It is no secret that payroll management can be a major challenge for organisations, irrespective of the size and type of business you have. Thankfully, hiring a payroll service provider can help alleviate most of these hassles – ensuring operational efficiency, compliance with tax codes and cost-savings in the long run.
Discussed here are the top five reasons why you should have a payroll provider for your business.
1. Stay Compliant
Compliance regulations regarding payroll management are tricky, constantly challenging a company’s capabilities. Most often, errors in payroll processing can result in audits and costly penalties.
A professional payroll provider will help your company stay on top of payroll management regulations and changes in tax law – when payments are due, which payments to make, which tax forms to file, etc. This will enable your business to maintain compliance.
2. Employee Background Screening and Verification
One wrong recruit and can cost thousands of dollars to your company, while also compromising its security. Payroll providers like GOHRBPO offer reliable employee verification services, including eligibility to work in Singapore and background screening. Ensure all information the employee provides is accurate. And an expert payroll provider can help with this.
3. Accurate Reporting
For any business, it is crucial to precisely report employee wages and benefits, withholdings/deductions and other critical information for internal accounting, tax filing, and budget projection. But failure to utilise a proven system can result in costly mistakes and non-compliance.
A good payroll provider typically uses an automated system that facilitates accurate tracking and reporting of employee work time, wages paid, deductions, benefits and other information. All data is available on cloud storage, providing instant access at the click of a button.
4. Improved Scalability
Businesses need an effective payroll system that scales as they grow. Outsourcing payroll services to an expert like GOHRBPO ensures that your payroll system is scalable and adapts to your fast-changing business needs.
5. Save More Money and Resources
When you outsource payroll services to a professional, you can utilise your resources to manage your core business and foster growth. You do not need to spend money in recruiting, training and retaining an in-house team. Additionally, by helping you stay compliant, a payroll provider can help your business with significant savings.
Have your payroll functions handled efficiently and cost-effectively by outsourcing to GOHRBPO.