While some organisations choose to manage their payroll functions in-house through DIY payroll apps and manual bookkeeping, others prefer outsourcing to a professional payroll management company. Advanced and Best Placements is a licensed recruitment agency in Singapore, with vast expertise in Payroll Management.
Achieving high levels of accuracy in payroll management is one of the primary reasons why organisations choose to outsource payroll. Professional payroll providers have in-depth knowledge and industry experience that enables them to maintain improved precision in processing large payrolls.
Another challenge that companies face with payroll management is lack of time. Payroll processing is a complex and time-consuming process. Garnishments, benefit deductions, paid time off, new recruits and terminations, changes in federal or state regulations – all these can be utterly frustrating. Outsourcing to a payroll expert can help save significant labor hours so that you can focus more on strategic tasks that help improve the bottom line.
End-to-end payroll management is another reason why outsourcing payroll is the best choice for organisations today. Professional payroll management companies provide an extensive range of services that include salary computation, allowance & deductions, CPF computation, email payslips and CPF file, leave approval process setup, leave type and entitlements, claim approval process setup, claim approval access and much more.
On the other hand, payroll processing also involves potential risks of identity theft, tampering with company data, or misappropriation of funds. This poses a serious threat to the company’s integrity and can result in significant costs. When you outsource to a reliable payroll solution provider, be assured they use advanced technologies to identify and prevent fraud. Typically, they have state-of-the-art systems to store and protect your data. Additionally, hiring an expert payroll outsourcing company like Advanced and Best Placements can also help you save money, avoid IRS penalties and avoid costly mistakes
