Investing in a payroll system in Singapore can be beneficial, regardless of how many people work for your company. This technology allows you to pay your employees precisely and conveniently by eliminating any step of the labor-intensive manual payroll procedure.

Unlike traditional payroll systems, online payroll solutions automatically organize, manage, and compute employee wages. Payroll processing can be done automatically, freeing up your HR staff’s time for other crucial company responsibilities.

Since payroll management software offers so many benefits that guarantee efficacy, punctuality, accuracy, precision, and cost-effectiveness, it has become a necessary component of many small and medium-sized businesses. However, not all payroll systems are the same. Check out the guide below on how to choose a reliable payroll system Singapore.

Understand the needs of your business.

The first step in choosing a payroll system is figuring out what your company needs. You cannot look for payroll system features without initially determining what features you would need. Consider the following questions to help you better understand your needs:

• How many staff do I need to execute payroll for?
• What is my company’s size?
• What is the price range for a payroll solution?
• What is the payment schedule(hourly, weekly, monthly) for my employees?
• Do my employees need overtime pay?

The cost and distribution of many payroll systems will be based on employee number bands; therefore, keep this number in mind when looking at possible providers.

Determine the features that you require.

After evaluating your company, decide which characteristics best meet your requirements. Let’s say you intend to add more staff members to your current 30 employees in the upcoming year. It would be best to have a payroll solution that can grow with your anticipated HR needs.

An easy-to-use payroll system is also beneficial. Payroll in and of itself can evoke many intricate procedures. Thus, a user-friendly platform is a welcome find. The following characteristics make for a flawless user experience:

• Basic navigation
• Integration with third parties
• Simple onboarding of employees
• Rapid access to payroll data
• Payroll data import and export capabilities.

Prioritize automation

The proper payroll system speeds up operations for businesses by automating repetitive tasks that would otherwise take a long time. The Boardroom payroll system can assist in automating the following procedures:

• Information collection: The most time-consuming step in manual payroll is gathering employee data and making sure that every detail is formatted consistently. Thankfully, employees may efficiently encode information using digital technologies without having to worry about the structure because the program takes care of it for them.
• Transfer of files: Digitizing documents enables smooth file transfer. Companies will save time by not having to upload data and wait for validation from the recipient. Furthermore, the payroll system acts as a single repository for all payroll-related documents.
• Data validation: This involves determining the equivalent compensation and confirming the accuracy of employees’ paid hours. Doing it manually exposes you to the risk of human error. Companies can assign the computations to the software while still making sure that all requirements—like pay increases and net costs—are satisfied.
• Task management: Another aspect of payroll management that businesses can automate is assigning tasks to the workers who will be doing them. For instance, the system can automatically publish paystubs after it has completed calculating each employee’s payroll. The company’s accounting and HR departments merely need to double-check the information before publishing.

Ensure data security is in place.

Processing and verifying private employee data, such as names, addresses, phone numbers, bank account information, and social security numbers, is a part of the payroll task. The loss of sensitive data could lead to fraud, security lapses, and other dangers.

Payroll is a prime target for cybercrime. Therefore, you need to invest in a system with solid protection. Below are the features of a high-security payroll system:

• Protocols for data protection (such as firewalls, automated timeouts, and automatic backups).
• Highly secure log-in credentials safeguard log-ins and stop unauthorized actions.
• Disaster recovery procedures, such as redundant software, regular data backups, etc.
• IP-based controls manage remote device access to the payroll software
• Data privacy compliance requires user consent before any data collection, storage, or use.

Examine software integrations.

Seek for integrated, adaptable payroll software in Singapore. Payroll integration not only guarantees efficient payroll processing but also offers numerous advantages to your company. The following are some advantages of utilizing an integrated payroll system:

• Simple access to current personnel data more accurate and better reporting
• Electronic document and record storage
• Reduce labor and administrative expenses.

Verify adherence to current laws.

Noncompliance with Singapore payroll regulations can cost you money. Thus, you must select a payroll solution that keeps up with constantly evolving tax laws. Your software ought to compute provident fund (PF), professional tax (PT), employee state insurance (ESI), and labor welfare fund (LWF) automatically.

Verify the history of the vendor.

When purchasing a payroll system in Singapore, consider the software provider’s track record in the market. Check customer reviews and testimonials and find out how long they have been in business.

It makes sense to look for a payroll system Singapore that you can afford. Still, it’s advisable to work with a payroll company with a solid reputation. Knowing the organization offers high-quality service and unmatched dependability will give you a sense of security.

Searching for a software vendor with customer service is also beneficial. Your payroll and HR staff can experience technical difficulties and become stuck in their work. When system issues arise, support agents will be your primary point of contact; they may respond to your inquiries and address the current problems.

Can you test before you buy?

Trying out a payroll system before you buy will help you compare a payroll package against your needs and ensure that the option you select will work for you. This is important if you are considering several packages, mainly if you haven’t used them previously. Many vendors offer a trial period to provide you with an opportunity to try and utilize the program before making a purchase.

The takeaway

Investing in the appropriate payroll system that aligns with your business needs can help you conduct your payroll operations more smoothly and successfully.