Payroll processing is a cumbersome process and can increase your business costs significantly if not managed efficiently. Hiring professional payroll services can help save your time, cut down costs and avoid penalties due to incorrect or late filings. However, payroll trends and requirements are fast-evolving and it is important that your payroll outsourcing company stay updated.
Discussed here are the latest trends that will shape payroll services in 2021:
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Payroll Automation is the Next Big Thing
In the age of digitisation and rapid technological advancements, automation helps speed-up and streamline processes. Manual payroll processes are complex and error-prone that can result in increased cost for your business. Automating payroll services ensure the processes are streamlined, accurate and less prone to errors.
Advanced & Best Placements is a recognised employment agency in Singapore that has vast expertise in all aspects of payroll management. We use advanced payroll processing technology that helps automate employee data entry, salary computation, allowance and deductions, CPF computation, email payslips, manage leave types & entitlements, set up leave approval process, access leave application, claim entitlements and approval, and much more.
If automation can be achieved in diverse aspects of payroll management, companies can save a significant amount of time, money and effort that can be directed to your core business.
Improving Employee Satisfaction with ESS
2021 is poised to witness yet another big thing in payroll services that will make processes more efficient, achieve better control and improve employee satisfaction. It is called the ESS.
It will allow employees to edit their basic HR and demographic information on their own, thus, streamlining the process of data entry. They can also edit tax exemptions as well as view time-off accrual balances in the ESS system. At Advanced & Best Placements, we continuously upgrade our payroll services to stay abreast with digitisation and automation trends – and offering improved solutions to our clients.