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Singapore Accounting Implements Efficient Payroll Services for Business Owners

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payrollPreparing, maintaining and reporting of accurate payroll records and other related activities are painstaking and time consuming tasks. It is mandated by the IRAS for every Singapore business concern. It is best for the most of the Small and Medium Enterprises (SMEs), to outsource it to the payroll services in Singapore,” said Ms. Meena, the business head of Accountingservice.com.sg.

“In a big concern or company, payroll management becomes a joint operation between HR and Finance department. With proper setup the task becomes manageable. However, for small and medium business, task becomes difficult without the use of latest payroll software and starts taking its toll. Small business owners simply get overburdened with the payroll function. Sometimes, it also affects the performance and profits of the business,” said the payroll executive at Accountingservice.com.sg.

Payroll Management

Salary, Allowances and Benefits

“When it comes to payroll management, there are simply, ‘n’ numbers of tasks to perform. The business owners have to keep track of, for how many days a particular employee attended the office, leaves i.e. full-days or half-days, he took and etc, to calculate and record his salary. They also need to record allowances and the benefits awarded to the employees,” said Accountingservice.com.sg.

Utilizing the payroll services Singapore offers dedicated and well trained staff which uses latest payroll software to take care of these tasks. They take over tasks such as salary calculation, instructions for payments, pay slips generation, online transactions to deposit salaries electronically, preparing statutory and payroll reports etc from the HR department.

Contributions and Deductions

Singapore payroll processing involves calculating and making CPF contribution for each employee. This contribution needs to be paid, within 14 days after the end of the month. In addition, there are the ethnic fund, national service fund, levy for skill development, foreign workers levy to take care of. The business owners are responsible for deducting amounts for these from their employees’ salaries and paying it to the authorities.

Forms

Then there are forms, such as, Form IR8A and Appendix 8A, Appendix 8B or Form IR8S to collect and submit to the proper authorities before 1st of March each year. All of these things make the task of accurate payroll processing in order to comply with the IRAS requirement complex.

Professional Payroll Services in Singapore

For the professionals working with the Singapore payroll services, managing tasks related to payroll Singapore is everyday activity. They keep themselves up-to-date with the changes in the payroll laws and regulations and because of this are always on the top of job.

“The positive side of hiring a reputable Singapore payroll service is that they handle it using latest payroll software, more often than any business owner. This drastically reduces the chances of misinterpretation of regulations and committing any mistakes. Even for businesses with small HR and finance departments, outsourcing payroll is a good option. It frees the employees working there to concentrate on the core functions of the business,” said Accountingservice.com.sg.