Need relief from payroll and HR administrative tasks? Learn about the benefits of outsourcing payroll services and see how this gives you day-to-day support and a peace of mind.
Outsourcing payroll means increased cost savings in the long run as compared to in-house payroll. Processing payroll in-house means investing in payroll/accounting software and computer infrastructure that is often costly to maintain and upkeep. You’ll likely also need a dedicated payroll personnel to manage and run all these. The cost of upscaling your payroll team skyrockets as you scale up your operations. Many businesses often underestimate the investment required to run payroll in the long run.
Besides, payroll and tax regulations are often complex and subject to change – you and your team will need training to gain the expertise required to calculate these.
Outsourcing payroll services means you avoid all the costs of subscribing to expensive payroll software, infrastructure, training and not to mention hefty fines in the event of incorrect payments. These cost savings can then be transferred to growing your business – while keeping your staff happy when they’re paid accurately and on time.
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It is often difficult to keep up with the many regulatory obligations, not just in Singapore but in other markets as well. In 2019, Thomson Reuters Regulatory Intelligence captured 56,624 regulatory alerts from more than 1,000 regulatory bodies, averaging 217 updates a day.1 And that was pre-COVID-19 impacting globally, with the associated increase in regulatory compliance changes and very little time to implement.
It is often easy to have errors when keying in your own payroll formula – especially with complex spreadsheet functions. One mistake can cascade down to large problems such as payroll underpayments or not meeting government regulations. Compliance breaches such as these often lead to expensive fines, not to mention loss of reputation.
Leaving payroll outsourcing to a team of experts makes sure that you avoid all these potential mistakes that can incur legal action from regulatory authorities. Plus, a reputable payroll provider helps ensure that your and your employees’ data is safe and secure.
Flexible payroll means you can comply rapidly with legislative changes ensuring full compliance.
1 Cost of Compliance Report 2020 by Thomson Reuters Regulatory Intelligence
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Payroll processing is highly time-consuming. Every year, significant hours are spent tallying taxes, mandatory deductions and ensuring local and overseas regulation changes are reflected accurately and on time in your payroll. These are often menial tasks that are often frustrating as well.
An advantage of working with a payroll provider means you get access to specialized expertise and the latest payroll technology. More importantly, you get payroll that’s done faster, smarter and easier. With ADP as your payroll provider, you’ll get a peace of mind as you:
With payroll outsourcing – you gain access to a team of payroll experts with the right knowledge on payroll-related legislations for Singapore and other markets. This frees you time and cost from retaining a dedicated payroll specialist team in-house. Our team of payroll experts are experienced in managing payroll for various business sizes, across different industries. We're here to help you get the answers you need, when and how you need them. You can always rely on us for answers to your payroll and HR questions.
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Our recent People at Work 2021: A Global Workforce View research found that 20% of employees say they are always or often underpaid, 16% are always or often overpaid and 41% say they are always, often or sometimes paid late.
With payroll outsourcing, your payroll provider should not only make sure your employees are always paid accurately on time, but also have access to cloud-based payroll software that’s simple and easy to use. Save time and empower your team with easy-to-use digital tools and meaningful perks. Your employees can apply for leave and view their payslips from any device 24/7. Most importantly, don’t risk data security with an unreliable provider! Your provider should be using a payroll system that meets proper security standards that ensures your employees’ data confidentiality.
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