There are many companies who prefer to maintain their payroll by themselves through the manual procedures or use some software. But some companies prefer to outsource the payroll as hiring the employees for payroll and the time spent on doing the payroll Singapore work will cost them much higher than outsourcing. For any company it is very important to have a company secretary Singapore so that they can advice the company in all the legal actions of the business. Are you still thinking if outsourcing is good for your company or not? Then let me give you few reasons for outsourcing.
- Time saved: Whatever may be the size of employees in a company they have to take out time and give complete attention to finalise the salaries of their employees. The company can effort this time if they do not have much work to do. But if the business is having other priorities which will effect there business like supporting the customer or working towards the growth of the business. In such case the company will opt of outsourcing payroll as it will save lot of their time and they can utilize their time on profitable activities.
- Reduce cost: Some of the large business company may not outsource there payroll as they have enough money to set up a payroll department consisting of experts in that field. But companies which are medium and small for them outsourcing payroll will be beneficiary. For example try to calculate the time and effort the employee is spending to maintain the payroll and add the salaries of the employees who are working on the payroll activity. And also the time and taken to train each payroll employee and also the cost of the software used. You will surprise to know that the total cost will be very high compare to the cost you will spend on third party if you outsource.
- Avoid penalties: Any form of payroll errors will lead to big penalties. For example the employee will not be happy to receive his payment late or less and government will not accept late payment of tax. It is very difficult for the owner of a company to be updated always with all the new rules and regulation or any changes made by the government.
- Security: How confident a company owner can be on his payroll employee that he will not do any fraud for his personnel reason with the payroll data? And no one would like to spend time on such frauds and it is very difficult to gain all the lost data. With payroll outsourcing services you can be tension free about the frauds because they have such technologies which will spot and can directly intimate the owner about any such fraud.
Conclusion
Hope these details will help you to move your payroll department under third party services.