Outsourcing to Payroll Processing Services Singapore is a Solution for Small Businesses

payroll services Singapore

Appointing Payroll Processing Services Singapore

The payroll processing is a non-core activity for every business as it does not generate any revenue. However, it is important from the point of view of complying with the Employment Act of Singapore and healthy atmosphere at the workplace. The act holds every Singapore employer responsible for paying the salaries within a week at the end of the payment cycle. To do this time-consuming task properly, you need to assign competent resources to it. On the other hand, you can outsource it to the reliable payroll services Singapore.

Reasons for Appointing Payroll Processing Services Singapore

Today’s trend is to appoint payroll processing services Singapore. However, if you believe in doing it yourself, you must know that, in reality, it is not that difficult. You can do it yourself if you know accounting.

However, there are a lot of salary components involved in the process. Mistakes start creeping in the calculations as the fatigue sets in and concentration wavers. These can also be caused because you forgot to update yourself on the latest changes in the rules and regulations. They can also happen if you are using an absolute software.

Moreover, the time you need to invest in DIY payroll processing is huge and at the end you do not get any medals for doing it precisely. For a Small and Medium Enterprise (SME) owners, it is wise to outsource it to payroll processing services Singapore. By doing so, you get to benefit from the latest payroll software used by the service and the careful attention lavished on your Singapore payroll calculations by the professionals in the employ of the service.

Hiring payroll services in Singapore is also a good option for the small businesses having an in-house payroll activity. Your decision frees your employees who you can reassign for the core goals of the business.

A Typical Payroll Processing Task Involves Following Activities

Salary Calculation:

  • Capturing and updating employee details, allocating employee benefits, etc.

  • Calculating gross salaries as per the company pay cycle

  • Arriving at the net salaries after deduction of CDAC, CPF, MBMF, SINDA or ECF

  • Adding bonuses and similar payments into the net salary

Managing Employee Leaves:

  • Recording and keeping an accurate count of each employee’s leaves

  • Managing the leaves to maintain optimum workforce to keep the work going

  • Taking into account leaves without pay and other claims by employees

Preparing Employee Payslips:

  • Depositing paychecks to employees’ registered bank accounts using bank GIRO transfers

  • Preparing and sending electronic as well as hard copies of payslips to employees

Handling IR8A and IR21 Forms:

Preparing and filing taxes of employees according to the prescribed regulations and time limit

Choosing a Payroll Service Provider Singapore

When you start searching for a capable payroll service provider in Singapore, see to it that it offers what you want. If it is not the case, ask whether they can customize their service to meet your business requirements.

Bear in mind that the different business circumstances force the owners to look for different kinds of payroll services. You may hire an payroll consultant or outsource it to a good accounting services in Singapore. Consider your business’ budget and choose a payroll service after analyzing your needs so as to optimize your employee management and the mandatory statutory compliance.

A competent payroll service provider in Singapore will eliminate the stress of payroll compliance for you by doing it accurately. It will also keep your employees satisfied and will foster the feeling of appreciation among them. Most importantly, you will have plenty of time to focus on the core goals of your business and to stand up to competition in the market.

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Follow MNC’s, Outsource to Accounting Services Singapore

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Outsourcing to Accounting Firms in Singapore

It is very reasonable to think that a small business owner remains occupied throughout the day. The fact is truer for the one-man-show business owners. One cannot expect these individuals to spend another couple of hours at the end of a hectic day to record every financial transaction of their business. For these individuals accounting services Singapore provide adequate assistance.

Advantages of Outsourcing to Accounting Firms in Singapore

Sooner or later small companies with a few or no employees need to take a decision about their accounting function. Since they cannot afford the luxury of appointing an in-house accountant to take care of the task, outsourcing to accounting services Singapore is an option open to them. However, not every one of the business owners likes to involve third-party firms and letting them have complete access to the business’ financial data.

Hiring Certified Professional Accountants (CPAs)

The business owners can also hire services of a freelancing individual, but, the Certified Professional Accountants (CPAs) in the employ of the accounting services stands out as the better option. These qualified professionals have industry-wide experience and are world-weary. They are in tune with the latest changes in the rules and regulations by the authorities and render in-depth services to their clients.

Cost Saving

Cost-wise, outsourcing of accounting services is very beneficial to the small and start-up businesses. It allows them to reduce their cost of compliance by more than half. By selecting a trusted accounting firm in Singapore, they can ensure accurate processing of their books of accounts.

Employing an Accountant

When you hire an accounting service, you as good as hire their accountant. However, you don’t have to worry about his or her leaves, holidays, benefits, CPF, etc. It also means that you do not have to advertise a vacancy, interview, hire, train, and fire your accountant.

So by appointing an accounting service in Singapore, you take a major step towards simplifying your management of human resource. Accounting services fees charged by these firms are affordable as they are based on the hourly rates or by the volume of transactions of the business.

Accounting is not the Core Goal

A business does not benefit by accurately doing its accounts. It is not a profit producing activity. So there is hardly any point in doing it in-house unless you want to have total control over the accounting process.

Outsourcing it frees your staff. You can assign them to the core task of the business to enhance your revenue and profit margin. The appointed accounting services also maintain the backup of the business’ data.

Hardware Setup and Latest Software

The CPAs working in the accounting services Singapore use latest accounting software. It helps them immensely in accommodating the latest changes in the rules. When a business hires an accounting service, the decision saves it the cost of establishing the setup, licensing fees of the software, and IT training.

If are in need of outsourcing of your accounting function, but, are yet to take a firm decision about it, remember that the accounting services Singapore are trustworthy firms. That is why multinational companies have been outsourcing to accounting firms in Singapore for a long time.

Hire Accounting & Bookkeeping Service to Get Your Business Finance in Order

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Accounting & Bookkeeping Services Singapore

 

Small business owners need to wear many hats. It means, for various reasons, they want to do everything themselves and do not want to delegate the different tasks of their business. Such approach is also called as Do-It-Yourself (DIY) approach. But, savvy and smart entrepreneurs know the importance of professional services. When it comes to financial management, they are not reluctant to hire accounting and bookkeeping services for their small businesses.

Reiterating, the existence of a small business highly depends on its financial aspect. In short, they thrive and decline by their cash flow management. While timely and accurate transaction records coupled with proper assessment enable a small business owner to take right decisions, mismanagement of financial records may bring adversity. To keep finance in good shape is paramount for your business and an accountant could help you to achieve this. When you hire experts for accounting and bookkeeping services, the chances of business success are relatively high.

For instance, in Singapore where accounting laws are very rigorous, the professional accounting services Singapore are in high demand. Apart from streamlining the financial activities, they are helping the businesses to stay adhered to the laws of ACRA. This strategy is highly needed to strike the balance in business growth and compliance requirements.

How Bookkeeping and Accounting Services help Keep the Finance in Order?

Both bookkeeper and accountant of an accounting firm in Singapore play the vital roles in keeping the financial records of the businesses in order. To understand how bookkeeping and accounting services help the companies to keep their finance organized and accurate, you must know the role of a bookkeeper and accountant first.

  • Role of A Bookkeeper in Business

  • Keep Timely and Accurate Financial Record: Records of every financial transaction are maintained in order. Reconciliation of bank accounts. General ledger report compilation.

  • Manage Account Payable and Account Receivable: Keep the record of the incoming and outgoing invoices of the business.

  • Stay Abreast of New Laws and Regulations: The bookkeepers and accountants keep themselves aware of the new changes in tax legislation and other regulations to ensure your business remain compliant with the on-going requirements.

  • Stay Updated with the Latest Accounting Software: The bookkeeper is the person who handles accounting software to accomplish all the jobs related to bookkeeping.

  • Stay a Tune and Work with the Accountant: Both accounting and bookkeeping jobs go hand in hand. A bookkeeper needs to be in touch with the accountant to ensure efficient delivery of work.

  • Role of An Accountant in Business

  • Manage Financial Data: An accountant ensures that company’s financial data are maintained as per the statutory laws. He develops, implements and maintains the financial databases.

  • Analyze Data and Give Advice: An accountant may undertake analysis of financial data that is crucial for making sound decisions for businesses. He further assists the business owners with advice on areas for enhancement.

  • Prepare Financial Statement: An authentic and true financial statement can depict the actual picture of the financial health of an organization. An accountant is a person who compiles this important report.

  • Take Care of the Compliance Issues: Accountant helps in achieving compliance of the company by generating accurate financial statements.

  • Work in Cohesion with Other Officials: Often, accountants work with officials from different fields. They provide advice to the management based on accounting report. And sometimes, they may provide data to the auditors, tax consultants and the public accountant for various official matters.

From the above-stated analysis, one can easily understand the significance of accounting and bookkeeping services in business. Here, one question may swirl within your mind. Is it necessary to hire an accounting firm in Singapore instead of in-house accountant and bookkeeper? The answer is obviously, Yes! There are umpteen number of benefits of hiring the professional accounting and bookkeeping services Singapore. A few of the advantages are low cost, comprehensive solutions, timely services and a peace of mind.

Hiring an accounting firm in Singapore may sound unnecessary expenditure to a business who prefer to use Do-It-Yourself (DIY) approach. However, this method may keep your business from coming to a harm. The truth is that a professional accounting and bookkeeping service can help the businesses keep afloat and stay ahead of the competition.

Maintain Clean Accounts in Singapore- Improve Your Profitability

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Accounting for Small and Medium Enterprises

Is hiring accounting services for the small businesses, a superfluous expenditure? From the small business owners’ perspective, doing their business’ accounts on their own can save them a few dollars. However, the question is, “Is it a really profitable adventure?” An inadvertent mistake in the accounts, leading to the business being flagged by the Inland Revenue Authority of Singapore (IRAS) for the breaking of rules is not at all a good news for any startup or small business.

Accounting for Small and Medium Enterprises

The startup or Small and Medium Enterprises (SMEs), may it be one-man-show or a concern helmed by the owner having a proper support staff, can do without getting tangled with the Singapore authorities. The owners have their plates full, without being further burdened by an amateur accountant determined to mess with the business’s accounts. On close introspection, hiring one of the top accounting services for a small business like SBS Consulting will stand out as a great prospect.

Accounting and Singapore Business Owners

Accounting for small businesses has never been easy. More often than not, the owners of these businesses are juggling multiple tasks at a time. Time is one commodity they are short of and the fact is that, most of them cannot invest in a full-time accountant. However, at a fraction of the costs that they would need to invest in a trained accountant, hardware, software and IT support, they can retain an experienced and professional accounting service in Singapore.

Specialized Accounting Services for Small Business in Singapore

SBS Consulting employs experienced and certified accountants to deliver effective accounting services to its clients. Under its accounting services for small businesses, the firm offers efficient bookkeeping services. For any small, medium or big, multinational business, maintaining its books of accounts in proper order is of at most importance.

An experienced accountant, after going through the business records can easily arrive at a conclusion whether the business is going up or down. The CPA’s working in the SBS Consulting does sound an alarm to their clients if the things are not as they should be.

They even give advice on how to force improvements to take the business in the right direction. The firm’s accounting services include the following:

  • Managing clients’ accounting software

  • Offering data entry services and posting transactions to the appropriate accounts

  • Developing account charts for the client’s suppliers and customers

  • Shouldering the task of generating monthly reports

  • At the end of every month, giving advice on the clients’ monthly profit and loss statement, cash flow, and balance sheet

  • At the end of a year, the CPA’s appointed by the SBS Consulting closes the accounts for the clients assigned to them

  • Accounts are then finalized, according to the Financial Reporting Standards

Fees Levied by the Accounting Services

The accounting services in Singapore charge their fees per transactions. SBS Consulting even goes further and provides scalable services according to the need of its clients. The firm utilizes more of its resources to accommodate the increased number of its client’s business transactions. On the other hand, the client can request to scale it down when the business is slack.

Accounting Services and Taxes

In addition to maintaining the books of accounts, which reflects their financial health, the businesses also have to take care of the payroll processing, taxes and other tasks. The calculations involved in it are really no business of amateurs. These tasks must be handed over to the professionals. When it is taken in relation to the strict rules and regulations and the control maintained by the IRAS on its subjects, it is really worth to appoint one of the professional accounting services for small business.

By outsourcing their accounting function to third party accounting services, the Singapore businesses can ensure that their accounts are cared for by the experienced and qualified professionals. They also do not have to invest money in implementing infrastructure and hire trained accountants. Even big companies benefit from this move, as it frees their staff which they can reassign to the core functions of the business.