BUSINESS ARTICLE

What is Payroll Software?

What is Payroll Software

What is Payroll Software?

firstpagedigital Business Insights, Payroll

Payroll software is a digital solution that automates and simplifies various tasks associated with managing employee compensation. It streamlines the entire payroll process, saving time and resources for businesses of all sizes. Companies in Singapore rely on efficient payroll systems to ensure timely and accurate payments to their employees while adhering to strict government regulations.

This guide dives deep into the features of an effective payroll software, how such systems can revolutionise payroll management, touching on the challenges faced by companies and showcasing the transformative power of automation in handling complex tasks like tax compliance, CPF contributions and more.

Key Features of Payroll Software in Singapore

To address the challenges of payroll management commonly encountered by many employers, businesses utilise payroll software that offers a suite of the following essential features to streamline the payroll process.

Automated Payroll Processing
Keeping employee data accurate and up-to-date in the payroll system can be an uphill task, especially for businesses with more than 50 employees, or those with a high employee turnover rate. A payroll system automates multiple payroll and calculation processes, such as employee pay based on the hours worked, pay rates and overtime pay, bonuses, deductions, tax, or payroll-related approval procedures.
Generation of Payslips and Reports
The software generates payslips detailing the breakdown of salaries, allowances, deductions, and net pay for each employee. Not only would the employee be able to check their own payslip, it can also generate comprehensive reports for management’s analysis, reducing the administrative burden on the HR team.
Automated CPF (Central Provident Fund) Calculations and e-Submission
The Central Provident Fund (CPF) is a mandatory social security savings scheme in Singapore. Employers and employees need to remit these contributions in line with current guidelines. A payroll software automatically calculates and manages CPF contributions for both employees and employers, aligning with the latest government rates. It helps to streamline automated CPF calculations and easily integrate with CPF Board e-Submission service
Leave and Attendance Tracking
The payroll software tracks employee leave requests, approvals, and remaining leave balances. Its integration with attendance management systems can enable payroll calculations based on actual working hours, making sure the company is following the employment regulations for remuneration and leave entitlements.
Integration with Third-Party Systems
The payroll software can integrate seamlessly with other HRMS systems. This allows for automatic data transfer between systems and eliminates duplicate entries. In addition, as payroll software maintains comprehensive records of employee payroll data, tax information, and payment history, they can be easily accessed and used for internal analysis, financial reporting, and auditing purposes, reducing the manual effort required for record keeping and reporting.
Security and Data Privacy Considerations
A good payroll software should possess security features to protect sensitive employee data such as salaries, bank account details and CPF contributions. They are also likely to be OSPAR and PDPA compliant with ISAE 3402 certification, and supported by ISO27001-certified data centres to ensure that data security is not compromised.
Key Features of Payroll Software in Singapore

Considerations for Choosing Payroll Software in Singapore

Choosing the right payroll software requires you to consider various factors, which include:

Business Requirements and Scalability

Assess both your immediate and long-term business requirements. Opt for a software that can accommodate your organisation’s size, sector, and payroll complexity. It should be able to scale with your business. Look for versatility in handling different compensation structures, bonuses, and system integrations to support expansion, both locally and globally.

Cost and Budget Considerations

The cost structure of payroll software varies. It can be a subscription-based flat rate or per-employee pricing, or a combination of both, among others. Review your financial constraints to select a model that is optimal for your needs..

User-Friendliness and Customisation Options

Prioritise user-friendly software that is straightforward for HR staff and employees alike, featuring an intuitive design and accessible training materials. Consider customisation capabilities to tailor the software to your processes and reporting requirements.

Integration Capabilities with Existing Systems

Confirm the software’s compatibility with your current HRMS or time-tracking systems to ensure effortless data interchange and reduce manual input and inaccuracies.

Vendor Reputation and Customer Support

Select a provider known for dependable and secure services in Singapore. Assess their customer support’s responsiveness and effectiveness, including response timeframes and the available support methods.

Streamlined Implementation and Comprehensive Training

A payroll software should be easily implemented while aligned with your company’s needs for the methodical installation and customisation of the system. An effective installation or transition process should include data migration to ensure continuity and accurate calculations of salaries, allowances and deductions, alongside comprehensive training for HR teams and users.

How Can BoardRoom Help You with Our Payroll Software?

Choosing the right payroll software is crucial for any business. Manual payroll processing is time-consuming and error-prone, with risks of regulatory non-compliance. Automation through payroll software simplifies tasks and enhances process efficiency, allowing HR staff to dedicate more time to strategic efforts.

Consider a payroll software that fits your business needs, budget, and desired features, such as the BoardRoom Ignite payroll software. It streamlines payroll for businesses of all sizes in Singapore.  Our software automates calculations, deductions, and filings, ensuring accuracy and compliance. With true multi-country payroll processing ensuring full statutory compliance with local legislation in 10 countries and regions across Asia, Ignite’s plans allows your business to scale with confidence.

Ignite payroll software

BoardRoom Ignite Payroll Software Packages

BoardRoom Ignite offers three pricing packages to cater to different business needs:

PlanModules IncludedDescriptionStarting Price per Month*
EssentialPayroll & HRSave time and increase accuracy with these essential business functions. Suitable for small businesses with basic payroll needs.S$320
ProfessionalPayroll, HR & LeaveIncrease payroll productivity and drive value for your employees. Offers additional features like leave accrual management and customizable reports.S$570
EnterprisePayroll, HR, Leave, Claims, Time & AttendanceIncrease efficiency and productivity with a consolidated view of all offices. Designed for large companies with complex cross-border payroll requirements, offers advanced features and integrations.S$1,140

*Please note that a one-off setup fee is required for the above plans.

Book a demo today to experience a seamless payroll experience.

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