However, unbiased info is hard to come by because the payroll outsourcing Singapore companies present their view. They have their goals to meet. And those supporting in-house payroll processing talks about the virtues of total control over this financial activity.
Here is a small brief on the topic.
Is Payroll Outsourcing Singapore Good for Me?
Whether to hire a payroll services firm or stay with the in-house payroll department is a tricky decision. With in-house payroll, you have total control over the activity. You are in a position to update your records as and when required.
Moreover, there is no dependency on any third party. You can also proactively supervise data security and maintain it for the duration as per the statutory requirements. However, the in-house payroll can be costly.
On the other hand, outsourced payroll can reduce costs for many businesses.
Payroll services firms have a team of experts to take care of your task. The team members distribute the workload and execute your payroll on time. They never let your work suffer.
On the other hand, in-house processing gets derailed if the key person is away, sick, or has resigned.
These payroll experts know the latest changes in the regulations. It is part of their job and helps them stay updated. It is also a requirement for them as the quality and accuracy of their payroll work depends on knowing the latest. You benefit without having to update your knowledge.
On the other hand, your in-house executive may lack time to expand their knowledge beyond what they require to do your company's payroll. They may lack the bird's eye view, and it may bite you one day.
The experts say, "One of the prime reasons the businesses prefer payroll outsourcing Singapore is to save time and efforts of their current staff engaged in the task." Once freed of the responsibility, the staff can be assigned to the core goals of their business.
Key Facts about Outsourced Payroll
It is easy to come up with a generic fact that the in-house payroll is costly. However, understanding the cost of an in-house payroll setup can be a deciding factor.
The actual payroll cost may involve the license or subscription fees of the latest payroll software, computers, internet connection, instruments, office space, employee salary and benefits, infrastructure, mandatory contributions and levies, etc.
It also involves time for payroll processing, error-fixing, time and efforts spent on human resource management, the risk of the key in-house payroll professional not being available when required or failing to deal with payroll factors that are outside their scope, etc.
All these in-house payroll factors, taken together, prompt business owners to opt for payroll outsourcing Singapore.
Facts Supporting the Processing Payroll In-house
The trend is to hire payroll services firms to reduce the administrative and HR workload. The companies choose it as it enables them to acquire a lean profile. However, if you are going against the trend and want to bring back your payroll in-house, here are a few things you should consider.
You may have to hire a highly experienced payroll executive for your setup
They may cost you dearly and may prove hard to retain
You may have to invest in office space, computers, payroll software, and bear employee-related costs
It is your choice whether or not to opt for payroll outsourcing Singapore. In-house payroll setup has its uses. If you need to discuss your payroll needs with us, contact us at info@sbsgroup.com.sg or call us at +65-6536 0036 and talk to our experts.
