, currencies, and statutory contributions sooner or later defeats manual efforts.

Calculating accurate salaries for them becomes a truly complex issue and labor intensive task. These businesses simply need to implement web-based payroll software to automate the process as per their requirements and give their HR or Payroll staff a much-needed reprieve. Or else, they must face ire of employees who were unmistakenly wronged. It is not good for the small businesses or a large business, to allow the things take this course. Such incidences tend to sour the relationship with their employees. It also affects their goodwill and brand in the market.

Get Yourself a Latest Web-based HR & Payroll System

The businesses, irrespective of their size, still using absolute HR & payroll software must upgrade themselves. Using two different software to manage employee data makes no sense. If the staff adds a new employee’s data to HR software, but fails to do the same with the payroll software it causes the discrepancy. Implementation of an integrated payroll software solves the problem as it maintains a single database to support both the operations. Any changes in the database are system-wide which ensures that both HR and payroll staff use the updated data.

Ensure Your Statutory Compliance with Payroll Software Singapore

As per the Employment Act of Singapore, the employers must pay their workers within the seven days of the payment cycle. The automation of payroll using a Singapore payroll software enables them in abiding by the statutory compliance. The system proficiently handles deductions such as CPF contributions and different types of levies, employee benefits, and prevalent taxes in Singapore.

Benefits of Using Updated Version of Payroll Software Singapore

The Singapore payroll software manufacturers keep on updating their software to accommodate the latest changes in the payroll rules and regulations. However, in the case of the web-based systems users do not have to update their copy on their computers. The manufacturers upgrade the copy of the software on the web servers. Many times, the users are unaware of it, but they benefit from the use of latest version of the software. The result is the uncompromised statutory compliance for the users of the online payroll system.

Modules of a Payroll System

An innovative business software in Singapore including payroll system lessens your dependence on the paper files containing your employee data and allows you to have a paperless office. The automation of payroll leads to increased efficiency and productivity and the faultless execution of the payroll. Most importantly, it allows you to reassign the staff dedicated to the task to achieve the core goals of your business. The tool enables the management to streamline various functions like,

1. Employee Management

2. Master Setup Management

3. Company Management

4. Payroll Management

5. Leaves Management

6. Bio-metric (Finger Scanner) Attendance

7. Timesheet Management

8. Claims Management

9. Progression Planning

10. Reports and Enquiry Management

11. Email and SMS Management

12. Reports and Dash Boards

13. Schedule Management

14. Billing & Invoice Management

15. Reporting

Before buying an online payroll software Singapore you need to do a thorough research, fix your needs, see if you need to customization to provide for your unique needs. Get in touch with the software manufacturers or vendors and see the support they are capable of offering to you.

 

Contact The Contributor
SBS Consulting Pte Ltd High Street Centre, #17-02, 1 North Bridge Road, Singapore – 179094 Tel: (65) 6536 0036 Email: info@summittech.com.sg
 

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