Choosing the right payroll service Singapore
To get their workers paid, all companies with employees are running some sort of payroll service Singapore. Instead of doing it alone or outsourcing the job, many of today’s businesses are opting for an electronic payroll service to make this process easier and more convenient.
The cloud provides electronic payroll services. These do not require installation or maintenance of any technology, so companies can handle and run their payroll from anywhere. These can be used to pay full-time or part-time employees, contract workers and freelancers.
We cover all you need to learn about what these providers are providing and how to select one in this guide. Are you already sure of what you are looking for? To see which ones we recommend, visit our best picks section.
What Do Online Payroll Services Offer?
Generally electronic payroll includes a variety of services:
• Payroll processing: Online payroll services calculate automatically how many employees each pay period should be paid. Wage rates, shift differentials, overtime, holiday pay and taxes as well as deductions for social security and benefits are accounted for by systems. We then make direct deposit, prepaid debit cards, and paper check payments to workers.
• File and pay payroll taxes: Such programs will withhold employee income, file quarterly payroll tax statements, and pay the appropriate local, state, and federal agencies withholding tax. We also problem at the end of the year worker W-2 and 1099 forms. Many services offer a guarantee that is mistake-free. If an error is made, we must correct the error and pay any penalties or interest incurred.
• New hire reporting: Most payroll companies are advertising new hires on your behalf to the government.
• Integrations: Electronic payroll services in Singapore are already being used by companies with a number of payroll-related programs, such as accounting software, time and attendance systems, and technology for human resources.
• Paid-time-off management: Many of these programs control paid time off by monitoring how many employees have received holiday or sick hours and how much they have used. Many payroll systems also make the demand and approval process more time-off simpler.
• Employee self-service: Employees typically have access to online pay stubs, PTO balances and year-end tax forms for viewing.
• Mobile access: Many systems offer mobile apps or mobile-friendly websites that allow businesses to use smartphones or tablets to manage and run payroll.
• Payroll reports: Your service’s detailed wage and labour reports can provide a more in-depth look at how a business operates.
The greatest advantage of electronic payroll systems is that all the work is completed for you – payroll reports, payroll tax refunds, year-end tax forms, etc. Normally, payroll can be handled in just minutes with these devices.
One downside is that it is more costly to use an electronic payroll provider than to do your own payroll. Your payroll agency will also be forced to get everything right. You can face a rash of angry workers or a fine from the government if the company makes a mistake.
How Much Does Online Payroll Cost?
Payroll costs vary, but most of them follow a common pricing structure: a flat base fee paid per month or pay period. You are billed with per-pay-period providers any time you run payroll, while per-month providers have monthly unlimited payrolls.
Many providers offer various pricing packages for different service rates. For example, a basic plan could include only payroll running, while more advanced and costly plans could also include paying taxes and printing W-2 forms for employees.
Depending on the plan and supplier, base fees vary from $20 to $100. For each paid employee or contract worker per month or pay period, most programs often cost between $1 and $15.
Many systems also added costs for using direct deposit, completing tax services year-end and setting up the system.
We have provided you the perfect guide to choosing a payroll service Singapore, if you want to know something specific, we’ll write about them later.