Managing payroll in Singapore can be challenging due to its competitive and complex business environment. As companies grow, payroll becomes more complicated, diverting HR and finance teams from other key tasks. To tackle this, many businesses are outsourcing payroll in Singapore to simplify compliance, boost efficiency and allow leadership to focus on growth.
Staying compliant with ever-changing regulations, such as the Employment Act, CPF contributions, and tax laws, is a major challenge in payroll management in Singapore. Errors in payroll processing in Singapore can lead to fines, audits and damage to employee morale which makes payroll outsourcing a valuable solution for Singaporean companies.
What are Payroll solutions?
Payroll solutions are tools that help businesses manage and automate employee payments. They can be either software or services. These solutions simplify tasks like calculating wages, taxes and deductions to automate payments and filing taxes. They also ensure compliance with tax laws and financial regulations.
Payroll is the total compensation a company pays to employees, including salaries, bonuses and deductions. It is typically managed by HR or accounting teams. Since payroll calculations can be complex, many businesses use payroll solutions to improve accuracy, save time and reduce errors.
There are many benefits of using payroll solutions. Its benefits include efficiency, transparency, enhanced security and cost savings, as well as the ability to integrate with other systems and customize to business needs. These tools help businesses stay compliant, avoid penalties and focus on more strategic goals.
Advantages of Outsourcing Payroll for Businesses in Singapore
Outsourcing Payroll offers several advantages for businesses in Singapore:
- Improved Compliance: Payroll Outsourcing in Singapore helps ensure businesses stay up-to-date with Singapore’s payroll laws, avoiding costly penalties and mistakes.
- Data Security: Reputable payroll providers offer top-notch security to protect sensitive employee data which ensures compliance with privacy laws like the PDPA.
- Time and Cost Savings: By outsourcing payroll management in Singapore, businesses save on the time and costs associated with managing payroll in-house which allows HR teams to focus on other important tasks.
- Scalability and Flexibility: As businesses grow, outsourcing allows for easy adjustments to payroll processes that keep up with expansion or changes in employee numbers.
- Access to Technology: Payroll providers in Singapore often use advanced payroll software that automates tasks, reduces errors and saves time which helps businesses avoid investing in such technology.
- Expert Knowledge: Payroll service providers in Singapore have specialized expertise. They help businesses stay compliant with evolving payroll laws and handle complex payroll issues.
- Error Reduction: With automated systems and expert oversight, outsourcing reduces the risk of payroll errors and ensures accurate calculations and timely payments.
Top payroll outsourcing companies in Singapore
Here is a list of some of the top payroll outsourcing companies in Singapore that are helping businesses handle payroll management efficiently.
Gusto
Gusto was originally launched as ZenPayroll in 2012. It is a comprehensive payroll and HR service used by over 300,000 businesses. It simplifies payroll processing, benefits management and compliance which makes it ideal for small to medium-sized businesses. Gusto automates payroll, tax filings and direct deposits. It also offers benefits like health insurance and retirement plans.
It also ensures compliance with tax laws and provides an employee self-service portal for accessing pay stubs and forms. Gusto may be priced higher for very small businesses and some advanced features come with additional fees while it integrates easily with popular tools.
ADP
ADP Singapore provides payroll and HR solutions to businesses in Singapore and beyond. The company offer payroll outsourcing services like payroll data capture, processing, payment disbursement and tax reporting, along with support for creating statutory reports and submitting records to IRAS. ADP also provides human capital management (HCM) software that integrates HR, payroll, time and talent management, as well as career development tools.
ADP is known for its global compliance expertise with over 70 years of experience. It ensures businesses meet local and international regulations. Additionally, they offer tailored solutions for industries like manufacturing.
Black Mountain HR
Black Mountain HR is an outsourced HR and payroll services company with a presence in Singapore. The company offers a wide range of services to businesses. They provide HR solutions such as strategic advice, compliance support and employee benefits benchmarking. Their payroll services include management and flexible data entry. Additionally, Black Mountain HR assists with company incorporation, administration and more.
They offer tailored solutions that cater to businesses of all sizes and locations with in-country HR teams. They use cloud-based software that integrates with clients’ systems and have offices in Singapore, Hong Kong, Germany and the UK.
SBS Consulting
SBS Consulting Pte Ltd was established in 2010. The payroll outsourcing company of Singapore offers a wide range of services to businesses in Singapore. These include company registration, accounting, taxation, corporate secretarial, auditing, payroll, IT consultancy and software development. The company specializes in bookkeeping, preparing financial statements and managing tax and corporate secretarial needs.
SBS Consulting also provides custom software development and expert payroll services. The company aim to be a long-term partner for businesses. SBS Consulting supports growth even after company incorporation and ensures smooth operations across various business functions.
BoardRoom
BoardRoom offers a suite of integrated corporate solutions. The company is designed to help businesses grow and stay compliant at every stage. BoardRoom ensures that a company meets regulatory requirements across multiple regions with a strong presence in countries like Singapore, Australia, Malaysia, Hong Kong and China. Their award-winning payroll team provides efficient, accurate and compliant outsourced payroll services which allow businesses to focus on growth and profitability.
Paysquare
Paysquare Consultancy is a payroll outsourcing company in Singapore. The company offers comprehensive payroll and HR solutions for businesses of all sizes. Their services include payroll processing, accounting outsourcing and temp staffing. The company also offers multi-country MIS support and multi-currency setups.
Paysquare handles payroll inputs, tax reports and statutory compliance, while also managing leave and attendance. Their employee self-service portals allow employees to update their information independently. Paysquare is known for its reliability with over 21 years of experience and a presence in more than 20 locations worldwide, accurate and timely services. Their vision is to be a trusted partner for HR and finance-managed services.
Qandle
Qandle is a versatile payroll and HR software. It is designed for businesses in Singapore, helping manage payroll, salary payments, leave and expenses. The company’s software is suitable for businesses of all sizes. It offers easy-to-use features and allows customization to meet specific needs. Qandle automates the payroll process, reduces manual effort and enables users to customize salary structures, pay periods and payslip formats.
It also allows customization of statutory and bank reports. With Qandle, businesses can easily comply with the Singapore Employment Act, which requires monthly salary payments within seven days of the salary period’s end.
HROne
HROne is a comprehensive payroll and HR software. The software offers features such as payroll outsourcing, automated payroll processing and employee loan requests. The platform allows businesses to outsource payroll management to experts, ensures timely processing and tax compliance. It also automates payroll inputs, including salary arrears and CPF calculations.
Employees can request loans directly through the system, with EMIs automatically deducted from their salary. It also provides additional features like a WhatsApp bot, Teams bot and HROne AI virtual assistant. HROne helps streamline payroll tasks and free up HR teams for other responsibilities. The company’s notable clients include Hanu, Haier, ASK Automotive and Mando.
Allsec Technologies
Allsec Technologies Limited (ATL) is a global outsourcing company. The company provides HR and payroll services like payroll processing and compliance management. ATL offers localized support to clients across various industries with delivery centres in India, Southeast Asia and the US. Their services include payroll management, ensuring compliance with local laws and HRMS functions like onboarding and payroll.
Allsec also provides customer experience management (CXM) services such as lead generation and relationship management. The company was established in 1998. Allsec has worked with Fortune 500 companies and businesses worldwide.
QuickBooks Online
QuickBooks Online Payroll is a cloud-based software. It is designed to help businesses in Singapore manage payroll and accounting. It automatically calculates payroll using data from QuickBooks Time. It allows for easy adjustments to employee salaries, bonuses and deductions. The software also offers accounting features like expense management, invoice generation and bank account integration.
QuickBooks Online Payroll is IRAS compliant and secures data with 128-bit SSL encryption. It integrates with other tools like QuickHR and offers features such as automatic backups and flexible account mapping. QuickBooks Online Payroll streamlines payroll and accounting processes for businesses accessible on any internet-enabled device.
Conclusion
Payroll outsourcing is a valuable solution for businesses in Singapore, especially those with limited resources. Companies can simplify payroll management, ensure compliance with evolving laws and reduce the risk of errors by partnering with third-party HR and payroll service providers. Businesses are increasingly turning to these services to cut costs and improve efficiency with the payroll outsourcing market expected to grow at a steady pace.
Outsourcing also ensures that key contributions, like CPF and SHG, are managed correctly which supports employees’ retirement savings and social benefits. The payroll outsourcing industry in Singapore is rising rapidly.
