Payroll is one of the most vital parts of every business. It is how you motivate your employees through adequate compensation. Therefore, when there are errors in your payroll, you have to deal with an angry and unmotivated workforce.
Surprisingly, it is not errors in payroll calculations that you should worry about. There are dozens of regulations and more than a hundred of payroll practices you not only need to know but also comply with. A simple mistake has far-reaching ripple effects.
Above anything else, you should strive to keep your payroll spotless. How is this possible? Well, you can outsource payroll services. In so doing, you bring in countless benefits of outsourcing payroll services.
Fortunately, you are in the right place at the right time. At Tianlong Services Pte Ltd, we are your one-stop solution for your accounting, bookkeeping, taxes and a score of other consultancy services. We are legally incorporated and licensed to operate in Singapore. With us, you are getting a competitive edge not only to keep your books clean but up-to-date information to steer your business to make profits.
There are those who argue against outsourcing payroll services. It only takes them a short while to realize their costly mistake. However, the question is always: does outsourcing carry more benefits than doing it in-house? From our working with several businesses in Singapore, many entities report a better flow of work, more sales, motivated workforce, and a general good feeling at the workplace when outsourcing payroll services. From where we stand, there are many benefits of going with a third party for bookkeeping and specifically payroll. Let us see some of the most notable benefits.
1.Frees up time for the core functions of your business
Payroll may not be directly related to sales, but it sure has an impact on every aspect of your business. Surprisingly, payroll tends to sap away attention and time from the core activities of a company. There is a range of laws that your business must comply with concerning your employees. It takes time and an eye for detail to be in total payroll compliance with laws of labor and employment in Singapore.
When someone from outside takes up the payroll role, there is an internal creation of time dedicated to the crucial functions of your business. There is no area of your company that suffers from lack of attention.
2.Easy and affordable access to technology and expertise
As an employer, you have to deal with many laws on employees. These laws are complex, and many more are enacted to suit the changes in the employment environment. Fortunately, technology makes things easy to track employees’ records and keep everything under check.
However, it is not every business that can afford technology and more so to keep pace with its changes. It becomes easy to get help from us who already have a specialty in this area. We keep up with every new technology, and you get a chance to be at the forefront of every small change. Most importantly, we have personnel with the expertise to both operate the technology and offer payroll compliance services. When you choose us, you are killing two birds with one stone. In essence, you get technology and expertise you do not have to invest in.
3.Cut down risks and costs
Having us do your payroll saves on costs and minimizes risks. In Singapore, businesses are averagely overpaying employees by a margin of 4 percent. It is due to the lack of accurate employee time records. With precise employee time tracking and keeping; you can save a lot.
On the other side, there are the risks of penalties due to violations and non-compliance. Such penalties are more likely for businesses that do in-house payrolls. Actually, over 40% of the businesses that do their payroll report instances of paying penalties due to errors and violations.
4.Access to an assortment of other services
Your in-house accountant can only do so much. His/her skills have a limitation. Alternatively, third party payroll services are diverse, and you get an entire organization at your disposal. Apart from the typical payroll and bookkeeping roles, you also get a range of value-adding services all under one roof.
For your payroll services, accounting, bookkeeping, labor law compliance – you can outsource it all to us. Our dedication is to give you world class services at very affordable services. Get in touch with us today, and the experts take care of your business needs.