How to save time when processing payroll for your company in Singapore – When it comes to running a business, everyone says this. Time is money. Time can be used to meet more people, close more deals or be marketing to more people so that they will work closely with you to generate more revenue making opportunities.
To be able to save time from things that are not core to the business and to spend time on things that are core and important to the business is one thing that many business need to learn about making money from running a business of your own.
Some items from running a business can be outsourced and this will make sure that you business is able to save money and end up having to make more income in the long run.
So what are some ways that you can save time when it comes to doing the administrative work of processing payroll for your staff members:
1. Using a software that is Singapore based
Payroll software can be quite typical when it comes to just processing basic pay. But there are components in Singapore’s payroll that can really set it apart from the rest of the world. Things like National Service Pay, things like CPF are very different from systems of other countries and this makes for the usage of a locally created software that can do the heavy duty calculations for you so that you do not have to manually do the calculation when you are preparing the payroll of the particular person.
2.Using a software that is certified by the authorities
CPF and IRAS will require you to be certified before you can do direct submissions with them. This will mean that they have audited your software and that your software fits a certain capability and at the same time able to perform the require calculations with accuracy. This certification is not tough but it has a limited time frame and only those that are around for quite awhile will be able to achieve it. Use a software that is able to provide that so that you can save time and effort instead of trying to get the submissions done manually from the government individual websites that can be quite annoying and time consuming for a busy entrepreneur like yourself.
3. Keeping up to date with new government changes
If you’re doing your payroll processing, it pays to always take note of what changes the government is coming up with and follow through with it. There are many changes that can come about during one budget change and we should always keep abreast of the changes so that you do not make mistakes to the calculation of someone’s payroll and CPF.
This is extra important because employees can get very upset if their pays are not done properly.
4. Outsourcing the work to a qualified payroll services provider
Probably the best way to receive the productivity that you need as a businessman is to get someone to do the work for you at an afforable price. This is one thing that many businessman do not pay attention to. To non-core services, it will be best to just get someone to outsource the work for you. For a competitive rate, you get to save money and time and also have the most updated service standards. We prefer to do that for our business as well.
Explore outsourcing your payroll services to Knowledge-Pro to see the benefits of doing so today.
Our partners at Koh Management is also strong in accounting services in Singapore.