In today’s economic environment business owners in Singapore are concerned about increasing business productivity than ever. One of the business processes where they could optimize their resources is the payroll processing. They can streamline the task by implementing an integrated and online payroll software Singapore that incorporates formulas localized for the island nation.
You are Not Doing Your Payroll Manually, Right?
Processing your payroll manually, as you have already found out, is a labor intensive task. And you could be doing it for a few, tens, or hundreds of your employees having different payment frequencies. Then there are different pay components and statutory requirements to consider. But as a smart business owner you should ask yourself, “Is it really worth to spend the considerable amount of time, efforts, and assign a qualified resource for the task or go for a web-based payroll software Singapore?”
Let Your HR & Payroll Software to Take Care of all the Payroll Components
The complexity of the payroll processing depends on the number of payment components you need to consider at the time of calculation of salaries. The number varies according to the jurisdictions. And the HR staff, especially employed by the startups and Small and Medium Enterprises (SMEs), feels harassed without a comprehensive payroll software Singapore.
They find it challenging to cope up with the administrative responsibilities of updating, issuing and archiving of their employees’ paychecks. A highly integrated and modular Singapore payroll system assists businesses in taking into account all the local components of payroll. It also uses the formulas advised by the Ministry of Manpower of Singapore (MOM) to calculate the salary for say,
- Pay for Incomplete Month of Work
- Basic Rate of Pay for One Day (for a Monthly Rated Employee)
- Gross Rate of Pay for One Day (for a Monthly Rated Employee)
The HR & payroll system enables the Singapore employers to take care of statutory contributions like CPF (Central Provident Fund), SDL (Skill Development Levy), FWL (Foreign Worker Levy). In short, the payroll system stops you from worrying over the maths involved in the payment processing. In addition, the tool also takes into account donations like CDAC (Chinese Development Assistance Council Fund), ECF (Eurasian Community Fund), MBMF (Mosque Building and Mendaki Fund), and SINDA (Singapore Indian Development Association Fund).
The Singapore businesses, depending on their needs, choose to hire full or part-time employees. A well-built payroll software Singapore should be capable of allowing the employer to easily take care of it. It should accommodate employees that are paid weekly, bi-weekly, monthly, or bi-monthly.
It should also accommodate varying hourly/daily rates depending on the week or rest days and approved public holidays. Moreover, as per the dictates of Singapore Employment Act, it needs to prepare and send itemized payslips to the employees.
Pay Attention to the Features of the Singapore Payroll System
If you intend to switch to a state-of-the-art payroll software Singapore, you need to look for the following features to maximize the automation of in-house processes.
- Employee Management
- Master Setup Management
- Company Management
- Payroll Management
- Leaves Management
- Time Attendance: Roster & Time-sheet Management
- Claims Management
- Progression Planning
- Reports and Enquiry Management
- Email and SMS Management
- Reports and Dash Boards
- Schedule Management
- Bio-metric (Finger Scan ) Attendance support
- Billing & Invoice Management
The authorities change the payroll related rules and regulations to whenever they are needed. The software manufacturers update their web-based payroll software Singapore on the web servers to accommodate the changes. The businesses using such a tool has nothing to worry about their compliance. They always get to use the updated payroll system. It is one of the reasons for businesses for upgrading their desktop-based payroll system.