Why Should You Consider Payroll Outsourcing?

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Why Should You Consider Payroll Outsourcing?
Bestar Services Pte. Ltd
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Why Should You Consider Payroll Outsourcing?
Tax Planning While Being In Singapore

• Employees are an important asset of a business.
  Disbursing their salaries on time and maintaining
  good payroll practices contribute to a positive
  employee experience.
• However, running a well-managed payroll process
  in-house can be daunting and expensive for small
  businesses and early startups. In todays
  environment of shrinking budgets, even large
  firms are under the pressure to cut down their
  operational costs. Payroll management can be an
  expense they can easily cut down by outsourcing
  to payroll processing services.

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Why Should You Consider Payroll Outsourcing?
Tax Planning While Being In Singapore

• Here is all you need to know about what payroll
  outsourcing is and why you should consider hiring
  a payroll outsourcing service in Singapore for
  your business.

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What are the Tasks Involved in Payroll
Outsourcing?
Tax Planning While Being In Singapore

• There are a lot of paperwork and compliance laws
  to follow when running a business. Added to that
  is the hassle of payroll management. When you
  choose to outsource this particular aspect of
  your business, you will see that most outsourcing
  companies provide services like managing
  employees right from the point of hiring. They
  handle paperwork related to employment, salary
  calculation, insurance, HR management, taxes, and
  more.
• You can sit back and focus on other core aspects
  of your work once you hire a payroll outsourcing
  service.

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What are the Tasks Involved in Payroll
Outsourcing?
Tax Planning While Being In Singapore

• Some of the services a payroll outsourcing
  service provides are

• Salary report management
• Charting holidays
• Calculating incentives
• Tax management
• Prepare employment paperwork

• Preparing checks and salaries
  
• Managing attendance system
• HR administration
• Ensuring compliance according to local laws
• Employee insurance management

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Reasons for Payroll Outsourcing
Tax Planning While Being In Singapore

• Payroll management is inevitable for businesses
  of any size. However, it may not be a
  cost-effective process. It involves dedicated
  staff, continuous training, software purchases
  and updatesthe list of expenses can be long. A
  cost-saving alternative to maintaining in-house
  payroll management is outsourcing to an external
  payroll service provider in Singapore.
• There are some very compelling reasons why
  outsourcing to an external entity is highly
  beneficial for your company. Let us talk about
  some of them.

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Always Stay Compliant
Tax Planning While Being In Singapore

• There are specific laws in Singapore for employee
  regulation, salary disbursement, work hours,
  basic wages, tax rates, and more. The laws and
  regulations change with time and it can be hard
  to keep up with them. Following up with these to
  ensure compliance can be a stressful task.
  However, choosing to hire a payroll outsourcing
  service means you are entrusting this with a
  firm. Payroll outsourcing firms follow
  regulations to the dot and are constantly updated
  on compliance matters. This means you do not
  incur penalties for non-compliance.

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Switch From Manual Payroll Management
Tax Planning While Being In Singapore

• Moving from manual payroll management to digital
  can eliminate errors and make the process more
  accurate and faster. However, it can prove to be
  expensive for small businesses to employ the
  latest technology. But you need not miss out on
  the benefits it provides if you hire a payroll
  management firm. Most payroll outsourcing firms
  employ state-of-the-art technology to stay
  competitive and relevant. Technology like data
  management, artificial intelligence, automation,
  biometric attendance, employee assistance and
  more can be leveraged if you hire an external
  firm.

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Cut Down Costs
Tax Planning While Being In Singapore

• One of the obvious reasons to hire a payroll
  outsourcing firm is to reduce costs. First, it
  cuts down the cost of employing someone just for
  this task. It also reduces the risk of errors are
  external firms are more professional and leave
  little to no room for error. Error in payroll
  management can have hefty consequences. Companies
  can be penalised if they do not carry out tax
  reporting. With outsourcing, it can be avoided.

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Better Security
Tax Planning While Being In Singapore

• Every data stored is vulnerable to breaches.
  Small businesses are targeted by cybercriminals
  owing to their size and possible lack of security
  measures. In the case of payroll management, this
  can be mitigated as payroll outsourcing firms are
  equipped with the best security measures to
  ensure data is safe. With the best encryption
  technology, you can ensure your employees data
  is safe from cyber-attacks.

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Summing It Up
Tax Planning While Being In Singapore

• Companies of all sizes choose to hire payroll
  outsourcing as a viable option for their
  functioning. This improves their work efficiency,
  ensures timely payment, and tax filings, and
  ensures compliance with regulations. Due to the
  higher demand for such firms, there are a lot of
  options to choose from. But make sure you choose
  a trustworthy and reliable firm like Bestar to do
  your critical payroll activities. Contact us
  today to know all about payroll outsourcing
  services.

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