Are you using the right payroll software for your business?

Automation, artificial intelligence, social media conversations, cloud computing and data analytics driven operations have become the new norms in the digital age. Being an advanced and vibrant business hub, companies in Singapore use digital technology for almost everything including finance, administration, communications and marketing. With such widespread adoption of digital technology and the awareness about online platforms, employees expect the companies to provide them digital payroll support anywhere, anytime. However, due to the fact that payroll is not a core business function for most companies, they tend to rely on outdated ERPs or accounting software to take care of the payroll services.

The usage of outdated payroll systems is error prone and can also lead to violations of taxation and labour laws in Singapore or in other countries for companies that run foreign operations. This is why deploying an advanced payroll software can allow any company to fulfil its responsibility of paying the right salary at the right time to all the employees irrespective of their location. A good payroll software would not only process the salary and deduction accurately and swiftly but also offer seamless integrations with Core HR, Time & Attendance, and Expenses modules. Some of the main features of a cloud payroll software would be:

• Online payslips
• Automated tax calculations
• Integrated, cloud
• Scalable
• Local tech/support team
• Superannuation processing
• Parallel testing
• Transfer of current payroll and staff data
• Regularly updated in line with local regulations
• Multi-element, multi-decimal, multi-currency, and multi-country payroll

Most Singapore companies relying on in-house payroll processing often find things cumbersome, time consuming and complex. This is simply because they are not specialists in the field, and even with a payroll software they might not be able to get the best outcome. In such a scenario, the best option is to outsource the payroll services to a third-party payroll company. In the wake of the pandemic, working conditions have changed and outsourcing to a payroll services brand is helping various leading Singapore companies by freeing up time and resources alongside providing a far superior payroll experience for the employees. Such service providers offer various employee centric services such as:

Automated 24/7 chatbot powered helpdesk – AI-driven smart chatbots to address employee queries around Payroll, Leave, Expense or Approvals

Payroll automation – Cloud based automated payroll systems are fast, and there is no risk of human error even with the most complex and dynamic calculations.

Easy self-service option – Desktop or smartphone app based employee self-service portal provided by the payroll services companies offers various support channels such as Voice, BOT, Mail, Mobile Support to process queries, service requests, etc.

If you are bothered about data transfer and the challenge of compatibility then there is no cause for concern. A world-class payroll services company would use advanced cloud payroll software with pre-built integrations with other leading HR/ERP systems. This ensures seamless data flow and complete comfort for the employees and the HR. With evolution of technology a top-of-the-line payroll experience is a well-deserved perk for your employees. Go ahead and give them this reason to rejoice!