Many companies outsource services to carry out administration tasks such as payroll, employee compensation, time and attendance, tax filing, insurance and benefits, and many more. However, outsourcing may be costly in the long run, especially for new and small businesses with less capital.
While these menial tasks are not complicated, it does take a lot of time and effort to record all the detailed activities. It makes more sense to have someone else do the job so business owners can focus more on growing the business.
This is where payroll software comes into the picture. Payroll software can be helpful for small businesses to handle in-house administrative tasks.
Payroll software hosts a wide variety of benefits for business owners including:
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There are many payroll software solutions available in the market. However, determining which is best for your business can be overwhelming. We have created a list of popular payroll software in Singapore and their prices, including ones that are completely free, as a guide to help you navigate your options.
QuickBooks is an accounting software business primarily providing tools to help small businesses with all their accounting needs. Their range of products focus on on-premise accounting applications that allow users to make business payments, manage and pay bills and various payroll functions all in a single platform.
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If you own a small business, this may just be the ideal accounting software for you. Xero is a cloud-based accounting software geared towards helping small businesses thrive in their communities. With over 2 million subscribers and counting, Xero continues to be the accounting solution of choice for many global companies.
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P.s. Did you know? Aspire became Xero’s first business neobank partner in Southeast Asia. Xero in on How You Can Grow Your Business with Aspire here!
PAYDAY Software is a leading cloud-based online payroll and leave solution in Singapore. It was developed and designed for startups, entrepreneurs, business owners or accountants who have little or no experience in handling payroll. Moreover, it is most suitable for Singapore SMEs with fixed monthly payroll policies and less than 50 employees in their employment.
While they have various pricing packages based on the number of employees, they also offer a 30-day free trial to try out their features before committing to a monthly package.
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JustLogin is an award-winning HR management software built for SME, by an SME. With an intuitive and user-friendly interface, users can access their company records easily and complete multiple functions in just a few clicks. For those who don’t want to commit just yet, JustLogin provides a free 14-day trial with no credit card details required. But if you’re ready to take the plunge, they have various pricing options that will cater to your budget.
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SimplePay provides cloud-based payroll software solutions aimed at making the payroll process as simple and straightforward as possible. Currently, they are serving over 16,000 companies across the globe for their payroll processing needs.
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Talenox is a credible online payroll and HR software that is trusted by thousands of companies, banks, as well as statutory boards in the country. Through their cloud-based payroll system, users can access a wide range of functions such as one-click payment to banks, spreadsheet imports, and automated paycheck emails to employees.
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Singroll is a free payroll software that provides its users with itemised payslips and SME checklists and is considered to be one of the country’s best due to its affordability. Today, their software is being used by over 4,000 companies in Singapore alone. What’s more, is that there is an unlimited number of users and no grant application needed.
A lot of your time can be used to planning and growing the business instead of doing administrative tasks. Subscribing to a cloud-based payroll software can be very helpful in managing all the paper works for you. Find out the 3 things to consider when you're looking for cloud-based HR Software here.
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Payroll processing can be done very easily using any of three ways. It can be processed manually, outsourced to a third party, or through a payroll service platform. Calculating the amount of tax due and how much should be withheld from employees while processing payroll manually requires using Microsoft Excel or other accounting software. This strategy might be effective when there are a few employees, but it frequently takes longer and raises the possibility of error. Given the process's complexity, many businesses outsource it or use an online payroll provider.
Online payroll software can compile all the data for you, figure out the necessary tax withholdings, and start employee payments on your behalf. For small firms that want to outsource something other than this function, using such payroll systems might be a simple and affordable solution to relieve yourself of this tedious task.
In Singapore, every business has a procedure that works for them. While every company has its preferences for how to calculate payroll, these general phases are frequently included in Singapore’s typical payroll process:
1. Looking through employee schedules
2. The gathering and preparation of raw payroll data
3. Calculating overtime pay
4. Determining gross pay
5. Recognizing deductions
6. Determining net pay
7. Payroll transfers via a predetermined channel
8. Maintenance of data
Itemized payslips are essential to resolve any disputes related to payroll software. With an itemized payslip, it has become easy to access information about take-home pay, including salary calculations and deductions.
Companies must utilize a generic payslip template that contains all pertinent information on an employee's wage to comply with this itemized payslips guideline. All parties benefit from maintaining accurate employee information, and the business avoids potential liability because of mistakes. The government should also have the proper tax and wage information, which enables them to obtain it.
1. Employer's full name
2. Employee's full name
3. Basic pay
4. Salary period start and end date
5. Total allowances
6. Total deductions, including Central Provident Fund deductions
7. Dates of payment
8. Mode of payment (cash, cheque, or bank deposit)
9. Overtime payment periods
10. Overtime hours worked
11. Total overtime pay
12. Other additional charges
13. Net salary (Basic pay + Total allowances + Total deductions (Including CPF) + Total Overtime pay + Other additional charges)
14. Employer's CPF contributions
It is essential to have a standard payslip format, as it contains the collection of all the relevant information related to payroll.
The best MOM payroll software for your business requires extensive planning and careful analysis. You can save time with the correct program regarding payroll-related issues. Before choosing, one must weigh their ‘pros’ & ‘cons,’ as it will decide whether it makes the job of your accounting and HR staff easier to accomplish or worse.
Some Crucial Factors:
Sensitive information, including complete employee names, addresses, and bank information, is handled by payroll management. Such information should be included in the open and readily available to everyone, online or offline.
Your payroll software's data leak could have severe consequences. To find out about their security characteristics before choosing a particular software vendor. Inquire about their data encryption, firewalls, and two-factor authentication choices. Find an application that you can trust with such important data.
Making the payroll process simpler is one reason businesses consider utilizing payroll software. Choose a system that is simple to use, has clear instructions, and can be quickly mastered by your team—even if they aren't tech-savvy. Find software that you can modify to meet the requirements of your team. Your business's operations should be well-suited to the software, not the other way around.
The cost of some payroll software alternatives varies depending on how frequently you use them. Your monthly payroll frequency may have an impact on your software costs. Finding software with a flat charge might be worthwhile if your business' payroll frequency is still in the testing stage. Doing this can reduce your paycheck frequency as much as you like while saving some money.
The amount of money you set aside for payroll software may be influenced by the size of your business. There are frequent restrictions on how many employees you may add to a system or package from payroll software vendors. It is a crucial element, particularly for businesses with a sizable workforce. It's a good idea to pick a program that can scale up quickly and is adaptable. Investigating and selecting a program that can develop with you only makes sense as your firm will eventually expand.
Several major payroll trends could affect the number of companies operating in 2023. Keeping up with these trends will help your business succeed. Here are the trends we expect to impact the world of payroll.
It's no secret that business is moving towards a digital environment. Payroll operations have long migrated to software to manage payroll completely, making them no exception to this transition. Companies use various features of a fully digital payroll system. They have also started looking at how these systems can work in harmony with other functions within their organizational structures. To enhance the experience of their employees and payroll personnel, businesses will fully utilize the advanced features of payroll software in 2023.
Instead of using external vendors or payroll providers, businesses decide to keep their payroll activities in-house. Outsourcing was made logical when payroll procedures required a large amount of overhead. Thanks to automation, a payroll department can now function with just a few staff and a cloud computing expense.
By switching to the all-in-one, self-service platforms, you can have greater control over how you connect with people and how your data is utilized. Human capital management (HCM) systems that include payroll applications are becoming the norm. Well-known examples include Workday, Oracle Cloud, UKG, and Ceridian Dayforce.
All-in-one systems also offer interdepartmental communication, which makes it easier to work and interact with other business departments, particularly HR. As organizations invest in full-suite HCM systems that can consolidate company activities in a single, useful application, separate payroll software will become less popular.
Flexibility and work-life balance are becoming increasingly important to the American workforce. Payroll software must therefore change to accommodate more atypical requirements as the number of independent contractors grows. Payroll software firms are anticipated to introduce adjustments in 2023 that are focused on this group of employees.
Instead of spending time on hefty administrative tasks, make the shift and tap into digital solutions such as payroll software to eliminate manual work once and for all. Not only will it help manage all your paperwork for you, but it will save you heaps of time that you can put towards planning and growing your business. To learn more, explore Aspire's pricing plans here.
Full-featured payroll software has an average starting price of S$15-S$25 per month or S$2-S$5 per employee. However, some providers do not charge per employee. In this scenario, the pricing model consists of a fixed monthly fee of approximately S$30 to S$45 per month, with packages categorized by available features, services, and customer support rather than by the number of employees or users.
Many small businesses use Microsoft Excel for payroll, and it is easy to use and helps prevent typing errors during manual payroll.
Yes, you can! Many payroll services handle payroll taxes, returns, and employment reports, allowing you to complete your payroll online.