Before hiring any particular company in Singapore to handle your financial transaction records or other related services, try to find more about their services and reputation for delivering them on time. It is a critical decision as employing a less than optimal provider can jeopardize your statutory compliance.
Payroll processing can be a headache even for the most expert and experienced professionals if it is manually handled in-house. While a minor mistake in salary calculations can create misunderstanding between employees and employers, tax filing omission can end up in paying hefty penalties or fines to the local tax authority. The businesses are nowadays turning to outsourcing it to third-party firms to keep the all worries away. You may also opt for outsourcing your payroll services in Singapore as the concerned authorities (IRAS, MOM) are relatively stringent in this concern.
The professional payroll services offer attractive and valuable outsourcing alternative to in-house payroll processing. If chosen correctly, outsourcing has proven to be time-saving, less expensive, convenient and efficient option. There are many Singapore payroll service providers in the market. Be sure to choose the one for you wisely.
However, if you end up choosing a wrong firm, you are not going to reap the optimal benefits of outsourcing. Contrarily, you will be frustrated to see the results. In the end, switching to another service provider will be the option. To avoid the hassles of switching services, you are advised to do some due diligence and research about the payroll service provider Singapore before taking the final decision.
Following are the areas you must take into consideration when hiring a firm:
Check the Background of the Firm:
Just as you would do plenty of research about any business you work with, you must pay heed to the background of the payroll service provider in Singapore. It will reveal how experienced, competitive and reliable the firm is. Also, never forget to cross-check the qualifications of the professionals working in the firm. Be sure to check their track record of working with other clients. Are the clients happy with their quality? Are they delivering the service as they promised? Are they financially stable? Is there any complaint against them? Find out the answers to all these questions. Plus, check the reviews of their clients. It is a wise idea to get some referrals from your friends, family, and colleagues using such services.
Integrated Solutions:
Singapore payroll is a broader concept; it entails a range of services such as salary calculations, payroll processing, employee information management, printing pay check, tax calculations, report preparation, calculating variables and Human Resource service, etc. Make sure that the firms you are going to hire offer all these services under one roof. The approach of integrated solution allows delivering optimal output at low cost. You no longer needed to worry about your payroll compliance.
Assess the Industry Experience:
Make sure to know the types of industry the firm has worked before. You may check the list of their clientele. Do they have experience in the industry your business belongs to? It makes sense that you would like to hire a firm that has a good understanding of your areas of interest.
The more they comprehend about your industry, the higher will be the chance for more quality-driven solutions. You would likely to receive more informed and sound advice from the payroll consultant in the field of Singapore payroll.
Knowledge of Local Jurisdiction:
Having knowledge of local jurisdiction is a must whenever you are dealing with any related regulatory activities. The payroll consultants of the firm must be well acquainted with the laws and regulations of local authorities like MOM (Ministry of Manpower) and IRAS (Inland Revenue Authority of Singapore).
It is one of the vital aspects you must check with the vendor when choosing the right one. Both MOM and IRAS have laid down certain statutory obligations for companies/ employers and employees which must be met to remain compliant. Noncompliance may lead to legal penalties. It is important to ensure that professionals handling your payroll tasks are well versed with the laws and regulations of local authorities in Singapore.
Packages/ Fees for the Payroll Services:
Last but not the least, the fee structure of the service is one of the most vital things that no one could afford to ignore. Find out how much they are charging for the payroll services in Singapore. Compare the fee with their competitors while considering the quality of the service. Small and medium businesses usually look for the one offering the quality service at a competitive rate in the market. All in all, the fee structure of the prospective firm must fit into your budget.
Besides all these, the Singapore payroll service provider must offer a responsive and friendly customer service. They must keep you in the loop while handling the sensitive salary related activities of payroll. You will need to be in touch with the payroll firm on a regular basis.