There are three common methods by which the company can handle its payroll processes.
| Types |
Manual Payroll Processing |
System Payroll Processing |
Outsourcing Payroll |
| Methods |
Payroll is usually calculated with Microsoft Excel |
Payroll is done in-house using payroll software. |
Payroll is done by an external party |
| Benefits |
Money saved on purchasing payroll system and maintenance. |
Payroll calculations - such as CPF deductions and prorated salaries – can be completed in a fraction of the time required for manual payroll processing.
Year-end is also usually automated, and both payslips and annual reports are archived in case copies are needed later.
|
Compliance with tax rules and government regulations is the responsibility of your vendor. Punctual and accurate payroll processing gives employer peace of mind.
The company's payroll will not be affected should its payroll personnel decide to leave the company. |
| |
Company is usually heavily reliant on a single individual's expertise and diligence for calculation and Statutory Board
compliance. |
The person who is in charge of payroll will have to ensure that the system is updated regularly in accordance with any Statutory Board changes.
|
Finding a reliable Payroll Vendor that can ensure privacy and security. |
If you would like to learn more about how PayrollServe can help, please contact us.
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