Many companies outsource services to carry out administration tasks such as payroll, employee compensation, time and attendance, tax filing, insurance and benefits. However, outsourcing may be costly in the long run, especially for new and small businesses with less capital.
Admin tasks are not complicated, but 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 that business owners can focus more on growing the business.
Payroll Software for Small Business
This is where payroll software comes into the picture. Payroll software can be helpful for small businesses to handle administrative tasks in the house.
Benefits of payroll software for small business:
- Automating a lot of things: save time cutting checks and filing taxes
- Reduce labor/outsourcing cost: For some companies, small-business payroll software can even eliminate the need for a full-time payroll employee.
- Better accuracy: eliminates the possibility of human error
- Lower risks: Risk of incurring penalties decreases as payroll software normally will remind you of the important deadlines.
Source: IRIS Software and Services
Payroll Software for Small Business in Singapore
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 the totally free one, as a guide to help you navigate your options.
PAYDAY Software as a Service (SaaS) is a cloud-based online payroll and leave solution. It is developed and designed for startups, entrepreneurs, business owners or accountants who have little or no experience in handling payroll. In addition, it is most suitable for Singapore SMEs with fixed monthly payroll policies and less than 50 employees in their employment.
Don’t worry, they offer a 30 Days free trial to get yourself familiar and comfortable with the software before committing to anything.
PayDay! SaaS Payroll Software Features Include:
- Business owners can securely process their payroll and manage leave anytime, anywhere.
- Employees can view their electronic payslips / apply or cancel leave online or via their iOS and Android mobile devices.
- Approvers can approve/reject leave online or via their iOS and Android mobile devices.
PayDay! SaaS Payroll Software Price:
Companies that have used JustLogin:
JustLogin is a HR built for SMEs and was awarded as Singapore’s #1 HR Software in 2018. They are also PSG approved. Businesses can claim 70% of cost with PSG, a grant program available under enterprise singapore to help SMEs.
JustLogin provides a free 14 days trial without credit card required.
JustLogin Payroll Software Features Include:
- JustPayroll: payroll
- JustLeave: leave management
- JustClock: tracking employee hours
- JustExpense: receipts, invoices and claims management
- JustBenefit: benefits management
- JustPeople: employee management
JustLogin Payroll Software Price:
- Price: $5.00/user. However, can be more affordable depending on the number of employees
- JustPayroll (automated payroll service): S$5 per user
- JustClock (workforce tracking): $5 per user
- JustLeave (absence management): S$7 per user
- JustExpense (process claims): S$7 per user
Companies that have used JustLogin:
3. SIMPLE PAY
Simple pay is an online payroll software that does not need you to install anything on your computer. You can access and work wherever you are. They offer 30 days free trial of the SimplePay online payroll system.
SimplePay Payroll Software Features Includes:
- Connects directly to IRAS for IR8A submission. Export files for monthly e-submission of CPF info
- Export payment data to the bank
- Assistance from the support team
- Leave management
- All legislative updates when applicable
- Integrate with Xero and QuickBooks online
SimplePay Payroll Software Price:
- S$4 per employee per month (fewer than 3 employees are charged as 3 employees)
- Each additional employee (over 25 employees) is charged at only S$3 each
4. TALENOX (unlimited free plan available)
One of the unique features of Talenox is that they offer an unlimited free version that will never expire. With the free plan, you can run multiple payroll payments monthly, store employee info and connect with customer support within the app. However, it will be limited from other features that are only available with Talenox Suite Plan.
Talenox (Suite Plan) Payroll Software Features Includes:
- Updates on tax and leave requirements
- One-click-export to banks, CPF portal, and IRAS
- Data is auto-synced across all apps
- Integration to accounting software: Xero, QuickBooks Online
- Available 24/7 on all compatible web browsers
- Customer support via in-app messaging
Talenox Payroll Software Price:
- S$4 per month for the first 5 employees
- additional S$8 for each additional active full-time employee
- additional S$4 for each additional active part-time employee
- with a total monthly cap of $400 (limited time offer)
Companies that have used Talenox:
5. SINGROLL (completely free payroll software for small business)
Singroll is the biggest free payroll in Singapore. There is an unlimited number of users and no grant application needed. It is listed in the Supporting Payroll Software Vendors for the Auto-Inclusion Scheme (AIS) for Employment Income.
Singroll provides a wide range of features including:
- Employees management
- Permits & Licenses
- System Setting
- Information updates from MOM, WDA, SPRING, and other organization
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.
Before You Leave
You might also be interested in these articles:
- What is Line of Credit and the Different Types for Start-Ups
- Different Types of Business Loans for SMEs in Singapore
We envision a world where business owners have fast and simple access to the funding they need to grow. That’s why we’re on a mission to re-invent banking for SMEs across Southeast Asia.
Our current product provides SME and startup owners in Singapore with financial flexibility through a line of credit of up to S$150k. Which, can also be used to make business payments to enjoy 60 days free credit terms.
With no monthly fees or obligations to withdraw, you only pay interest on the amount you end up using. Opening an account is free and can be done online here.