The end of each year should be a time of relaxation but instead, many human resource (HR) teams find themselves buried under paperwork. As remote workforce management becomes the norm in Singapore, more business owners are finding it increasingly difficult to manually manage their company’s HR and payroll processes. Without effective and efficient payroll systems, HR teams are swamped with income tax computation matters and paperwork.
Thankfully, today we have access to a multitude of payroll management options to make your life easier. From small to mid-sized companies, payroll systems are an accessible and effective way to simplify your HR processes. If you are considering a digitization leap, this may be the crucial step towards greater productivity for yourself and your organization.
1. Discover Greater Affordability
HR Software-as-a-Service (SaaS) plans allow you to pay for what you need, when you need it. Payroll system providers typically charge based on the number of employees you have, in a per-employee-per-month (PEPM) or per-employee-per-processing payment (PEPP) model. With subscription plans starting from just one month, there’s no need to make a large financial investment into a service. A study by Deloitte found that automating payroll and tax tasks alone could save organisations about $24,500 USD a year.
2. Promote Greater Employee Autonomy
Onboarding new hires and maintaining up-to-date employee information is much easier when your employees can manage their own digital company profiles on payroll systems. That means less time spent pursuing administrative details, and less money spent on printing costs.
3. Enjoy Greater Convenience
Modern HR management systems make it easier to monitor employee attendance and shift schedules. With the correct payroll system, employee claims and leave applications can be made electronically, with approval being as simple as the click of a mouse. The data collected can be easily tracked and compiled into interactive reports, allowing you to make strategic adjustments to your workforce management plans.
4. Observe Greater Compliance
A great payroll system is regularly updated to keep up with local statutory regulations. Imagine being able to tabulate salaries for workers in Singapore automatically to include public holiday payments, CPF and other mandatory contributions. Complete reports, fill up payslips and process banking files to have them sent to recipients in just minutes.
Filing your end-of-year corporate income tax is now a breeze, as well as the hard work of calculating tax rates, so you’ll never have to worry about incurring a fine.
5. Maintain Greater Security
When it comes to sensitive information like employee details and payroll data, you’ll want a lot more data security than paper files or Excel spreadsheets can offer. A secure payroll system encrypts all the information it collects, to prevent data breaches. And what about problems with fraudulent claims from within?
That can be kept to a minimum too, with technology like geo-fencing and photo audits, avoiding the usual problems with traditional clocking in and out.
6. Achieve Greater Peace of Mind
A survey of global businesses revealed that 73% outsource some aspect of their payroll, with 82% of respondents indicating that they were satisfied or very satisfied with their payroll outsourcing arrangements. Discover what HR payroll systems can do for you with our award-winning software, JuzTalent, and our team of HR professionals with expertise in local laws, culture and economies in Asia.
We can help you navigate the pitfalls of remote workforce management, providing you with all the relevant information you need, while seamlessly handling the rest.
1.AYP Group mentioned as a Regional HCM Suite Vendor for Singapore in a 2022 Gartner® Report
2. Payroll Journey: The Singapore Style