Advantages of Using Payroll Software in Singapore
Payroll processing software helps Singapore business owners to process salaries and tax returns on time.
A lot goes into managing employees’ expectations and keeping them motivated and this includes processing salaries on time, attending to their welfare promptly and pretty anything that helps workers perform to the highest level. This is especially important in Singapore where talent is scarce, keeping the workers satisfied is a crucial task.
In addition, payroll processing software helps to ensure that the Companies adhere to the local regulations. In Singapore, due to the changes made to the Employment Act, wef 1 April 2016, there are stipulations made with regards to the issuance of itemized payslips, inclusion of key employment terms and keeping of employment records. The aim of these changes are to enhance the employees’ understanding of their remuneration and benefits and to reduce potential disputes between employers and employees.
The details can be found in the Ministry of Manpower website here.
With the payroll software, whether it is payroll system for sme or large companies. the business owners can ensure that the itemized pay slips are reflected in accordance to the requirements listed under the Employment Act. They will also have the peace of mind that the pay slips are given to the employees and salaries paid out on a timely basis. Besides filing the hardcopies of the employment records, they can also save a soft copy in the payroll system.
Payroll software are either based on the cloud or alternatively on the company’s servers. In cloud-based payroll software, business owners can undertake salary processing while on the move as they can access the required resources remotely and at any time. This differs with PC based systems where business owners can only work from the business premise. Whatever the system you work with, here are the merits of investing in salary processing software.
The main advantages of using this form of HR software are:
Since the payroll software allows Singapore business owners to process salaries as per employees, it becomes easier for business owners to scale up or down depending on the performance of the business. This, amongst other merits, saves business owners the possible costs of investing in new equipment such as servers and buying a new set of software.
2. Electronic payslip
Employees can access their electronic payslips at any time of the day and from any location as long as they have an access code, even when they are outside of Singapore like an overseas branch of the company.
Such electronic payslips in an online payroll system can then be used to secure financial loan facilities, seek for employment opportunities elsewhere amongst many other things.
This form of HR solution allows employees and clients to easily process timesheets and sign off electronically. This subsequently makes it easy for business owners to monitor employees attendance rates, simplifies payroll management and also reduces administration costs.
Electronic claim submission is far easier as it reduces clerical paperwork and also improves notification of claim receipts and the payment status of the same. This is not mention that it reduces outstanding receivables, improves cash flow process as well as saving staff time spent on tracking and following up the claims.
With salary processing software, you’ll no longer have to avail yourself in the office so as to manually approve your employee’s leave applications. The software, which comes with an intuitive user interface, incorporates a leave records for employees, self-service e-Leave features, leaver planner amongst other useful inclusions.
6. Automated backups and updates
Backing up large amounts of data be an arduous task that can leave your employees tired and bored. Thankfully though, salary processing software carries out automated data backups and constant updates. These save your company vital man hours that can be used to attend to areas such as customer service, product marketing, production processes and such other duties.
7. High level of security
With payroll processing software, you can rest assured that files such as leave forms, claims, and payslips are safe as all the data is encrypted. This minimizes risks of data theft and ensures only authorized individuals can decode the information stored.
8. Increased accuracy
Delays in payroll processing can be a source of anxiety amongst your employees and this can lead to lowered productivity. Payroll software reduces the margin of error and this consequently minimizes such delays and possible costs that may result from errors.
9. Saves time
Generating reports such e-salary slips is just a matter of a computer mouse’s click. This not only motivates employees and clients but also saves time. As a result, employees are less tired, work harder and also commit fewer errors in their line of duty.
Using a payroll system in Singapore is the ultimate solution to processing employees’ salaries on time. It is an efficient, intuitive and cost effective solution that small, medium and large enterprises should invest in. Check out here also for small business payroll software.