Simplify Your Payroll Process with Our Professional Services in Singapore
With Payroll Services in Singapore, you’ll have peace of mind knowing your payroll is handled accurately and efficiently by experienced professionals.
IMC and Talenox are now Partners
However, the process can be further complicated by other factors or components such as allowances, benefits, deductions, payments to the government and so on. So, it’s no surprise to know that many SME’s (Small and Medium-sized Enterprises) have chosen to outsource payroll and salary functions to accounting and bookkeeping firms. As a result, IMC has partnered with Talenox to offer them extensive, cloud-based payroll management services and software applications. Whether it is about preparing the Form IR8A, Preparation of Salary Slips, calculating the deductions such as SHG, CPF contributions, let us handle it for you.
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Why should businesses outsource their payroll services in Singapore?
Businesses in Singapore can significantly benefit from outsourcing their payroll services for several reasons:
Compliance with Complex Payroll Regulations:
Singapore has strict payroll regulations, including statutory contributions, taxes, and leave management. Outsourcing payroll services ensures that businesses stay compliant with these complex regulations, reducing the risk of penalties and legal issues.
Time and Resource Savings:
Managing payroll internally can be time-consuming and resource intensive. Outsourcing frees up valuable time for HR teams to focus on strategic initiatives and core business functions rather than getting bogged down in administrative payroll tasks.
Expertise and Specialized Knowledge:
Payroll service providers have a team of payroll professionals with in-depth knowledge of Singapore's payroll laws and regulations. They stay updated with the frequent changes in employment regulations and bring expertise to handle diverse payroll scenarios, ensuring accuracy and compliance.
Error Reduction and Accuracy:
Outsourcing payroll services minimises the risk of costly errors. Service providers utilise advanced payroll software and technology to automate calculations and processes, reducing the likelihood of mistakes in tax calculations, statutory contributions, and other payroll-related tasks.
Data Security and Confidentiality:
Reputable payroll service providers have robust data security measures to protect sensitive employee information. They comply with personal data protection regulations, ensuring the confidentiality and security of payroll data.
Scalability and Flexibility:
As businesses grow, their payroll requirements change. Service providers can adjust their services to meet the changing needs of businesses. Outsourcing payroll services provides scalability and flexibility to accommodate business expansion or fluctuations in employee numbers.
Cost Savings:
Outsourcing payroll services can be cost-effective for businesses, tiny and medium-sized enterprises (SMEs). It eliminates the need to hire and train in-house payroll staff, reducing personnel costs. Service providers typically offer pricing models aligning with businesses' needs and budgets.
Choose IMC for streamlined payroll services and discover the benefits of combining your accounting and corporate secretarial services. Contact us today to explore how we can support your business.
All about Payroll Services in Singapore
Our firm has the resources, experience, and reputation to help handle all of your Payroll Services needs.
Has your company been looking for seamlessly integrated Payroll Services in Singapore?
We offer full-service, comprehensive and integrated payroll services that includes
- Handling payslips and report of monthly payroll
- Submission of Central Provident Fund (CPF)
- Processing for Skills Development Levy (SDL)
- Tax Clearance for SPR and Foreign Employees (IR21)
- Preparation of Annual IR8A
According to the Employment Act, an employee is entitled to their salary within 7 days of the end of the pay period. Therefore, any failure on the behalf of their employer to comply with the provisions of the Employment Act is considered against the law and subject to fines or other punishment. So, it should come as no secret that the timely preparation of payroll services and salary payments is considered one of a company’s most important responsibilities and tasks.
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Andersen Global was established in 2013 as an association of legally separate, independent member firms. It is comprised of more than 13,000 professionals worldwide, over 1,800 global partners, and a presence in over 390 locations in more than 170 countries worldwide.
Key Things to Consider When Managing Payroll in Singapore
Integration Capabilities
Talenox is known for its web-based, readily accessible payroll systems that host an extensive range of functions such as automatic e-mailing of paychecks, one-click bank payments, and spreadsheet imports.
They can be integrated with:
- AIS (Accounting Information System) files.
- CPF (Cognos project file) format or data files used to create, edit, or open the data stored in them.
- Xero accounting software for small and medium-sized businesses or SME’s.
At IMC, we have provided our extensive payroll management services to hundreds of clients across a broad range of business and industry sectors. Since partnering with Talenox, we can now offer companies the type of advanced management software that will enable them to process the most detailed, intricate payroll accounts.
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Key features & Leave applications
Our payroll systems simplify the accounting process for small and medium-sized businesses. This hassle-free software eliminates those deadline nightmares and huge stacks of paperwork that have plagued your payroll department for months.
These payroll systems feature, but are not limited to, the following functions:
- Automatic salary calculations for 7, 14, or 30-day pay periods.
- Easier payroll editing.
- Employee portal for viewing pay slips.
- Payroll summaries, statutory funds, and Year-to-Date reports.
At IMC, we now provide the most extensive payroll service solutions for small and medium-sized companies. When you outsource your accounting and payroll functions to our company, a payroll expert will work with you and be readily available as needed. Successful payroll management involves not only the accurate processing but also good maintenance and timely disbursements. Other than ensuring compliance, this also lifts staff morale and keeps employees motivated.
Payroll Services in Singapore – FAQs
Payroll services in Singapore typically include processing and managing employee salaries and wages, calculating taxes, CPF contributions, and other employee deductions, generating payslips and tax forms, managing employee records, and ensuring compliance with Singapore’s employment and tax regulations.
The cost of payroll services in Singapore varies depending on the provider and the specific services required. Some providers charge a flat fee, while others charge based on the number of employees or the complexity of the payroll. It is important to research and compare different providers to find the best value for your business.
Yes, it is possible to outsource payroll services to a provider in another country, but it is important to ensure that the provider has expertise in Singapore’s employment and tax regulations. This is particularly important as failure to comply with these regulations can result in fines and penalties.
Using a payroll service in Singapore can save businesses time and resources, reduce errors in payroll processing, ensure compliance with employment and tax regulations, and provide peace of mind for business owners.
Yes. Itemized payslips are required by law in Singapore, according to the Ministry of Manpower.
While it is not mandatory for businesses to engage a payroll service provider in Singapore, it is highly recommended. As the employment and tax regulations in Singapore can be complex and constantly evolving, using a payroll service provider can help businesses stay up to date and compliant with these regulations, and free up time and resources to focus on other areas of the business.
Businesses should ensure that their payroll service provider has robust security measures in place to protect their sensitive data, including encryption, secure servers, and regular backups. It is also important to have clear communication and agreements in place regarding data privacy and security.
Payroll service providers in Singapore should have experience in handling various types of employment contracts, including full-time, part-time, and contract-based employees, as well as managing different types of leave entitlements and bonuses.
Payroll service providers in Singapore may offer different payment processing options, including direct bank transfer, cheque issuance, and payment via online platforms. It is important to understand the payment processing fees and timelines for each option.
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+65 91269927
SINGAPORE
143 Cecil Street,
25-04B GB Building,
Singapore 069542
Tel: +65-91269927
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