How to save time when processing payroll for your company in Singapore

How to save time when processing payroll for your company in Singapore

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.

How to save time when processing payroll for your company in Singapore

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.

How to save time when processing payroll for your company in Singapore

March 12, 2018 Business, Management Services Comments Off on How to save time when processing payroll for your company in Singapore
5 reasons to outsource payroll services to a professional firm

5 reasons to outsource payroll services to a professional firm

5 reasons to outsource payroll services to a professional firm – Payroll services is quite a common management services firm available in Singapore. Singapore is a competitive place, no matter where you go, there is strong competition to grab your attention and to get you to purchase. The only way to be at the top of the competition is when you are able to push for higher profits through lowering cost and also at the same time boosting your revenue figures. This is something most business man are aware of but do not practice on a regular basis. The strength of a business is to do well in the long term and this is something many business owners need to work towards if they want to be successful in this current environment. 

So what are the 5 reasons you should outsource your payroll services to a firm that is able to deliver for you:

5 reasons to outsource payroll services to a professional firm

Reason 1: You save time when you outsource your payroll

Why spend so much time working on payroll when it does not bring you any income or sorts. This is something that many business owners like to make the mistake of. When you spend time trying to do little things like this, you end up looking on that thousand dollar or ten thousand dollar deal. This is penny wise , pound foolish. We all should work towards earning that bigger buck and spending money on things that you do not find core to the business. 

There are many cheap manners to outsource and if you do not need to troublesome payroll, you could choose the more affordable packages to help you grow your business through outsourcing this administrative work. 

Reason 2: You get better work done for you by a professional payroll staff

You are not someone that is working on payroll everyday, how are you going to be able to deliver the best work as compared to someone who does only payroll work day in and day out. This is something many people dont understand. Let the people who do it best do the work for you. 

High quality work can be derived from a professional who is able to process it not just fast but at the same time accurately based on all the work that you have and give to the professional personnel. 

Reason 3: You get the work done on time and on target

Having a strong team of payroll professionals means that they are able to produce work at a faster speed than you doing it. The time taken to get it done on time and on target is very important because this is salary related and most of your staff members will want to receive their salary on time. 

You will also want accurate and good work to be done and this is something that Knowledge-Pro will be able to provide for your business.

Reason 4: You will save money from the salary for a full time payroll staff versus outsourcing it to a professional payroll firm

Hiring a full timer for anything is never cheap, you will have to fork out a few thousand dollar for a fresh graduate who probably doesn’t know anything or you will have to pay even more for someone that is experienced. 

This is something that most business owners will have a dilemma of, they will have to decide if they want more control in house versus cost. And cost will win most of the time because there is almost no reason why you should keep it in house and burn a whole lot of cash trying to maintain that one person. 

 

Reason 5: You get work that is up to date with government changes

Professional firms will ensure they keep updated with the budget and plans of the government so that you do not submit the wrong data when you do have to do submission. There has been cases where entrepreneurs work on payroll themselves and miss out certain contributions that they are not aware of because they do not pay close attention to changes on a regular basis.

This is something you do not have to fear from a professional firm because it is our duty to check and confirm the work that needs to be done and make the changes accordingly for all our customers.

 

Knowledge-Pro Pte Ltd is a leading payroll services management company that is able to assist you and your business in arriving at a optimum point of productivity and cost efficiency. 

We look forward to working with you and your team in delivering quality work for your management needs. 

You can also visit our payroll services site here: https://knowledge-pro.com.sg

5 reasons to outsource payroll services to a professional firm

January 29, 2018 Business, Management Services, Payroll Comments Off on 5 reasons to outsource payroll services to a professional firm
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