Hunting for a Payroll Software Singapore for Your Small Business
What is the most important resource to a startup entrepreneur? Time! There are only 24 hours in a day for him to use. It is an unreplenishable resource and once, it is lost, it is gone forever. Why invest your valuable time in doing the payroll processing? Automate it with a payroll software Singapore.
Yes, there is no doubt that it is important to pay careful attention to the payroll processing of your business. It is a compliance related task and any mistakes in it can harm your business’ brand name. Firstly, it will attract the wrath of government agencies, and secondly, it will sour your relationship with your employees. Either of the reason is good enough for you to opt for the implementation of an online payroll software.
Automate with a Web-based Payroll Software Singapore
For any business manual, payroll processing is a time-consuming task. It has too many variables in it like hourly rates, employee grades, and benefits, incentive and bonuses, leaves, holidays, allowances, CPF calculations, different levies, etc. It is like picking nits from a haystack. Someone is bound to lose concentration and make a mistake.
A well-designed online payroll software Singapore gives you a chance to avoid the unpleasantness. It also remains accessible for 24X7 from anywhere. The administrative staff and the employees of the business can log-in on the system to access the resources placed on it.
Advantage of Using an Integrated HR & Payroll Software
The benefit of using an integrated HR & payroll system is that, unlike humans, it never gets tired, lose concentration or get swamped over by the fatigue. It also does not have to learn and understand new changes in the rules and regulations stipulated in the Employment Act, Singapore. Its manufacturer just has to update it regularly to accommodate the changes.
If you know the needs of your company, it helps in matching them with the modules and features of a payroll software before purchasing it for your business’ use. You need to consciously make an effort in this direction as your needs may vary from what is being offered. It means you must find a software manufacturer or the provider who can customize the software to meet your requirements.
Modules of a Payroll Software Singapore
Following are the basic modules you need look for in a payroll software for SME Singapore.
- Employee Management
- Payroll Management
- Master Setup Management
- Company Management
- Leaves Management
- Time Attendance: Roster & Timesheet Management
- Progression Planning
- Reports and Enquiry Management
- Email and SMS Management
- Reports and Dash Boards
- Schedule Management
- Bio-metric (Finger Scan ) Attendance support
- Claims Management
- Billing & Invoice Management
Choosing a suitable payroll software for small business is a tough task as there are a number of tools available in the market. Your best bet is a payroll software approved by IRAS (Inland Revenue Authority of Singapore). However, it does not mean that the HR & payroll software, in question, itself is approved by the government agency, rather, the agency validates the format of the output file generated by the payroll software. The format must be compliant with the one used by the agency.