Payroll Services
Providing Singapore Businesses with the best Payroll Services
Are you tired of managing employee performance, benefits, and timesheets on top of all the payroll administration? Unless you have extra time to read up on the current laws and guidelines governing Singapore payroll, this type of labor becomes boring. Even if your payroll software that calculates CMS contributions, managing payroll might be a difficult chore. It is simpler to delegate this crucial task to third-party processors. The most reputable payroll services in Singapore are well-equipped with advanced automation systems and payroll professionals to meet the needs of any business, including SMEs and large organizations (MNCs).
Benefits of Outsourcing Payroll Services
Outsourcing payroll services is one of the most common ways for businesses to comply with regulatory and operational obligations. The number of employees in a company, especially for SMEs, does not justify hiring a dedicated HR person, and delegating the task to an administrator may not be appropriate because it requires a particular level of knowledge. This is where outsourcing your payroll becomes more cost-effective, as SMEs may obtain the necessary knowledge at a lower rate. Payroll outsourcing can take several forms, ranging from providing a comprehensive payroll service to simply advising on the company payroll.
The Central Provident Fund (CPF), the Ministry of Manpower (MoM), and the Inland Revenue Authority of Singapore (IRAS) are the key regulatory authorities in charge of payroll. Whether payroll is handled in-house or through a payroll outsourcing company, particular changes in requirements must be followed or businesses risk being fined or shut down.
Our Payroll Services
We at ACA take pride in not only being a payroll outsourcing provider but also in being an HR partner who provides end-to-end services that go far beyond payroll outsourcing. Our payroll outsourcing services include:
- Salary Computation and Payment
- CPF Computation and e-Submission
- Payslip Generation
- Employee’s IR8A submission
- IR21 submission
- Auto Inclusion Scheme
Salary Computation and Payment
Calculating payroll entails more than just paying your employees the correct amount. Salary must be divided down into various categories, including base salary, overtime, bonus, sales commission, expense claim, and deductions. Furthermore, paying your employees on time gives them confidence and aids in the development of a good relationship between the company and its personnel.
CPF Computation and e-Submission
According to the Central Provident Fund Act, CPF submission is a legal necessity. We employ algorithms to expedite this procedure because we specialize in payroll. This allows us to be more efficient and accurate in our job while also lowering costs and yours.
Payslip Generation
All employers are required to send itemized payslips to their employees from April 1, 2016. Each payslip must include a detailed explanation of how their pay was calculated each month. Payslips, in addition to being required, offer employees the necessary information about how their income was calculated, allowing them to develop a solid trusting connection with their employers.
Employee's IR8A Submission
All employers must prepare IR8A and Appendix 8A, Appendix 8B, or Form IR8S (where applicable) by the 1st of March each year, as stipulated in the Income Tax Act. If the employer has 8 or more employees, as mentioned in the Auto-Inclusion Scheme, they must submit an IR8A for each of their employees.
IR21 Submission
It is the responsibility of every employer to withhold all payments payable to an employee for tax purposes. This is required when a non-Singaporean employee leaves your company in Singapore, prepares to depart for more than three months, or is posted overseas.
Registration of Auto Inclusion Scheme
Employees can use the Auto Inclusion Scheme (AIS) for Employment Income to send their income information to IRAS. All employers with eight or more employees are required to file their employee’s income taxes. Employers who are not members of the AIS might join to assist their employees with filing.