1. Reduces Cost
Small businesses are typically unable to implement and run a payroll service internally. Payroll is likely handled by a dedicated employee in such instances. When you add up the cost on hiring this employee, payroll training, payroll document creation, cost of payroll software and training, it would be quite hefty. Why not compare the cost with what a payroll service provider like Starboard could offer? You’d be surprised.
2. Saves Time
You or your employee may end up investing a significant amount of time payroll services. especially if you have to complete this work on a monthly basis. Additionally, if you have your own internal system, you will need to invest some time to train new personnel, which can be time-consuming.
Additionally, if you are the owner of the company or a key personnel in other departments, it will be quite challenging for you to stay current with the laws, since they are continuously changing. Hence, payroll outsourcing is the preferable alternative, especially given that you'll probably need to do it every month.
3. Access To Technology
Employers need access to cutting-edge technology if they want to expand their business. As a business expands, more employees are hired, which results in increased reporting. The ability to quickly and simply route huge volumes of data into customised reports is essential for payroll software or systems. Outsourced payroll services are accustomed to using these technologies.
Today’s employees expect to be able to access their payslips, timesheets, leave management, and claims on their own. Managers should also be able to approve timesheets, leave requests, and insurance claims through a payroll system. Companies who are unable to provide these options may find themselves at a disadvantage. Also, companies which try to learn and use payroll softwares themselves might encounter errors and difficulties.
4. Statutory Compliance Guarantee
Singapore's laws and regulations can be exceedingly stringent. This means that if you don't comply, you'll be subject to legal fines and penalties. This causes a great deal of stress for a business owner, especially for startups where fines and penalties may have an impact on cash flow.
When you outsource a payroll service, not only can you expect more than high quality, accurate and error-free pay-rolling, but any mistakes or inaccuracies will be paid for and handled by them.
Still have reservations about outsourcing your payroll? Get solutions to your urgent questions by contacting us right away.
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