If you’ve decided to avail of an outsourced payroll service, you must pick the right provider that can truly enable you to improve your company’s productivity without downgrading quality in your internal procedures. With many different options in the market nowadays, how can one know which service provider is good?
Singapore is a key hub for commerce in the current world economy. The country’s business-friendly tax laws, business accessibility, and competitive workforce all work together to create a stable economic and political environment for businesses to flourish. Payroll outsourcing helps companies maximise their time and conserve funds, so every entrepreneur and business owner has more opportunities to concentrate on their core business activities. Here are some reasons why you should consider outsourcing to service providers.
Qualities of the Right Payroll Service Provider
Modern Solutions to Payroll
A good outsourced payroll service provider has modern solutions for your payroll needs. Things like automation and easy accessibility are some things you should look out for as they make things easier for you.
If you or your employees have been used to manual payroll preparation, getting used to a new process will take time. Learning a new payroll software is only one of the many things you would have to worry about. Additional costs for licensing and software training for your staff are part of this process — but with payroll outsourcing, this won’t be an issue.
With outsourced payroll service providers, you won’t have to bother yourself with the extra cost and training, as payroll providers can take care of everything for you. Most of these providers have also started using cloud-based technology, allowing clients to see what is happening and access important information anywhere and anytime.
Fast and Convenient to Deploy
Payroll preparation takes a lot of time and can be difficult if you don’t have an experienced team handling it. Payroll management requires utmost diligence and accuracy, which can be more challenging as your workforce grows and more changes are implemented internally.
Errors in payroll preparation can cause delays. Any miscalculation in the payroll would cause your team to recalculate employees’ payroll. There might even be instances wherein you have to deduct the inaccurate amounts in succeeding pay runs. This kind of error will affect your employees’ motivation for work. It will also cost your HR and accounting team, precious time that could have been spent on other crucial matters. Choose an outsourced payroll service provider that can provide accurate and timely payroll management as this will be beneficial in the long run for your growing business.
Simplified Remittance of Salaries Globally
When the COVID-19 pandemic struck, businesses embraced the option of remote work or hybrid arrangements for their employees. This new arrangement also opened companies up to hiring international talents from across the globe — but it also opened up a need for companies to set up a global payroll system to ensure they pay their employees correctly while adhering to their local government policies.
Learning about a country’s taxes and setting up payment schedules on benefits and bonuses can be overwhelming for a business with no experience with a global payroll system. It is why instead of going through that hassle, companies delegate it to outsourced service providers with experience setting up that system.
Helps You Stay Compliant with Rules and Regulations
If you think it’s already challenging to stay on top of every single payroll compliance requirement in Singapore, wait till you have to deal with foreign laws and regulations so that you can pay your international talents.
Instead of dealing with these things, outsourcing it to service providers with more experience and knowledge of both foreign and local payroll regulations can be a huge help. They make sure everything is in order and that all payroll activities are up to the country’s standards. It would also help you avoid any audit issues which can result in expensive penalties which can hurt your company’s overall reputation.
Benefits and Contributions Calculations are Part of the Package
There may be additional payroll tax obligations at the end of each fiscal year, even after the payroll details have been organised and documented. It is the responsibility of business owners to accurately calculate and remit any taxes or contributions to the state. Your preferred outsourced payroll service company should make accurate tax filing and payment the standard practice.
For mandatory employee contributions, accurate payroll deductions are required. To keep the benefits programs operational and adequately supported, each calls for separate contributions from the company and the employee. By outsourcing payroll, you can make sure that your deductions are accurate, the services you’re providing adhere to legal requirements, and benefits payments are made on time.
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Why Choose Lanturn
Calculating employee compensation, maintaining tax compliance, and handling employee benefits are just some of the few complicated activities involved in payroll management. Finding a service provider that meets your needs is essential in keeping your payroll management system in check.
We at Lanturn can assist you with various services in a timely and cost-effective manner, including paying your employees, remitting salaries, filing your CPF and other required government contributions, and handling other payroll tasks.
By using Lanturn’s outsoured payroll services, you can benefit from the following:
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- Monthly CPF contribution creation and submission
- Creation of payslips
- Timely filing of income tax forms IR8A and IR21
- Year-end tax return filing
- Customised and standardised report creation
- Calculating pay for newly hired, resigned, or terminated personnel
- NS Men Make-Up Pay, Maternity, and Child Care Claims electronic filing assistance
- Payroll calculation following corporate rules and the relevant laws in each jurisdiction
Rest assured that in availing our services, the highly effective, committed, and experienced accountants at Lanturn can manage your payroll with ease while taking care of regional taxes, legislation, and compliance. Lanturn offers a user-friendly platform and a transparent price structure while ensuring data protection.
