Every business has to deal with payroll. It covers every employee, from paying their salary or wages and keeping track of them to figuring out their bonuses, benefits, deductions, taxes, and time off. It starts on the first day of work and can continue after a person quits because you have to figure out how much notice they are entitled to and keep records as required by law.
Payroll is one of the most significant expenses for most companies, and it’s up to each company to ensure it’s done right. If you do it wrong, it could damage the morale of your staff, cost you money, and even put you in the crosshairs of the law.
Here are some things to consider when looking for the best Payroll Software in Singapore
Integration with your accounting and HR software
If you want to handle information only once or process and reconcile payroll by hand, getting a service that works with your existing accounting and HR tools is a good idea. All your tools will use the same data set, making payroll, accounting, leave management, performance reviews, and other HR processes work better together.
You will only have to enter employee information once; your data will always be correct and up-to-date. There will be fewer mistakes than when you manually move data between programs.
Local Compliance
We talk a lot about how hard it can be for businesses, especially smaller ones, to follow employment and tax laws. A good payroll service provider will know and keep track of current laws and ensure you are always in compliance. Only sign up for a service that has local knowledge, however. You will save yourself time and trouble, and you’ll also avoid possible fines and more scrutiny.
Ease of Use
Sound payroll software in Singapore should reduce your work, not add to it. The software should be easy to install and use, and the change should be quick and easy. If you need much training, it is probably because it’s challenging to use, so you’ll be wasting money that could be spent elsewhere.
Think about what your business needs, such as the number of employees, the complexity of the payroll, the rate of staff growth and turnover, etc., and then find a solution that fits those needs the best. You should be able to access and take care of your payroll, but you should also be able to use a service that does most of the hard work for you.
Automation
Automation is your friend when it comes to payroll. Look for automated timesheets, tax and leave balance calculations, direct deposit management, and relevant notifications and reminders.
Having automated payroll processes will save you time and make it less likely that someone will make a mistake. If you pay your employees correctly and on time, they will be happy, and IRD will not bother you.
Lastly, it is essential to pick the best payroll software in Singapore that fits your budget, is easy to set up and use and has the features you need most. Make sure to choose a well-known, Simplified solution that will work for you. Remember that the best experience for the user usually leads to the best results.
