Payroll Services

Payroll Services is responsible for all tasks related to the payment of employees. These include the management of employee salaries, wages, bonuses, deductions and taxes. The objective is to streamline and automate payroll processes for organisations, thereby ensuring accuracy, compliance with legal and tax requirements and the efficient handling of payroll-related tasks.

5/23/20243 min read

Introduction

Payroll Services is responsible for all tasks related to the payment of employees. These include the management of employee salaries, wages, bonuses, deductions and taxes. The objective is to streamline and automate payroll processes for organisations, thereby ensuring accuracy, compliance with legal and tax requirements and the efficient handling of payroll-related tasks.

Why should companies do Payroll service?

Compliance with tax laws and regulations

Payroll involves a variety of legal requirements, including tax withholding, reporting, and payments to appropriate government agencies such as the US IRS or UK HMRC. Payroll services help ensure that organisations comply with these regulations accurately and in a timely manner, thereby reducing the risk of penalties and fines associated with non-compliance.

Data retention and recording

Payroll is an important aspect of bookkeeping. Every payroll transaction affects the financial statements of a business. Salaries, wages, bonuses, commissions and any other forms of compensation paid to employees must be accurately recorded in the company's books. Payroll services ensure that these transactions are correctly recorded under the appropriate accounts, such as gross pay, payroll taxes payable and net pay.

What are the key reasons why companies choose to have their payroll processed in Singapore?

Stable and transparent legal system

Singapore's legal system is renowned for its transparency and efficiency, offering businesses a stable and predictable environment. This reliability extends to its clearly defined and consistently applied labour laws and tax regulations.

Favourable tax system

Singapore offers a competitive corporate tax structure that is attractive to businesses. One of the key benefits is that Singapore does not levy capital gains tax, which is favourable for companies managing large payroll and related costs.

Robust data protection laws

Singapore has robust data protection laws, as set out in the Personal Data Protection Act (PDPA), which help companies ensure that employee data is handled securely and confidentially. This is especially important for payroll processing, which involves sensitive personal and financial information.

What client groups need this service

Small Business

Refers to businesses with fewer than 50 employees, focusing on simplicity, economy and basic payroll compliance tools.

Medium-sized Businesses

Typically have 50 to 500 employees and require more robust payroll solutions, including benefits administration and more sophisticated tax compliance features.

Large Enterprise

Companies with more than 500 employees need highly scalable, customisable solutions that can handle complex payroll structures, multiple geographic locations and integration with existing enterprise resource planning (ERP) systems.

Depending on the type of workforce

  • When the workforce is comprised of permanent employees.

  • It is necessary to perform standard payroll processing and benefits administration.

  • When employing a significant number of contract workers or freelancers.

  • Flexible payroll systems are essential for handling irregular payment plans and different tax treatments.

  • In the context of an international workforce.

When the company employs an international workforce, it is necessary to have a service capable of managing multinational payrolls, including compliance with local tax and employment regulations.

What is our process?

Why choose Adept

On-time payments.

Automating the payroll process eliminates the potential for errors and delays. Our platform handles everything from basic salary calculations to more complex elements such as bonuses, overtime and deductions, all in line with your company's specific policies and regulations.

Simplifying tax administration is our specialty.

Filing taxes doesn't have to be a headache. Our services take care of all aspects of tax calculation and filing, ensuring compliance with local and national tax regulations. Automating these processes is the best way to avoid penalties and fines for late or incorrect tax filings, preserving your business's reputation and financial health.

Reliable accounting records

Maintaining accurate accounting records is vital for any business. Our payroll system integrates seamlessly with your existing accounting software, ensuring that all payroll-related transactions are accurately recorded and easily accessible. This integration provides you with a comprehensive view of your finances, which facilitates better financial planning and reporting.

Empower your employees with self-service options.

Our cloud-based system gives your employees access to the payroll system anytime, anywhere. Employees can take photos of receipts, request and approve time off, and access payroll directly from their devices. This level of autonomy increases employee satisfaction and reduces the administrative burden on HR.

Leave management and expense claims are simple with our solution.

Without the right tools, managing leave and processing travel and expense claims can be a hassle. Our payroll system has dedicated modules for leave management and travel and expense (T&E) claims, making it simple for employees to submit requests and for managers to approve them quickly. This streamlined process reduces errors, speeds up reimbursements, and ensures policy compliance.

100% Cloud-Based Convenience

Our payroll system is 100% cloud-based, offering unrivalled flexibility and security. It's ideal for remote, hybrid or on-site teams, with everyone able to access the system with the same ease. Plus, cloud storage protects your data from physical damage and loss, while regular backups ensure you never have to worry about losing important payroll information.