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Payroll Services

Updated: Dec 20, 2023

In every organization, payroll is an important function and usually makes up the greatest portion of the company’s expenditure. It is a complicated task given the variations and continual changes in labor policies and business regulations.

What are the Benefits of Outsourcing Payroll

There are several key benefits to outsourcing payroll, especially for businesses in Singapore:

Save time and resources: Payroll processing can be a time-consuming and complex task, involving calculations, deductions, tax compliance, and employee communication. Outsourcing frees up your internal staff to focus on core business activities while the payroll experts handle everything efficiently.

Reduced costs: While there are associated fees with outsourcing, it can often be more cost-effective than managing payroll in-house, especially for small or medium businesses. You eliminate the need to invest in payroll software, train staff, and stay updated on changing regulations. Additionally, accurate payroll processing can significantly reduce penalties and fines for errors.

Improved accuracy and compliance: Payroll providers have dedicated teams of experts who stay updated on the latest tax regulations and compliance requirements in Singapore. This minimizes the risk of errors and ensures your business meets all legal obligations, giving you peace of mind.

Enhanced security and data protection: Payroll providers invest in robust security measures and data protection systems to safeguard sensitive employee information. This reduces the risk of data breaches and protects your business from potential liabilities.

Increased flexibility and scalability: Outsourcing allows you to easily scale your payroll services as your business grows without the need to hire or train additional staff. This makes it easy to accommodate fluctuations in employee numbers or payroll complexity.

Access to expertise and technology: Payroll providers offer access to specialized knowledge and advanced payroll software that may not be readily available or affordable for smaller businesses. This can improve efficiency, accuracy, and employee satisfaction.

Improved employee satisfaction: Employees appreciate timely and accurate paychecks, and outsourcing ensures they receive them seamlessly. This can contribute to increased employee morale and engagement.

Overall, outsourcing payroll can be a strategic move for businesses of all sizes in Singapore. It can save you time, reduce costs, improve accuracy and compliance, and free up your resources to focus on other areas of your business.

Payroll Services

Bestar offers payroll services that can help improve efficiency of traditionally complex and time consuming tasks for global businesses. We provide payroll services to companies from small start-ups to large multinationals, no matter the industry or location.

We leverage technology to improve processes, and help manage costs. Our web-based payroll services help make it easier for businesses to get the payroll services they need at an affordable price. We provide compliance-centric, technology-driven managed payroll services that delivers a high quality and consistent experience to clients and their employees regardless of their location in the world.

Bestar professionals operate clients’ payroll from data collection, preparation and right up to statutory reporting, payment preparation and employee communication. You gain flexibility and agility to enter in new markets while reducing fixed cost structures.

Our Payroll Services include:

  • Customize and set up payroll system per business requirements

  • Creation of payroll file for new employees

  • Enrolment with the Central Provident Fund (CPF) Board

  • Computation and processing of overtime pay for production workers

  • Calculate and accrue compensation benefits

  • Computation of statutory deductions including CPF, Skills Development Fund and other fund deductions

  • Calculate other deductions for employees

  • Processing and reporting of expense claims from employees of clients

  • Administration of sick, vacation, and maternity leave

  • Monthly payroll processing including computation/disbursement of salary, bonus and reimbursements

  • Process pay statements

  • Administer distribution of salary

  • Monthly Central Provident Fund (CPF) submissions and other business reporting

  • Preparation of payroll reports

  • Manage payroll journal entries

  • Maintenance of payroll records

  • Computation of National Service pay and processing of claims from Ministry of Defence for staff attending in-camp training

  • Processing of employee terminations, resignations and preparation of remuneration reporting (Form IR21)

  • Preparation of year-end employee earning reports for tax reporting (Form IR8A)

We offer extensive experience in payroll processing functions and ensure that your employees are paid accurately and in a timely manner. Our team ensure that you, as an employer, comply with all the payroll-related statutory requirements and obligations.

If you would like to learn more about how Bestar can help, please contact us.

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