10 Advantages of Outsourcing Your Payroll Services

10 Advantages of Outsourcing Your Payroll Services

10 Advantages of Outsourcing Your Payroll Services

Payroll outsourcing is a strategic approach where businesses entrust their payroll functions to external service providers. This arrangement benefits businesses of all sizes by simplifying payroll processes and ensuring compliance with regulations.

In this article, we explore the top 10 advantages of outsourcing your payroll services.

Save Time and Resources

Outsourcing payroll reduces the administrative burden on internal HR teams, allowing them to focus on core business functions. It frees up valuable time and resources that can be allocated to strategic initiatives. With payroll tasks handled externally, HR professionals can dedicate their efforts to talent management, employee development, and other critical areas that drive organisational success.

Cost Reduction

Businesses can potentially save on salaries, benefits, and software for in-house payroll staff by outsourcing payroll services. Additionally, outsourcing eliminates the need for costly infrastructure investments in payroll processing. By leveraging the expertise and economies of scale of external providers, businesses can achieve significant cost savings while ensuring accurate and compliant payroll processing.

Increased Accuracy and Compliance

Outsourced payroll providers specialise in navigating complex tax regulations, reducing the risk of errors and penalties. They also stay updated on compliance changes, ensuring accurate and compliant payroll processing. With stringent quality control measures and dedicated payroll teams with expertise in payroll compliance, outsourced payroll providers helps to mitigate the risks associated with payroll processing errors, ensuring payroll accuracy and regulatory compliance.

Increased Accuracy and Compliance
Enhanced Security

Reputable payroll providers have in place strong data security measures to protect sensitive employee information. Outsourcing payroll reduces the risk of internal fraud or data breaches, enhancing overall security. With advanced encryption protocols, secure data centres, and comprehensive cybersecurity measures, outsourced payroll providers safeguard confidential employee data, providing businesses with peace of mind and mitigating risks associated with data breaches.

Scalability and Flexibility

Outsourced payroll services offer scalability and flexibility to accommodate business growth or fluctuations in staffing levels. Businesses can easily adjust payroll services without hiring or training additional staff. Whether scaling operations to support expansion initiatives or adjusting payroll services to align with seasonal staffing changes, outsourcing payroll provides businesses with the flexibility to adapt quickly to evolving business needs, ensuring seamless payroll operations.

Access to Expertise

By outsourcing payroll, businesses gain access to the expertise of payroll specialists who stay in the know of best practices and industry trends. This knowledge enhances payroll accuracy and efficiency. With dedicated payroll professionals managing payroll tasks, businesses can leverage the expertise of seasoned professionals with specialised knowledge in payroll processing, tax compliance, and regulatory requirements, ensuring accurate and efficient payroll operations.

Payroll processing
Improved Employee Satisfaction

Timely and accurate payroll processing contributes to employee satisfaction and morale. Some payroll providers offer self-service portals, allowing employees to access pay slips and tax documents conveniently. By providing employees with timely and accurate salaries, and access to comprehensive payroll information and self-service tools, businesses can enhance employee satisfaction, engagement, and retention. This fosters a positive workplace culture and strengthens employee relations.

Streamlined Administration

Outsourcing payroll centralises payroll tasks with a single provider, simplifying record-keeping, reporting, and auditing processes. This simplified administration enhances efficiency and compliance. With integrated payroll solutions and automated processes, businesses can streamline payroll administration tasks, reduce manual errors, and ensure consistent payroll processing, optimising operational efficiency and ensuring smooth payroll management.

Reduced Stress

Outsourcing payroll shifts the burden of payroll complexities to dedicated service providers, reducing stress for internal HR teams. It allows HR professionals to focus on strategic initiatives rather than routine tasks. By partnering with experienced payroll providers, businesses can lessen the administrative burden associated with payroll processing, allowing HR professionals to focus on strategic initiatives such as organisational development, talent acquisition and employee engagement.

Focus on Core Business Functions

By outsourcing payroll, businesses can invest time and resources in key areas that drive growth and profitability. This focus on core business functions enhances overall efficiency and competitiveness. With payroll tasks entrusted to external providers, businesses can redirect resources to main functions to drive sustainable business growth.

Tailored support with transfer pricing in Malaysia

BoardRoom's Expert Outsourced Payroll Solutions

Outsourcing payroll services offers numerous advantages, including cost savings, enhanced accuracy and compliance, and improved employee satisfaction. At BoardRoom, we offer comprehensive outsourced payroll services designed to simplify your payroll processes and ensure compliance with regulatory requirements. From payroll calculation and withholding tax to employee record maintenance and statutory reporting, BoardRoom handles all aspects of payroll administration with our team of experienced payroll specialists and cutting-edge technology.

Contact us today to experience seamless and stress-free payroll management.

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What to know about outsourcing payroll services: cost and benefits

What to know about outsourcing payroll services_ cost and benefits

What to know about outsourcing payroll services: cost and benefits

As with many core business functions, the payroll landscape in Malaysia is undergoing rapid change. Amid technological advancement, evolving regulations and a robust employment environment, many businesses are now working with specialist third-party providers for support in bringing their payroll practices up to modern standards.

Outsourcing payroll has proven to be an effective solution that not doing so may cost you your competitive edge. From enhancing your decision-making through data to strengthening your future planning and economic resilience, it offers a variety of advantages that can help you stay ahead of the curve.

Read on as Ken Wong, BoardRoom’s Managing Director for Payroll, Asia, explores the key ways that quality outsourced payroll services can help your business succeed in Malaysia and beyond.

Engaging a payroll agency or provider can help ensure compliance

Payroll regulations in Malaysia are intricate and ever-evolving. Maintaining compliance can be complicated and time-consuming, especially if you’re unfamiliar with the local legislation or have limited resources to work with.

According to Ken, recent changes to local regulations – geared towards ensuring the fair and equitable treatment of employees – have accelerated the shift towards outsourcing.

“As of 1 January 2023, an amendment was made to the Employment Act, which has been in place for about half a century,” he says. “The changes introduced were quite significant in terms of what companies need to do to stay compliant.”

Key changes introduced in the Employment (Amendment) Act 2022:

  • The Act now covers all employees, regardless of how much they are paid.
  • The maximum weekly hours an employee can work has reduced from 48 to 45.
  • There has been an increase in maternity leave from 60 to 90 days in accordance with international standards.
  • There has been an increase in paternity leave from 5 to 7 days.
  • Women cannot be fired due to pregnancy or sickness resulting from pregnancy.

Bringing your payroll processing in line with legislative changes like these can be difficult, particularly if you’re new to the region. A payroll agency with strong local regulatory expertise can help you determine which of your employees will be impacted by new rules and how they will be affected. As a result, you can have confidence your payroll calculations are correct.

Inaccurate payroll calculations are not worth the risk, as they can lead to compliance issues that incur significant financial penalties, damage your corporate reputation and erode employee trust.

Ensure long-term business continuity

In Malaysia’s competitive employment landscape, where retaining employees is a common challenge, specialist payroll providers can help with ensuring business continuity and safeguarding your long-term success.

A major risk of managing payroll in-house is that key personnel can resign at any time, taking their skills and knowledge with them. Key personnel going on long, sick or maternity leave may also have a significant impact on payroll operations. Quickly finding and training a capable replacement may be tricky and expensive, leading to payroll issues that impact all employees. Payroll outsourcing removes this risk, as your provider will have the resources to ensure your payroll is consistently managed to a high standard, even when unexpected disruptions come your way.

Outsourcing payroll can also facilitate greater flexibility as your business grows or changes. Whether you are undergoing rapid expansion, entering a new geography, or faced with the need to trim headcount, outsourcing your payroll not only allows you to effectively manage costs but also ensures compliance whilst fostering a positive employee experience.

Additionally, it can help save on costs, allowing you to redirect funds that would have been spent on wages and training into activities that drive revenue growth.

Ensure long-term business continuity

Enhance efficiency through process improvement

Another way payroll outsourcing can help future-proof your business and fuel its growth is by optimising internal processes.

“If you have been conducting payroll in-house, you likely won’t have the systems that can help you manage data across different platforms nor the resources to streamline your processes,” Ken says. “When you engage a provider, they can implement the systems, so you can spend less time on manual tasks like data entry.”

Compensation packages in the APAC region are evolving to accommodate diverse talent needs, global market competitiveness, and intricate regulatory landscapes, resulting in their increasing complexity. Examples of these include performance-based bonuses tied to both individual and company metrics, stock options vesting over several years, housing allowances, education allowances for dependents, retirement fund contributions and profit-sharing plans. As such, ensuring staff are paid accurately and on time is now often a tedious task that places unnecessary strain on resources. By improving the efficiency of your payroll function, payroll providers can help alleviate administrative burdens on staff, giving them more time to focus on higher-value strategic work, such as growing the company and enhancing its internal culture.

Enhance efficiency through process improvement

The possibilities of payroll data

Payroll systems house a wealth of data that often goes underutilised. Professional payroll providers can help put systems in place to collate and distribute this data in real time, opening up possibilities for informed decision-making at a management level.

Retrospective analysis of payroll data can provide a range of useful insights, such as employee compensation patterns and budget allocation trends. Business executives can leverage this information to make informed decisions and fine-tune strategies for enhanced efficiency.

Payroll data can also be used for predictive analytics – a forward-looking approach that uses historical data to anticipate future needs – empowering you to mitigate risks and maximise opportunities in the workforce management space.

“From a budget standpoint, payroll data analysis can assist with predicting your peaks and troughs so that you can plan for them,” Ken explains. “For example, the data might show that you experience high attrition at the end or start of the year. You can use this information to help with your future planning.”

Proactive, data-driven planning helps with avoiding workforce issues that may hinder your business growth (eg. staffing gaps), while also enhancing the agility of your business so that it is more capable of adapting swiftly to ever-changing market dynamics.

Award-winning payroll services

Award-winning payroll services

Payroll outsourcing can have valuable benefits for businesses of all sizes.

A reputable, qualified firm that embraces technological innovation can assist with:

    Implementing a smooth payroll process
    Ensuring strict compliance with local rules and regulations
    Fostering a positive employer–employee relationship
    Responding to immediate or forecasted problems
    Accessing accurate, up-to-date payroll data
    Reducing the administrative load on key staff

    BoardRoom is a leading provider of reliable payroll services in 19 countries and regions in the Asia-Pacific.

    Powered by Ignite, our all-in-one cloud-based payroll and HRMS software, we offer a wealth of multi-country payroll expertise, making us the ideal partner for your expansion into the dynamic Asia Pacific region. Our dedication to compliance, commitment to customer-centric service and powerful human resources management system mean you can depend on us for outstanding payroll guidance and support.

    In 2022, our team was named Best Payroll Outsourcing Partner (Bronze) at the Malaysia HR Vendor of the Year Awards. BoardRoom has also achieved the International Standard on Assurance Engagements (ISAE) 3402 Type 1 attestation, an internationally recognised standard for auditing the internal control system of outsourcing service providers. These industry recognitions and our extensive experience and portfolio of success stories speak volumes of our proficiency in navigating the intricate payroll landscape in Malaysia and the Asia-Pacific region.

    If your company operates internationally, our globally-minded teams have the skills and knowledge to ensure the smooth running of complex cross-border payroll activities. We also provide complementary corporate services alongside payroll for comprehensive, seamless support across business functions.

    Contact us today to learn how our tailored payroll services can add value to your business.

    Contact BoardRoom for more information:

    Ken Wong

    Ken Wong

    Managing Director for Payroll for Asia

    E: [email protected]

    T: +60 3 7890 4800

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    The Benefits of Outsourcing for ‘The Next Normal’

    benefits of outsourcing

    The Benefits of Outsourcing for ‘The Next Normal’

    The Benefits of Outsourcing for ‘The Next Normal’

    In recent times, the Malaysian economy rebounded from unprecedented challenges, hitting its lowest point in two decades during the second quarter of 2020.

    The arrival of the COVID-19 pandemic shook the global economic landscape, leaving businesses grappling with unforeseen disruptions and uncertainties. As nations initiated lockdowns, travel restrictions, and safety measures, the business world was forced into uncharted territory. In Malaysia, as elsewhere, the pandemic’s impact rippled through industries, challenging established norms and demanding innovative solutions.

    While the road ahead remains uncertain, there’s a growing need for businesses to adapt to what we now refer to as “the next normal.” This transition is not merely about weathering the storm but about seizing opportunities amidst the chaos. It’s about businesses becoming agile, resilient, and forward-thinking to thrive in an ever-evolving environment.

    Forward-thinking SMEs have been quick to embrace digital transformation as a lifeline during these trying times. Not only has this helped ensure business continuity, but it has also opened the door to a world of advantages offered by outsourcing services.

    Let’s delve deeper into how the dynamic duo of digital transformation and business outsourcing services drive economic recovery in the post-COVID era.

    Pandemic resilience through digital transformation and outsourcing

    The COVID-19 pandemic has been a game-changer for digital transformation in Malaysia. A small business survey by global professional accounting organisation CPA Australia found that 40% of surveyed small businesses in Malaysia increased their focus to online sales in 2020. Of those small businesses that invested in technology in 2020, 42.4% of them said it made their business more profitable.

    For global companies, the digital transformation has happened in the space of just months during the pandemic. According to Twilio CEO, Jeff Lawson, some large multinational corporations have fast-tracked their digital transformation by an average of six years.

    digital transformation Malaysia

    The increased speed of digital transformation has meant that more companies have been able to appreciate the benefits of outsourcing. This has been particularly important for maintaining business continuity during the pandemic.

     For example, pre-COVID, some companies had payroll systems requiring on-site staff to process payroll. However, when the Movement Control Order (MCO) was in place, payroll staff couldn’t get to their offices to perform their duties. The solution for many of these companies was to outsource payroll to an expert service provider that uses a cloud-based HRMS solution to process employees salary payment offsite, even in the middle of a pandemic. One of the added benefits of outsourcing payroll is that businesses can remain compliant with rapidly changing payroll regulations in Malaysia.

    While the pandemic has fast-tracked digital transformation, it will remain an important driver of business growth for the foreseeable future. SMEs may find it difficult to keep up with the rapid pace of technological change, but this is where outsourcing can be truly valuable. By outsourcing their non-core business functions to a specialist outsourcing company, SMEs can:

    • save money from not having to implement and maintain expensive technology;
    • have greater business continuity when the unexpected happens; and
    • increase operational efficiency by allowing staff to focus on core strategic business drivers.

    How your company can reap the benefits of outsourcing

    Here are the top three ways your company could benefit from outsourcing:

    01 Save money

    Outsourcing business processes to a professional services provider like BoardRoom improves your business continuity so that your teams have the support they need to keep the business operating during unforeseen events. You’ll save money by minimising costly downtime. 

    In addition, outsourcing reduces key person risk. This means your company can save by avoiding the business interruption costs that can occur when senior team members are not available.

    What’s more, your company will benefit from getting access to the latest technology without having to spend money on finding, implementing, and maintaining big-ticket technology solutions.

    02 Save time

    One of the key advantages of outsourcing is that your company can regain precious time and use it to focus on what matters – growth and profitability. For example, when you outsource payroll, your in-house HR team can focus on achieving more strategic objectives, such as increasing employee engagement and productivity. With the time saved by outsourcing your payroll, your company can then reallocate staff towards core business activities.

    03 Gain expert advice

    Outsourcing to a professional corporate services provider gives your company access to a pool of business knowledge specialists without:

    • the salary overheads;
    • constant training costs; or
    • the expense of having your in-house team spend vast amounts of time trying to stay on top of changing regulations.
    business process outsourcing

    Focus on strategic planning to stay competitive

    As Malaysia’s economy gradually recovers from the impacts of COVID-19, businesses need to focus on strategic planning to stay competitive. A good place to start is understanding the current financial health of your company.

    Outsourcing your accounting function can help to clarify your company’s financial health status. A complete picture of your company’s finances enables you to make more informed decisions as the economy begins to recover.

     Our team of professional chartered accountants at BoardRoom can help by painting a clearer picture of your company’s current cash flow and seasonality. They have the expertise to critically analyse your receivables and collections, so you can more effectively assess organisational performance. With this information, you can then make the best strategic decisions to stay competitive and position your business to thrive in ‘the next normal’.

    Futureproof your business by outsourcing to a trusted outsourcing corporate services provider

    Looking ahead, futureproofing your business is paramount. Outsourcing services can help your company stay resilient in the face of uncertain and challenging market conditions.

    As one of the leading professional services outsourcing companies in the Asia Pacific region, BoardRoom offers a variety of comprehensive and value-added corporate services, including:

    • payroll services – we make payroll management faster and simpler, and help your stay compliant with all the payroll regulations and requirements in Malaysia
    • accounting and bookkeeping – our team of certified chartered accountants and finance professionals ensure your company maintains accurate financial records and in full accordance with the relevant regulations
    • corporate secretarial – you will be assigned a dedicated corporate secretary that helps your business to meet all corporate regulatory requirements in Malaysia and across APAC, and minimize administrative burdens from corporate compliance tasks
    • tax advisory and filing – leverage our tax-planning expertise maximise your return, and mitigate the potential financial penalties
    • share registry – we take a customised approach to support your specific needs, including conducting shareholder meetings and ensuring proper maintenance of shareholder records in accordance with local statutory obligations
    • IPO share issuing and registration house – as one of only two licensed share issuing houses in Malaysia, we have decades of experience to guide you through your Initial Public Offering (IPO) process
    • employee stock options plans – we offer a comprehensive platform that streamlines all your ESOP processes that benefits both your employees and the organisation

    By consolidating all your back-office functions into one vendor, you gain greater efficiencies and business productivity.

    Speak to our team of experts today about how we can help to futureproof your business and help your business embrace the opportunities presented by “the next normal.” In this ever-changing business landscape, embracing the advantages of outsourcing and digital transformation becomes not just a strategic choice but a necessity for success.

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    A guide to the payroll process and compliance in Malaysia

    payroll process and compliance regulations

    A guide to the payroll process and compliance in Malaysia

    Guide: The payroll process and compliance regulations in Malaysia

    With Malaysia’s strategic location, market competitiveness, skilled multilingual talent pool and world-class technology capabilities, it’s easy to see why so many companies choose to establish operations there.

    If your company is considering expanding into Malaysia, one of the keys to success is to understand the payroll process and compliance regulations from the outset. The last thing you want is for your newly established operation to attract the wrong kind of attention from government auditors.

    That’s why we’ve prepared a helpful guide to the payroll process and compliance regulations your company needs to know when starting out in Malaysia.

    Payroll process and compliance essentials in Malaysia

    Before we examine some common payroll compliance challenges in Malaysia, it’s useful to understand the essentials of the payroll process and the main compliance considerations. Let’s start with a primer on the fundamentals of payroll in Malaysia.

    Working conditions and wages
    • Working hours: Malaysia has an eight-hour workday with an average working week of no longer than 48 hours, and (most commonly) one day off per week. Government protection provisions prevent women from working in the industrial or agricultural sectors between the hours of 10pm and 5am. Women must also have at least 11 consecutive hours off work between each shift.
    • Pay cycles: salaries in Malaysia are typically paid monthly.
    • Minimum wages: Nationally, the minimum wage is RM1,100, except for areas under 56 city and municipal councils where the minimum wage is RM1,200. Our team of payroll experts here at BoardRoom can advise you on the relevant government guidelines that apply to your employees.
    • Overtime, rest day and holiday pay rates: Employees covered by the Employment Act 1955 (“EA 1955”) should be paid overtime at 1.5 times their hourly pay rate. Rest days are paid at two times, and public holidays at three times the hourly pay rate. However, the EA 1955 only applies to:
      • employees whose monthly salary does not exceed RM2,000;
      • employees within the private sector;
      • employees working in Peninsular Malaysia or the Federal Territory of Labuan; and
      • employees (irrespective of salary) involved in manual labour, operating or driving transport vehicles and domestic servants.

    For non EA 1955 employees, employers can stipulate relevant provisions relating to overtime rates within their employment contracts.

    Income tax
    • Withholding tax: Malaysia has a monthly tax deduction (MTD) system requiring employers to deduct withholding tax at source. Each month, employers must then send this tax to the Inland Revenue Board (IRB) of Malaysia on behalf of their employees.
    • Income tax rates: the maximum income tax rate in Malaysia is 30%, which applies to those with incomes greater than MYR 2,000,000 or ‘non-residents’. Employees who work between 60–182 days per year in Malaysia are considered ‘non-residents’, irrespective of their actual citizenship status.
    • Tax clearing and tax filing: employees must complete their tax clearing and filing at year-end before April. The financial year in Malaysia runs from 1 January to 31 December.
    international payroll processing companies
    Holidays and leave
    • Paid public holidays: Employees are entitled to be paid for 11 gazetted public holidays per year. Of these 11 days, five must be:

    1. Hari Kebangsaan or National Day;
    2. Birthday of Yang di-Pertuan Agong;
    3. Birthday of the Ruler or Yang di-Pertua Negeri or Federal Territory day (varies per state);
    4. Labour Day; and
    5. Malaysia Day (16 September).

    The remaining six paid public holidays are chosen at the discretion of the employer from the following list and these must be communicated to employees either via written notice or as stated in their employment contracts:

    • Birthday of the Prophet Muhammad (s.a.w);
    • Chinese New Year (2 days, except 1 day in the states of Terengganu and Kelantan);
    • Vesak Day;
    • Hari Raya Puasa (2 days);
    • Hari Raya Haji (1 day, except 2 days in the states of Terengganu and Kelantan);
    • Deepavali;
    • Christmas Day; and
    • Awal Muharam.

    However, the government can declare additional ad hoc, paid public holidays throughout the year. If these days are declared at short notice, employers can nominate a replacement day.

    In addition, there are a number of state based holidays observed around the country. However, employers are not required to pay employees for these holidays unless they have selected them to be included in their list of paid public holidays for their employees.

    • Compulsory annual leave entitlements: employees are typically entitled to between 8-16 days of paid annual leave, depending on their length of service with the company.
    • Compulsory sick leave entitlements: Employees are entitled to between 14-22 days of paid sick leave, depending on their length of service with the company.
    • Compulsory maternity leave entitlements: New mothers are entitled to 60 consecutive days of paid leave for each of their first five children.
    • Optional leave entitlements: employees can also apply for the following optional leave types, which are typically unpaid and subject to employer approval:
      • compassionate/bereavement leave;
      • marriage leave; and
      • study leave.
    • Paternity leave: most employers also offer 1-3 days of paid paternity leave, but this is not a statutory requirement.
    Social security and statutory contributions
    • Employees’ Provident Fund (EPF): employers and most employees (Malaysian citizens or permanent residents only) must contribute to the EPF retirement benefits scheme. The EPF contribution rate for employees varies depending on their monthly salary, whereas the employer contribution is 12%.
    • Social Security Organisation (SOCSO): employers must contribute to Malaysia’s mandatory social insurance schemes, which are administered by SOCSO. There are two schemes:
      • The Employment Injury Insurance Scheme (EIIS) provides cover for employees who experience work-related injuries or diseases. The EIIS applies to all Malaysian citizens, permanent residents, and foreign workers (excluding domestic servants).
      • The Invalidity Pension Schemes (IPS) provides cover for employees who experience invalidity or die from causes unrelated to their work.

    Employers must make a monthly contribution to SOCSO on behalf of each eligible employee.

    • Employment Insurance Scheme (EIS): employers are required to make monthly contributions for each employee. The EIS provides financial assistance to workers who have lost their job while they seek new employment.
    • Human Resources Development Fund (HRDF) Levy: this is a compulsory levy paid by employers with 10 or more employees (Malaysian citizens only) working in the manufacturing, services, mining and quarrying sectors. The levy rate is 1% of each eligible employee’s monthly wage. It allows companies registered with the HRDF to receive financial assistance when they participate in specific training and upskilling programs delivered by HRDF training providers.
    • Other contributions>: some employees may also be required to make student loan repayments to the National Higher Education Fund Corporation, or make donations known as Zakat to fulfil their religious obligations.
    payroll Malaysia

    Common payroll compliance issues to be aware of in Malaysia

    Payroll errors can result in your company needing to pay expensive fines. They can also cause reputational damage and employee dissatisfaction. To help you avoid unpleasant situations, here are some common payroll compliance issues to be aware of in Malaysia:

    • Late MTD payments: the Inland Revenue Board (IRB) imposes penalties if employers fail to pay monthly employee income tax withholdings by the 15th of each month.
    • Failing to include perquisites, benefits-in-kind or equity incentives in compensation reporting: sometimes these benefits are not paid through payroll, which means they can be easily overlooked in compensation reporting.
    • Incorrect classification of employees: Foreign workers, non-residents and secondees are often classified incorrectly during payroll data system entry. As a result, your company might underpay these employees and deduct the wrong income tax amounts.
    • Failing to stay up-to-date with regulation changes impacting payroll: In Malaysia, there are four regulatory bodies that influence payroll processing rules which makes it more of a challenge staying up-to-date with payroll requirements.
    • Overlooking cultural norms: It’s common in Malaysian payroll processing to include ‘13th-month pay’ – a single annual payment on top of an employee’s total annual wage. This payment isn’t mandatory and would not be considered non-compliance if you did not adhere to it, but it is the cultural norm that could impact employee satisfaction.
    payroll processing companies

    Want expert help in processing your company’s payroll in Malaysia?

    Our team of payroll experts can guide you through the complexities of the payroll process in Malaysia to help make your business expansion more successful. We can set up your company’s payroll so that you get it right the first time, every time.

    It doesn’t matter whether you are a large multinational corporation or a fast-growing SME. Outsourcing to an international payroll processing company like BoardRoom ensures your company has an efficient, accurate and compliant payroll process right from the start.

    Speak to our team of payroll specialists in Malaysia today about how outsourcing payroll can give you more time to focus on what really matters: your company’s growth and profitability.

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    10 advantages of outsourcing your payroll services

    advantages of outsourcing payroll services

    10 advantages of outsourcing your payroll services

    10 advantages of outsourcing your payroll services

    Outsourcing is the key to making your payroll process seamless. It means everyone gets paid the right amount at the right time, every time.

    All too often HR professionals find themselves spending far too much time processing pay runs at the expense of dedicating time to strategy and higher-value tasks.

    Payroll is a time-intensive process – not just because you need to complete the necessary process tasks, but also because you need to ensure compliance with tax and legislative requirements.

    The key advantage of outsourcing payroll services is that you can get back your time to focus on what really matters: the strategic business drivers that grow your company and culture.

    Here are the top ten benefits your company can enjoy when you choose to outsource payroll:

    01 Save time

    Outsourcing payroll is the low-hanging fruit for increasing company efficiency. Instead of spending hours every pay cycle on payroll processing, an administratively heavy task, HR teams can focus on achieving more strategic objectives, like increasing employee engagement to boost organisational productivity.

    02 Reduce costs

    Saving time also saves you money, which can come in the form of a lower wage bill. For example, as companies scale, they can save money by outsourcing payroll instead of spending it on expanding in-house HR teams purely to manage a growing payroll. You may also see savings to your business from not needing to maintain cloud security for your payroll software or manage paperwork.

    how to outsource payroll

    03 Minimise compliance and regulatory risks

    Regulatory changes that affect payroll happen at break-neck speeds, which can make staying compliant a challenging, time-consuming process. In Malaysia, four regulatory bodies develop payroll processing rules. They each issue notifications when a change to the law is made and your company needs to ensure that these changes are accurately translated into payroll formulas.

    It is easy to make mistakes when updating payroll formulas, especially if they involve IF, AND, OR logical functions. If the formula is wrong, payroll is calculated incorrectly which can cause problems like under or over paying wages and tax. Chances are, you may not even realise that an error has occurred until after receiving an expensive non-compliance fine.

    Outsourcing your payroll to a specialist service provider, like our team of experts here at BoardRoom, can minimise your exposure to these compliance and regulatory risks because we take care of it all for you, including updating payroll formulas correctly. We also ensure a quick, timely turnaround that meets all the statutory requirements of employee payment, further helping you avoid risk.

    04 Gain access to specialised, local knowledge

    Having a dedicated team of professionals with local knowledge of Malaysia’s labour laws is essential for your company. It means your business can take advantage of the team’s years of payroll experience without being exposed to the strict protocols and multi-level cross-checking that they’re subject to.

    BoardRoom can deliver payroll outsourcing services across 19 countries and regions in APAC, with the option to coordinate your administration via BoardRoom Malaysia or decentralise coordination across all our local business sites. This is especially beneficial for companies that operate in different states or across multiple countries because our dedicated team will work with you to ensure compliance in each area, freeing up your in-house HR team.

    05 Build payroll continuity

    Some companies operate payroll systems that require staff to be on-site in order to process payroll. If the unexpected happens, as an example; your payroll staff can’t get to the office to perform their duties, or a key member of your team responsible for payroll approval resigns, how will your employees get paid? Payroll that is outsourced to an expert provider guarantees payroll continuity so that your employees are paid on time, every time.

    06 Enhance data security and protection

    Data security is crucial for payroll processing because of the incredibly sensitive information involved such as employees’ personal data and compensation details. In Malaysia, HR departments must adhere to local laws such as the Personal Data Protection Act 2010 (“PDPA”).

    If your company has limited time and budget resources, it can be challenging to maintain an appropriate level of data security and protection in-house. For one, in-house teams need to keep pace with ever-evolving cybersecurity threats. Secondly, your company is more exposed to payroll fraud when payroll is processed in-house. Third, in-house teams may not have the appropriate protocols to ensure that data is backed up regularly.

    Quality payroll outsourcing providers store their data on highly secure cloud-based servers using state-of-the-art encryption, reducing the risk of internal data breaches. They perform regular backups to ensure that data is protected. Data protection and security are top priorities for us at BoardRoom, which is why our data centres have achieved ISO27001, and our cloud hosting has SOC2 certification.


    07 Reduce stress

    Getting your employees paid accurately and on time is critical to the success of your company. And as every HR professional knows, there is no room for error when it comes to payroll. However, managing payroll effectively can be challenging for in-house teams when they are trying to keep up with local regulatory compliance while simultaneously managing the needs of a growing workforce. This is especially true if your company operates in multiple countries across the APAC Region.

    Our team of payroll experts here at BoardRoom will take care of payroll management for you, ensuring that pay runs are efficient, accurate, and compliant at your office in Malaysia and any other branches you may have in the region. Our team has worked across multiple industries, countries, and situations, so you can rest assured knowing that your payroll is in the best of hands. Ultimately, this means less stress for your HR teams.

    08 Increase flexibility

    Another advantage of outsourcing payroll services is that you can stay flexible in rapidly changing business environments. Outsourcing allows you to quickly scale your payroll service requirements as needed, instead of having to recruit, onboard, train and retain additional in-house staff.

    09 Gain access to a pool of payroll knowledge experts

    As the saying goes, ‘two heads are better than one’. When you outsource payroll, your company gains access to a pool of payroll knowledge specialists without the expense of retaining them in-house. Our team of experienced payroll experts have managed payroll for businesses of all sizes, types, and industries across the APAC Region, making sure you meet legal requirements and stay compliant in multiple localities. Take advantage of their vast experience and knowledge to really build your business so you can take it to the next level.

    10 Streamline operations with value-add services

    The best payroll outsourcing vendors are not only experts in all things payroll, but also offer a variety of integrated, value-add corporate services, including:

    By consolidating all your back office functions into one vendor you stand to gain greater efficiencies and business productivity.

    Discover the advantages of outsourcing payroll with BoardRoom

    Spend less time sorting out pay runs and more time on your company’s growth and profitability by outsourcing your payroll function to our team of experts at BoardRoom.

    Whether you are a large multinational corporation or a fast-growing SME, our team makes processing your payroll in Malaysia and across the APAC region easy.

    Our comprehensive payroll outsourcing services include:

    • Determining gross to net salary
    • Producing variance reports, payroll journals, and payroll details
    • Transferring net salary into bank accounts and providing pay slips securely (soft or hard copy)
    • Preparation of year-end reporting forms and appendices (soft or hard copy)
    • Digital management of staff leave entitlements and expense claims
    • Regional payroll administration across 19 countries in APAC
    • Streamlined support by Ignite payroll software, our cloud-based HRMS solution

    So if you want efficient, accurate, compliant payroll processing that saves costs and alleviates stress from your team, speak to our specialists today about how our outsourced payroll services can best benefit your company.

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    Two Ways to Directly Boost Your HR Efficiency in Malaysia

    Payroll outsourcing in Malaysia

    Two Ways to Directly Boost Your HR Efficiency in Malaysia

    Two Ways to Directly Boost Your HR Efficiency in Malaysia

    An essential part of any organisation, the modern HR team is now responsible for more than just administrative work. On top of handling traditional roles like payroll processing and recruitment, HR teams are also expected to lead talent driven activities such as training and employee engagement.

    Even the most seasoned HR departments can struggle with juggling the time-consuming administrative tasks and maintaining a high-performing workforce. Especially in an increasingly digitalised industry where human connection is diminished.

    There are many solutions businesses can implement that will impact efficiency and HR excellence, perhaps the two most effectual would be the adoption of an all-in-one Human Resource Management Software (“HRMS”) and outsourcing your payroll processing to a service provider in Malaysia.

    01 Outsourcing to a payroll service provider in Malaysia

    Outsourcing your payroll processing to a service provider can significantly boost your team’s efficiency almost immediately. Payroll is filled with administrative burden, requires a high level of attention to detail and is realistically only a sub-function of your HR department. By outsourcing this function, you allow your teams to focus on strategic business drivers that grow your company. As with all business decisions it’s critical to evaluate the advantages against your desired outcomes. Whilst there is a wealth of benefits associated with outsourcing your payroll, the top three would have to be: specialised/localised knowledge; reduced cost/timesaving and; data security.


    Specialised/Localised Knowledge

    One of the greatest benefits associated with payroll outsourcing is having a dedicated team of professionals, with local knowledge of Malaysia’s labour laws, running this important function for you. This means your business can benefit from years of experience as well as the strict protocols and multi-level cross-checking payroll vendors are subject to. This can be of particular benefit for companies that operate in different states or multiple countries, where the labour laws can vary. Having a group of specialised regional payroll experts ensures that your company can operate safely across borders and the burden is not placed on your in-house HR teams.


    Reduced Cost & Timesaving

    Payroll processing can be a resource drain when not managed carefully. Calculating payroll taxes and statutory filings, like Social Security Organisation (“SOCSO”) in Malaysia, handling payroll enquiries and disbursement; whilst being simple administrative tasks can be extremely time consuming. Add to this, factors such as rapid expansion and your HR teams can be put under immense pressure which can result in an increased propensity for error and a diversion away from strategic activities that enhance business performance. Payroll outsourcing passes the time-cost saving down to the bottom line.

    In addition to this significant saving, there can also be visible savings to your business from not needing to maintain payroll software, manage paperwork and tax liabilities.


    Data Security

    A key concern in today’s highly digitalised world, HR departments are expected to adhere to local laws such as the Personal Data Protection Act 2010 (“PDPA”) in Malaysia. Payroll and employee personnel details are incredibly sensitive information that HR handles on a regular basis.

    A good understanding of the personal data life cycle management process will enable proper protocols that comply with local laws. This can be especially complicated to implement for multi-national companies. Having an experienced regional payroll outsourcing vendor can help mitigate risk for your in-house HR team.

    Another concern is the back-up of data; if there are any lapses in security or a hardware malfunction, this can paralyse key business functions. Most reliable payroll outsourcing service providers store their data on highly secure cloud-based servers. Backed up across multiple server locations, the servers are usually protected by high-end encryptions. All of which is managed by the outsourced vendor, taking away compliance risks and mitigating time costs.

    02 Investing in an integrated Human Resource Management System (“HRMS”)

    Another option, if you wish to keep payroll processing in-house is to adopt an all-in-one HRMS to mitigate administrative burden for your in-house teams.

    Below are some of the benefits associated with the implementation of a well-integrated HRMS.


    Increased Productivity

    By having an integrated HRMS system in place, HR teams can automate a large portion of the payroll workflow from calculating salaries, claims, deductions and leave.

    However, selecting the right HR and payroll system is critical to success. For you to achieve the greatest benefits the system should include key modules like Leave, Claims, Time and Attendance, Personnel and Payroll.

    An integrated system will also have added benefits like increasing data accuracy of pay runs through the automation of several payroll processes. For example, statutory payment requirements in Malaysia are automated within the HRMS. The system calculates all mandatory payments or tax deductions such as Employee Provident Fund (EPF), Zakat and Employment Insurance Scheme (EIS), which not only alleviates administrative burden it mitigates the risks of human error.


    Eliminate Human Errors

    When you use an all-in-one system, your risk of human error is significantly reduced. Much of the manual work is automated, from data entry to calculations. You can also ensure that there’s no important data missing and ensure uniformity by setting mandatory or restricted fields within the system.

    Possibly the greatest benefit of an interconnected and automated HRMS is the decreased risk of important payroll calculations such as hours worked or tax deductions. This not only saves time but also ensures accurate disbursements to your staff every time.


    HRMS simplifies employee service

    A vital function of HR is employee servicing. The number of administrative tasks can be overwhelming for an in-house HR team especially those from larger businesses.

    Self-service functions empower both the HR team and employees: staff can obtain basic payroll information such as payslips or leave balances without having to add to the HR team’s workload. Employee’s feel empowered as they’re able to access the information they need when they need it.

    Reputable providers will also offer a mobile application, so employees have the convenience of accessing all their HR information as their fingertips, anytime, anywhere.

    Key to success

    Ultimately, there are many solutions available to boost the efficiency of your HR team. In Malaysia, the two most common and effective are outsourcing payroll and adopting an integrated cloud based HRMS.

    As with all change, success is dependent on your change management process. In the current Malaysian climate where people are worried for their jobs, it’s important that your change management processes are robust, and all designed with employee welfare in mind.

    Efficiency does not always mean downsizing staff, instead, existing resources can be redirected to other roles such as data analysis, facilitation of outsourcing or integration.

    What solution works best for your organisation will depend mostly on your current processes and the needs of the company, but it is always best practice to regularly monitor and review HR processes.

    Interested to find out more about increasing the efficiency of your HR team in Malaysia? Speak to our payroll experts today.

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    Mitigating Costs in an Economic Downturn


    Mitigating Costs in an Economic Downturn

    The onset of the COVID-19 pandemic along with efforts to contain it has plunged much of the global economy into a recession. In April, the International Monetary Fund’s World Economic Outlook (WEO) projects global growth to shrink by 3 per cent. However, its October publication amended the projection to 4.9 per cent. The impact of the pandemic will continue into 2021, where the WEO projects global growth to be at 5.4 per cent, which is 6.5 per cent lower than the pre-COVID-19 projections of January 2020.

    Mitigating costs in an economic downturn-Growth projection

    Looking forward, we can expect the recession to leave lasting scars despite the extraordinary efforts of governments worldwide to alleviate the situation through fiscal and monetary policy support.

    During these unprecedented times, companies need to take affirmative action to mitigate risk amidst the economic downturn. Crafting recession strategies to retain or expand your customer base, learning to embark on affordable yet effective marketing or even taking this opportunity to review and better optimise business operations are all practical solutions businesses can explore. However, the immediate strategy for most companies would be to adopt cost-cutting measures.

    In this article, we will share some of the most popular and effective measures companies can take to mitigate costs during an economic downturn.

    Look to outsource

    Outsourcing is when a company engages a third-party service provider to handle or manage a business function externally instead of choosing to manage the particular service in-house.

    Of the numerous functions that exist in a company, payroll is perhaps the one that will offer the most significant benefit when outsourced during an economic downturn. By outsourcing payroll, your company can effectively improve its focus and expand its accessible talent pool, which are all essential to helping the company navigate through an economic recession. But most notably (and most beneficial during an economic downturn), outsourcing can reduce and control a company’s operating cost.

    While the actual cost-savings of outsourcing HR and payroll services may vary between businesses, the most common areas where they could come from are:

    • Reduced payroll employees or headcounts
    • Elimination or change of existing payroll management software (often to something like a cloud-based payroll system that offers automation solution)
    • HR and payroll system updates
    • Employee training
    • Hefty penalties that are incurred when payroll mistakes happen

    Outside of payroll, some of the most popular services that companies often outsource to mitigate and manage costs are accounting, administrative services (corporate secretary) and human resources.

    Look to your accountants

    During an economic downturn, it becomes imperative that you have experienced accountants to help you financially navigate through this challenging landscape. Beyond their capacity for keeping financial records, accountants can interpret them and provide you with a clear and succinct evaluation of the company’s current performance and financial position that could positively influence the outcome of any business decision during a recession.

    Given their unique position and objectivity, a critical and core function of accountants on mitigating costs during an economic downturn is to uncover opportunities to eliminate unnecessary expenses and save costs. In areas where it is not possible to cut costs completely, your accountant can strategically advise on how payments can be deferred to maintain a healthy cash flow during difficult periods.

    In addition to cutting cost, seasoned accountants can also analyse your business trends and provide effective forecasting. Such input is critical to helping you understand the changing performance of your business and assist with realigning projections, which can help you assess the viability of your current business plan and provide insights for new alternatives should the need arise.

    Look at tax relief and economic stimulus packages

    In an economic downturn, it is essential to monitor tax policy changes that can aid in providing financial relief for the company and improve cashflow. During such times, it is common for banks to begin cutting their interest rates while the government actively works to put forward spending and tax packages as well as offer administrative relief by extending tax-filing deadlines. Governments across the world might even introduce tax credits and tax cuts for companies that have experienced a significant drop in revenue.

    Additionally, most governments would also roll out stimulus packages as part of their plan to spur their respective economies. However, it is worthwhile to note that in the long term, these governments intend to recoup the funds that were used to finance the stimulus packages and their plans could impact the bottom line of many businesses later. A likely course of action would be adjustments made to policies and tax rates, including but not limited to Corporate Taxes and the Sales and Service Tax (SST). Therefore, we strongly advise that businesses continually revise their tax plan in response to any possible policy changes to achieve greater savings and maximising any tax benefits.

    As you embark on any tax planning efforts and find yourself lacking in experience or resources to do so adequately, it is a good idea to engage a professional. In doing so, you can ensure that your tax plan is continuously revised to strategically leverage every tax benefit, maximise tax deductions, and comply with the local tax regulation and statutory requirements.

    Look at better managing your working capital

    An economic downturn presents several working capital challenges for businesses across industries. To stay operational, companies must look for new ways to finance their working capital. According to the Hackett Group’s 2020 Working Capital Survey, organisations have focused on the availability of corporate debt as a source of working capital for too long. While this may be a common practice, it increases the company’s exposure to unavoidable risks, such as changing customer demands and disruption to the supply chain. During an economic downturn, these potential risks to your working capital could prove detrimental to the survival of the company.

    Companies need to manage their working capital during an economic downturn effectively to mitigate cost through individual strategies that address their levels of debtors, creditors, procurement and inventory, and receivables process.

    Mitigating cost and managing working capital in an economic downturn

    Look at BoardRoom to help you through this crisis

    During an economic downturn, when faced with numerous challenges, companies will naturally seek to hunker down and begin cost-cutting strategies. Such strategies are necessary, but it is also vital to note that even in crisis, there are opportunities. Companies will have to practice greater diligence and adapt to the changing landscape quickly through the adoption of forward-looking, growth-oriented plans that prepare the company for when the economy improves.

    BoardRoom can help you through any recession period and prepare your business for the inevitable upturn. As a market leader in providing accounting, payroll and corporate services, our in-house team of dedicated experts can help to provide effective cost strategies regardless of your business size or needs. Our in-depth understanding and experience of economic trends will empower your business to discover and explore new opportunities.

    Are you looking for a trusted partner and advisor as you weather this difficult time? We are here for you with your tax services needs. Contact our BoardRoom outsourcing experts here!

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    Payroll Outsourcing or SaaS: Which is Best for Payroll Management

    Payroll Outsourcing or SaaS: Which is Best for Payroll Management

    Payroll Outsourcing or SaaS: Which is Best for Payroll Management

    Payroll Outsourcing or SaaS: Which is Best for Payroll Management

    A well-managed payroll process is one of the key drivers for achieving employee satisfaction. However, it also hinges heavily on an effective payroll system that cuts through tedious paperwork to present pay checks to employees on a timely basis.

    Today, Human Resource (“HR”) managers are doing away with cumbersome payroll processing and opting for more efficient solutions. Such solutions include engaging payroll outsourcing service providers or leveraging an all-in-one cloud-based Software as a Service (“SaaS”) Human Resource Management System (“HRMS”) solution. A SaaS HRMS is a method of software delivery where HRMS applications are located on external servers and accessed remotely over a network to manage payroll and handle employees.

    How do these two payroll models benefit HR managers? How do they compare to each other? When determining which type of model is most appropriate for managing payroll, HR managers must first understand how each model can benefit their corporate objectives while managing costs; cross border functionality and; confidentiality of employees’ personal data.

    In this article, we will discuss the key difference between the two payroll models so that HR managers can make informed decisions when selecting a solution that best fits their payroll needs.

    01 Task & Responsibility – Who is Doing What?

    With a cloud-based SaaS model, the payroll software is hosted offsite and HR managers gain access to the software via a network. With such a model, the SaaS service provider undertakes maintenance of the software and server, technical support, and data backup of the software system for a subscription fee. As such, HR managers do not have to pay a hefty price tag for owning the software. This is not only cost-saving for the business but takes away the burden of maintaining a proprietary system, consequently allowing HR managers to spend more time on handling employee requests, processing payroll and other primary HR duties.

    Comparatively, a full or partial payroll outsourcing service can provide an even higher level of ease to HR managers. Such services take on most, if not all, of the payroll function with little need for HR management intervention. This implies that the HR department can enjoy greater flexibility in deploying its manpower to manage other in-house duties.

    Let’s look at a summary of the key tasks and who is responsible in both scenarios.

    TasksWho is Responsible?
    Cloud-based SaaSOutsourced Payroll
    Payroll processingHR managerService provider
    Handling employee & management enquiriesHR managerHR manager
    Data backup & system recoveryService providerService provider
    System upgradesService providerService provider
    System support & developmentService providerService provider

    02 Ease of Payroll Management – Cross Border Expansion

    As a company expands operations to global markets, the complexity of payroll management will multiply because of legislative requirements, market regulations and even differences in cultural practice.  Furthermore, employees’ expatriate terms and tax obligations can make payroll processing increasing tricky especially if HR managers are unfamiliar with local regulations.

    Take China as an example, due to the city-tier classification within the country, companies that are expanding their business into this market are faced with complex regulatory requirements because each city-tier has its own set of rules and conditions.  As such, the structure of employee tax, insurance and allowance are also processed very differently across different states.

    For companies venturing into new markets abroad, payroll outsourcing can offer an efficient and effective solution to this problem.  Such service providers are usually well-versed with local policies and are in the best position to respond to dynamic changes that are happening in the global market. Entrusting payroll processing to an experienced service provider can reduce the risk of errors and non-compliance, freeing up local managers to concentrate on the growing business.

    While the cloud-based SaaS model can provide software support that is essential for upkeeping payroll processing, HR managers who are unfamiliar with the foreign markets are still faced with tremendous difficulties in managing the payroll and employees’ enquiries.  Unless the in-house HR team has a clear understanding of the foreign regulations, adopting a SaaS solution alone may still present a high degree of challenges for the business.

    03 Time & Cost Efficiency – Operating in Multiple Markets

    For larger companies that operate in multiple markets with a fair number of employees (usually more than 100), outsourced payroll can serve as an efficient solution that is both timely and cost-effective. With such services, companies need not invest in costly proprietary payroll software or hire and train an in-house HR team in each market to facilitate payroll processing.

    This is especially true for foreign companies that are managing payroll out of a regional headquarter. As per the example on China, illustrated in the above point, it can be a mammoth task for HR managers to keep abreast of regulatory standards and changes across multiple countries/regions when they are not physically based there. At the most basic level every market has its own unique tax rates, standard employee entitlements, currency exchange and employee social security contributions. HR managers will need to spend a significant amount of time to acquire this information and more importantly stay up to date with any changes happening across the individual markets.

    Appointing an outsourced payroll service provider that has a deep understanding of the local market can ensure that payroll processing is executed professionally and according to government standards.

    Is a cloud-based SaaS model beneficial for companies that operate in multiple markets then? Using SaaS does present its own advantages, especially for companies with smaller headcounts. The subscription-based model is cost-effective and easy to implement across various markets. In addition, many SaaS solutions are robust enough that once the initial setup is complete the remainder is largely automated, simplifying payroll handling. However, for it to be successful HR managers will need to be prepared to spend time on staying up to date with the requirements of each market they operate within and updating the system settings accordingly, which in itself can be a time consuming task.

    04 Confidentiality and Security – Is Employee & Company Data Secure?

    One of the key concerns of HR managers when selecting between an outsourced payroll service provider and a cloud-based SaaS solution lies in confidentiality and security issues. Payroll processing is an extremely sensitive matter that involves employees’ personal data and compensation details, the risks of such information becoming public knowledge can be detrimental for any organisation.

    While it is common knowledge that payroll service or software providers will attest to maintaining the confidentiality of data provided to them, HR managers must still take steps to consider if these partners have legitimate security features and robust processes in place to uphold the claim.

    This is especially true for payroll outsourcing service providers that have full access to employees’ records, the risk/cost of a confidentiality breach may far outweigh that of the increased time required to implement a cloud-based SaaS model. The lack of in-house HR personnel involved in the outsourced process can certainly heighten the risk of exposure.

    In the case of the cloud-based SaaS model, it is not without its risk too. Fundamentally, the cloud-based system is hosted on a network that has potential for security breaches by external parties.

    Choose a Payroll Model That Aligns with HR Objectives

    Every company has its own unique objectives and considerations when selecting a payroll solution. There is no right or wrong option but rather one that fits into the specific HR strategy seamlessly.

    Outsourced payroll processing may be the easiest option for most HR managers, however, choosing the cloud-based SaaS model can be just as beneficial if the HR team requires a flexible and cost-effective solution that can simplify a legacy in-house process.

    Whatever the choice, selecting a model that aligns with the company’s go-to-market plan can certainly optimise business potential and encourage long-term growth.

    Looking for a Software Solution or an Outsourcing Partner?

    At Boardroom, we are experts in helping companies, from corporations to fast-growing SMEs, with their payroll, allowing them to focus on what matters – growth and profitability.

    From local payroll services handling to managing substantial payroll obligations for bigger companies spread across Asia-Pacific, we help businesses comply with local statutory regulations while ensuring their most valuable asset, the employees, are paid on time.

    Contact us today and empower your organisation with greater freedom through our payroll solutions.

    Or you can also learn more about our payroll solutions here.

    This article is for informational purposes only and not intended to convey or constitute legal or any other advice. It is not a substitute for advice from a qualified professional.

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