Payroll functions in Singapore are more accessible compared to other countries. However, there are specific laws that should be kept in mind. Businesses are increasing the outsourcing of payroll functions. According to a survey in Singapore by Statista Research Development, 12% of the respondents stated that they outsourced their payroll fully compared to only 8% in 2015.
Keep on reading the blog to find out why it is convenient to outsource the payroll functions.
Reasons for Outsourcing Payroll Functions
- Businesses process payroll based on employees’ performance, leaves, bonuses, etc., managed by the HR team to ensure the smooth running of businesses. However, if this function is outsourced to payroll services experts who know the local law, HR will leave more time for HR to hire and develop business strategies.
- Payroll outsourcing services by renowned companies ensure the correct calculations of payroll, which helps the HR team answer employees’ queries correctly. Moreover, the HR team is also left free from these time-consuming activities to focus more on business growth.
- Payroll outsourcing reduces the cost, since a full-time employee could be saved from headcount. These additional savings can be reinvested in the business, or you may absorb them.
- Many Singapore payroll services include the answering of employees’ queries. They also provide information and training sessions to the HR team when there are changes in taxation or employee benefit programs.
- Payroll companies provide an array of reporting solutions that gives quick and accurate reports as per your needs. The in-house payroll software may not provide you with such reporting solutions, and your IT department may take a long time to build it.
- It is tough to hire people in a foreign land due to cultural barriers. However, by outsourcing the payroll to other reliable companies, the HR team is relieved of this pressure.
Summing Up
All the mentioned works, which are essential to carry out any business operation, usually falls upon the HR team that eventually gets overloaded. To focus more on your business growth, you should look for a reliable payroll service provider in Singapore, such as GOHRBPO. The company ensures its delegates offer the supreme service according to your company’s needs, and once onboard, you will have access to their team’s expertise to guide you in difficult situations. Whatever your business’ size, we are here to provide you with a solution and help you grow by letting us take care of your HR and Payroll administration.