Find the Best Payroll Software in Singapore

Start-up businesses often choose to do their payroll by hand because it’s straightforward and cheap. However, manually processing your payroll comes with the high risk of committing errors, especially if your company has a lot of employees.

You can avoid such costly mistakes with the help of payroll software.

However, choosing the best payroll software can be confusing due to the vast number of choices available in the market. So how do you choose the best payroll software in Singapore for your business? Here is a quick overview and guide you can use.

What Is Payroll Software?

Before choosing which payroll software to use, you first need to understand a few things: what payroll is, how payroll software works, and how these two can work together.

Payroll is the business process of managing employee financial records and paychecks. This involves gathering your employees’ information, calculating their monthly salary, checking their timesheet, and filing their annual financial reports, among other things.

On the other hand, payroll software is a program designed to help streamline the processes associated with a company’s payroll. It can be a cloud-based program or an on-site system that helps manage, maintain, and process a company’s payroll needs. Payroll software is not the same as accounting software, but some accounting software, like Xero and Quickbooks, can handle payroll needs.

Just like accounting software, this program can be automated and can manage, calculate, and take care of employee payments for you. Automation of your payroll can also help you avoid making any miscalculations when taking care of your employees’ monthly salaries. The use of digital payroll software may also ensure that you’re compliant with all business tax laws and financial regulations.

Good payroll software can be integrated and configured to your company’s requirements. All you need to do is find the right one for your specific needs.

Benefits of Using Payroll Software

Doing your company’s payroll by hand and without the help of software can prove to be a very tricky endeavour. Aside from the possibility of costly lapses and short-changing your staff, it can also bring about high-stress levels for you and your accounting team. The use of a program that can be automated to handle everything associated with your payroll, such as a digital payroll system, comes with loads of benefits, and here are some of them:

Error-Free Calculation

Processing your payroll without the help of software can easily lead to miscalculations. Dealing with the details associated with each employee, such as their timesheet, pay adjustments, and other similar payroll concerns, can be highly taxing. The amount of paperwork and stacks of documents you need to go through can stress you out, resulting in slip-ups.

Using a digital payroll system or even outsourcing your employee payroll to payroll services managed by payroll system agencies can help minimise the risk of human error. Machines and programs don’t have to worry about being stressed by the huge amount of data they need to handle. This makes them impervious to the errors that humans make when frazzled.

All you have to do is encode the employee’s details into the system, and voila! Your payroll software will automatically handle the dreaded task of managing, sorting, and calculating anything that has to do with your company’s payroll. Using this software can help you experience error-free calculations, freeing you from payroll stress and allowing you to breathe a sigh of relief.

Data Security

Information about your business and your employees should always be highly sensitive and confidential. Online payroll software has stringent privacy and security features. Rest assured that your employee data and other important information are kept safe from prying eyes and cyber threats.

Time-Saving

Dealing with your payroll the old-fashioned way will eat up a lot of your staff’s precious time. Manually collecting employee data, calculating salaries based on employee attendance, and organising data for your company’s financial report are just a few things they have to do. With an integrated payroll system, your company can cut the time and effort needed to accomplish its payroll processes.

Cost-Effective

More often than not, SMBs don’t have a dedicated team to handle payroll processing and other employee concerns, which means business owners end up processing these themselves every month. As a business owner, your time is golden, and doing payroll can eat up a lot of your time.
You may consider hiring someone else to do it for you, but this is not a cost-effective alternative either. Instead of hiring a payroll processing service, why not adopt an integrated and automated payroll program for your business? This choice can save you time and money in the long run since you don’t have to pay someone monthly to do this task for you, and you can dedicate your time and effort to growing your business instead.

Customer Support System

New business owners may find managing their payrolls somewhat tricky, especially for those with little to no experience handling such a thing. Luckily, digital payroll software providers usually have fantastic customer service support. If you find yourself confused about how the software works or experience any technical issues while using the program, customer support will answer your questions.

Timely Reminders

Running a business can be overwhelming, so you can easily forget administrative tasks such as collecting timesheets and processing your company’s payroll. A reliable payroll system usually comes with features that allow users to set up custom reminders for this process. You can establish a recurring reminder to keep you on schedule so you don’t have to worry about your payroll being late again.

Payslip Generation

Another benefit of adopting an automated system for payroll processing is the creation of digital employee payslips. Instead of creating employee payslips by hand, your chosen payroll software can make digital copies of your company’s monthly wage distribution. This feature will allow you to add details using a template simply.

Tax Updates

Some reliable payroll software choices can provide you with this feature. You can get instant updates on law and business regulation changes, allowing you to apply such changes in the computation of your employees’ final payslips; therefore, maintaining compliance with new regulations.

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High Level of Security

Payroll software systems store your company’s information in the cloud or on their servers, and your business processes and access this information via the internet. This can make your data vulnerable to cyber-attacks and hackers. To avoid data breaches that can result in threats to your company and personnel, a high level of security is an important feature to look for in payroll software.

Robust Payroll Processing and Tax Calculations

Calculating your company’s payroll is not as simple as you think since computations will include benefits, overtime pay, taxes, and other additions or deductions. If you want to streamline your entire payroll process, look for a program that can handle a wide array of calculations and computations with accuracy and ease.

Employee Self-Service

Allowing your employees to access and manage their details in a payroll software program is another way to increase the payroll process’s efficiency further. Self-service capabilities take the weight off your shoulders since employees can help by providing their information themselves.

Payroll Reporting Capabilities

Data and trend analysis can help a lot when making business decisions. Some payroll software comes with data analysis and reporting capabilities that allow users to visualise the company’s financial status through spreadsheets and charts. Even more impressive is that payroll software can easily access data from months and years prior for analysis since it is kept in the cloud.

Proven Expertise

When choosing your partner payroll software provider, try to check their site and social media pages for testimonials, reviews, and other third-party content that can indicate their reliability and expertise. There is no better way to check if they walk the talk and provide quality service than by checking on customer feedback. Their website and social media pages should show you unbiased and fair commentary from former customers.

Strong Customer Support

Customer support quality is also another thing for you to check when choosing a payroll software partner. Good customer service is a testament to how much they value their customers, and the experience clients get from them. Find a software provider that can quickly provide you with a helping hand when problems in the system occur and can answer your questions accurately.