What is Payroll Software?
Payroll software is software created by third-party human resource technology companies to help the HR department or payroll professionals to manage, organize, and automate payroll operations end-to-end. Payroll software in Singapore can be used from small to medium businesses to large corporations. Good payroll software will help the HR department with the whole process of payroll such as monitor time and attendance, tax information and calculation, and generating payslip for employees.
How Payroll Software in Singapore Can Help You?
Before choosing the best software for your company, the first thing you need to do is answering these questions.
- How many employees do you have?
- Are there any seasonal or temporary employees that you have?
- How large is your business?
- What is your payroll budget?
- Will employees have benefits?
- How often will you conduct payroll?
- Who will administer payroll and how much experience do they have?
- Will you be printing out payslips for employees?
- Do you need a standalone payroll software?
After answering those questions, you can begin to consider buying the right payroll software in Singapore for your business. But how payroll software can help you?
Save Your Time
According to SCORE, more than half of small businesses spend 1-5 hours per month on payroll, some even use more time. If let’s say your HR department spends 5 hours per month on payroll, a year the HR department uses over 7 days to do payroll. With that 7 days, the HR department can develop human resource management to get the employees engaged more in the business, for example.
This is what payroll software in Singapore can help your business save time. Payroll processes are about doing calculations. Payroll software does all the calculations for your business. Also, not only that the software calculates employees’ payroll (and generating payslip), they also reduce human error that might happen if you still do payroll manually.
For the HR department, the staff would appreciate the help of payroll software. So that they don’t need to get headaches every month before and on payroll day. Not to mention if there is a miscalculation that led to employee protest. This could add workload to the HR staff. Without error, the HR staff can use their time on work for other tasks.
When you dealing with payroll, there is not a lot of room for mistakes or miscalculation. With payroll software, it eliminates human error that could result in the inaccurate paycheck of employees. Without error on their paycheck, your employees will happy with their role in your business.
By using payroll software, it allows your business to change some setting without hassle. Especially when dealing with compliance with the law. For example, there is an employee that got her permanent resident status. The HR department needs to change the employee status on the system immediately because this will affect their CPF contribution. Using payroll software, the HR department doesn’t need to contact the third party to help them change the employee status.
Also, in terms of reporting, the HR department can make reports they need in a quicker way. In some of the payroll software in Singapore, they provide report templates and custom reports. Because every business is different and they also need different kinds of reports.
HRMLabs as one of the payroll software in Singapore provides some core features to help your business manage payroll. We help businesses automatically generate IR8A with employees’ payroll information, based on the latest regulations in Singapore.
In addition, we also help businesses to calculate CPF for each employee and generates CPF files for CPF submission. To comply with government regulations, we provide the mandatory itemized payslip with configurable payment items such as employee information to show and exemption (allowance, deduction, reimbursement).
Interested? Click here to book your free demo.