Payroll Services in the form of payslips generation for employees and remuneration reports for management is becoming an essential service. Payroll generation can be a hassle for companies with a small human resource department. With the extensive paperwork to be done and the need to pay close attention to detail, it may be more productive to outsource your payroll and other accounting related functions to another company. Doing so would result in better staff productivity as staff can focus on more pressing human resource issues instead.
Reasons for Outsourcing Payroll Function
Small companies looking to reduce costs should also consider engaging a professional service provider. With a service provider managing the payroll function of the business, companies no longer have to hire an extensive team of human resource managers to handle the payroll. Instead, companies can channel the funds to developing the business and increase profits.
Another reason why companies choose to outsource their human resource and payroll task is the accuracy of the processing. Since processing payroll requires employees to pay close attention to detail, it is not surprising to see small errors and mistakes made to the statements during the process. Most payroll professional firms have software to assist in payroll generation and checking to ensure high accuracy of payroll reports.
Outsourcing your payroll function also ensures speedy payroll processing and compliance with regulations of Ministry of Manpower (MOM) and Central Provident Funds (CPF). As professionals, the service provider will have the technical knowledge and software to effectively and efficiently process the payroll and reports. Moreover, tax rules and CPF rules are sometimes not in sync and therefore some cash allowances subject to CPF contribution may not need to be reported in employees’ remuneration (Form IR8A) or vice versa. As such, outsourcing may present itself as a better and more cost-effective option than traditional in-house payroll processing.
Running an effective payroll system in Singapore can vary from being a relatively simple task to a very challenging one. It depends on many factors ranging from the employees’ work scope, number of employees and profile of HR contracts, regulatory requirements and many more.
Other reasons why you may decide to engage a qualified Payroll Professional like us to outsource your payroll processing:
- Your existing finance and administration team is unable to cope with the workload of maintaining a complicated payroll system, and any further increase in headcount cannot be justified.
- You have decided that investments in state of the art payroll software systems can be put to better use elsewhere for company growth.
- You have just started a new company, and would rather have a peace of mind to pursue your corporate goals than to be tied down with routine but very important administration work.
- You value your employees, and want to ensure every one of your employee’s payroll is prompt and most importantly accurate, and error free.
Why Engage Oric Consultancy Pte. Ltd. for Payroll Services?
Oric Consultancy Pte. Ltd. offers a range of corporate solutions for companies. Our employees have extensive experience in working with companies from many industries, including retail, service, manufacturing and construction industries. As such, clients can rest assured that our team of professionals are prepared to assist clients in their corporate issues including Payroll Service and CPF Processing, regardless of the industry. As a one-stop professional service, we pride ourselves in offering high quality services that are efficient and effective in ensuring smooth company operations. Our focus is always on the needs of our clients.
Our Payroll Services
This is how we deliver value to our clients and also differentiate ourselves from the rest of our competitors:
- Our payroll team is highly qualified and experienced having worked with numerous companies and industries in Singapore. We are highly adaptable and can efficiently customise our existing payroll workflow processes to any situation and requirements.
- We invest in the latest technologies for administrative and payroll related systems. This means we deliver quality services and outcomes for very affordable prices because of economies of scale within our numerous clients.
- We are highly flexible. Our team and well tested systems can adapt and customise to your specific needs and requirements. We have a proven track record of integrating and interfacing well with the toughest of payroll systems.
- We understand local content. Our payroll team have extensive experience handling NS payment matters and also understand at the tip of our fingers, important IRAS and CPF requirements.
We look forward to providing the following payroll services:
Process payroll and compute net salary and CPF on monthly or multiple times per month;
- Assist in CPF declaration;
Compute commissions and other payroll-related payments;
- Prepare year-end information for staff’s personal income tax reporting (i.e. IR8A/E and IR8S – hardcopy or electronic); and
Prepare other payroll related forms (i.e. Form IR21).
If you would like to know more about the services that we offer, or would like to request for a fee quotation, please contact us at (+65) 6876 7906 for more information. You may also drop us a message using the contact form in the sidebar. Our customer service assistants will be there to assist you wherever possible.