Outsourced payroll solutions are increasingly sought after by forward-looking companies in Singapore today, as part of a broader HR strategy to remain agile and lean in increasingly complex and competitive business environments.
But what exactly are the benefits of payroll outsourcing in Singapore? More importantly, how does partnering with a HR payroll service provider square up against simply practicing in-house payroll management?
We at Liberte understand that the nuances in such a comparison can easily be overlooked if not examined carefully. That is why we have put together this piece, such that businesses can make well-informed decisions regarding payroll management to streamline business processes and improve bottom-lines.
Advantages of Payroll Outsourcing in Singapore
There are many advantages of engaging payroll outsourcing companies in Singapore. In the typical outsourcing process, a HR payroll service provider will:
There are countless advantages that arise from the above, which can be synthesized into 3 main benefits:
COST- AND TIME-SAVINGS
Outsourced payroll solutions often provide cost-savings for businesses that would otherwise practise in-house payroll management. After all, the latter entails investing in the necessary technology, equipment, and training that is required to ensure payrolls are being processed accurately and efficiently.
Furthermore, the employees put in charge of payroll management have to stay up-to-date with ever-changing tax rules, hired personnel and inflexible accounting deadlines — inaccuracy or failure to be punctual can be extremely costly and leave businesses exposed to additional liabilities.
Payroll management is also an extremely time-consuming process, even more so when mistakes that need to be corrected are made. Also, with you and your employees freed up from not having to tend to payroll matters, your team will be empowered to better focus on core business areas that will grow your bottom-line.
In short, engaging a HR payroll service provider such as Liberte can help businesses avoid additional costs in terms of time and money, and save on capital and salary expenses in exchange for a comparatively affordable service fee and increased capacity for revenue growth.
EXPERT ADVICE AND ACCESS TO INNOVATIVE TECH
Working with a HR payroll service provider also gives you inherent access to their years of expertise and expensive software and technologies that may otherwise be out of reach.
For example, Liberte grants all our clients access to our immense experience as an award-winning payroll outsourcing company, as well as our innovative HR information system and curated resource library. All you have to do is provide direction and relevant policies before performing final verifications — effectively turning complex payroll management processes into a simple check-and-done task.
LESSENED SECURITY RISK AND FUSS-FREE COMPLIANCE
Since third-party payroll outsourcing companies often utilise sophisticated payroll software and have no vested interest in your company’s payroll data and information, the confidentiality and security risks traditionally involved with payroll management are significantly improved and lessened respectively.
Engaging in payroll outsourcing in Singapore also means that you will enjoy fuss-free compliance with regards to tax matters along with ever-changing accounting and reporting standards. Your business can thus operate seamlessly and even expand across different countries with no worry of local, regional, or national laws and regulations — you can simply leave the nitty-gritty to your trusted HR payroll service provider.
Advantages of In-House Payroll Management in Singapore
Of course, there are also certain advantages that in-house payroll management has over payroll outsourcing in Singapore. Firstly, you will have more control over payroll matters when managing it in-house. Secondly, you will not risk possible delays in paycheck delivery that can arise from incompetent HR payroll service providers.
However, the first is often inconsequential, except for very niche situations. For example, when your employee works variable working hours that have to be manually logged routinely but you want to call in a favor from them for uncharged overtime work — which we would recommend you not do in the first place, in light of the possible consequences in terms of legality and employee satisfaction that can cost your company in the long run. But that is a story for another article.
As for the risk of possible delays, said risk is easy to circumvent. Simply find a trustable HR payroll service provider when practicing payroll outsourcing in Singapore.
Partner with Liberte for the Best Outsourced Payroll Solutions
Liberte is the leading payroll outsourcing company for outsourced payroll solutions, with accolades such as Best HR Outsourcing Partner and Best Payroll Outsourcing Partner at the HR Vendors of the Year 2021 awards in Singapore.
Contact us today and enjoy the great benefits of payroll outsourcing in Singapore, with personalised solutions that deliver optimal results.