PAYROLL SERVICES – LOCAL AND REGIONAL
Our Payroll Solutions Help Take Care Of Your People
Looking to outsource your payroll services? At BoardRoom, we help businesses big and small efficiently automate their payroll to help increase productivity and make strategic human capital decisions. We help ensure that your greatest asset – your people are well taken care of. Find out more about our payroll solutions.
Leading Payroll Software For Singapore Businesses
The main advantage of using our payroll system is that it will leave you more time to focus on what really matters to grow your business. By outsourcing your payroll and other HR services to us in Singapore, there is a far smaller margin for human error and a greater opportunity for increased efficiency in companies in any industry. This, coupled with complete scalability potential, opens up your business to far greater opportunities.
01 Local Payroll Management Services (Singapore)
- Computation of gross to net salary and CPF
- Provision of payroll detail, variance reports and payroll journals
- Disbursement of net salary and CPF via our client trust account and issuing confidential pay slips (hard copy or electronic)
- Preparation of year-end IR8A forms and appendices (hard copy or electronic)
- Preparation of IR21, GML, NS MUP, CPF refund, government statistics forms, etc. in accordance with Singapore Employment Act
- Electronic administration of employees’ leave and expense claims
02 Regional Payroll Management Services
BoardRoom offers payroll outsourcing services in 17 countries including Singapore, Australia, China, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, Myanmar, New Zealand, Philippines, South Korea, Thailand, Taiwan, UAE, Vietnam
- Regional payroll management for APAC countries
- Options for centralised payroll coordination through BoardRoom Singapore or decentralised coordination via our network of local offices
- Payment and lodgement of local statutory obligations and filings
- Payroll related tax and accounting services
- Management and administration of employees leave, and expense claims electronically
- Regional and global payroll outsourcing services
03 Our Winning Payroll Solutions are Powered By Ignite, Our All-in-one Cloud-based HRMS Platform
With our decades of experience & our unparalleled Ignite platform, enjoy:
- Complete HRMS solution with multi-country payroll, leave and claims processing
- Full statutory compliance with local legislation in 9 countries across Asia
- Flexible automated leave solution and automated payroll processing
- Intuitive mobile app for instant access to payslips, claims and leave application and submission
- Attendance clocking technologies, shift calendar and staff rostering system
- A dedicated account manager giving you one easy point of contact
Ignite offers you the chance to modernise and bring your business to the next level. Spend more time on matters that require your direct attention and leave the automatable processes to us. Learn more about Ignite HRMS Solution, or, if you have any questions, feel free to get in touch with a member of our team today.
Why Choose BoardRoom?
Because we help take your business further, faster, at all stages
BoardRoom is Asia-Pacific’s leader in Corporate and Advisory Services including Regional Employee Plan Services, Regional Payroll Services, Corporate Secretarial Services, Share Registry Services, Accounting and Taxation Services, Payroll Outsourcing, and Human Resource Outsourcing.
For over 50 years, we have supported companies in navigating through complex operational and regulatory policies and cultural sensibilities. We are well-positioned in Asia-Pacific with offices in Singapore, Australia, China, Hong Kong, and Malaysia, as well as an extensive partner network throughout Asia.
BoardRoom is the partner of choice for many Fortune 500 multinational companies, public listed and privately owned enterprises.
Frequently Asked Questions (FAQs)
1. How do outsourced payroll services work?
Outsourced payroll services mean that you hire a third-party company to take care of your payroll services. This is particularly useful for companies who are struggling to keep up with local regulatory compliance or a growing workforce. By outsourcing you will ensure your employees are paid accurately, on-time and you will also have peace of mind that your business is fully compliant to local regulations around mandatory contributions.
There are different types of payroll solutions for different types of businesses. You can adopt a full outsourcing solution where the vendor takes care of everything from calculating disbursements to pay runs and reporting. Alternatively, you can adopt a simpler solution that just entails completing the monthly pay run with data supplied by the client.
2. How to choose the right payroll and HR service for your business?
When it comes to payroll and HR services, it’s important to understand that different businesses require different solutions.
The best way to find a payroll solution that fits your business is to first identify what your business needs. Will you need real-time calculations? How about paychecks and direct deposits? Tax filing services?
By identifying your needs, it will be easier to identify which payroll and HR service can best suit those needs. If you need any help identifying your business’s needs, give us a call today.
3. What are the pros and cons of outsourcing payroll?
While this will vary for each business, here are some of the more commonly voiced pros and cons of outsourcing payroll.
- Your taxes will be filed in compliance with tax laws and regulations
- Outsourcing can be less costly than hiring someone fulltime
- Your employees will be paid on time and your business will be fully compliant with local statutory requirements
- You could possibly be paying for services that your business doesn’t need
- You’re putting highly sensitive payroll data in the hands of an external provider
4. Is it more expensive to outsource payroll as compared to doing it in-house?
Typically speaking, handling payroll in-house is more expensive than outsourcing payroll.
This is because employing an in-house expert can be costly. Aside from mitigating cost from an operation standpoint, outsourcing your payroll can also reduce your fixed business costs by saving on technology infrastructure and implementation as the responsibility should fall on your outsourced provider.
5. What software do you use for payroll management?
Here at BoardRoom, we use Ignite, which is an all-in-one cloud based HRMS tool for our payroll management. This software helps businesses of all sizes automate their payroll so they can increase their productivity.
Ignite HRMS has 5 core modules including payroll, leave, claims, time clock & attendance. It offers multi-country payroll processing ensuring full compliance with local statutory obligation across 9 countries in Asia.
6. What is multi-country payroll outsourcing?
Multi-country payroll outsourcing, otherwise known as MCPO allows businesses that operate in more than one country/currency to handle all their payroll and offer best local practices through a single provider.
MCPO can allow parallel comparison of payroll cost between countries through standardisation. For instance, a company can adopt a common definition of payroll cost i.e., Allowance A, B and C to make effective comparison of cost performance for companies that operates across multiple countries. A sophisticated MCPO software is a must-have for any business or enterprise that operates in multiple countries.
Secondly, payroll regulation in emerging countries can often change leaving internal HR teams stranded with insufficient knowledge and expertise to execute change with their employees. Hence, companies can gain insights and knowledge of local practices by leveraging an MCPO provider who has an in-depth knowledge of changing local regulations.
7. What is the difference between HR and Payroll?
The difference between HR and Payroll depends on the business in question.
While most businesses consider payroll to be a sub-function of their HR department, many companies don’t have HR departments and thus Payroll sits separately.
Basically, Payroll is the function associated with actioning your employees’ remuneration packages in your agreed pay cycle. Whereas the wider HR function is responsible for a wealth of other areas like talent attraction and retention, employee benefits, employee training and development and much more.
8. What services should payroll outsourcing companies offer?
At a basic level, a payroll outsourcing vendor should be able to:
- Process payroll including payments of salaries, bonuses and other remuneration items
- Provision of employee net pay file, funding request i.e. local statutory contribution, and month-end payroll reports
- Administer the deposit of net payroll into the employee’s bank accounts
- Administer payment of local statutory contribution
- Preparation and submission of annual income tax and other local tax obligation
In the search for more comprehensive payroll outsourcing services, several outsourcing providers can offer their own proprietary HRMS system for their clients use. This allows companies to have full access to the HRMS system and add other modules like leave, claims or time & attendance modules to suit the company’s needs.
Alternatively, some companies can request for integration of their existing ERP system i.e. SAP, Workday with the service provider’s by uploading payroll information into their system.
9. How secure is outsourcing payroll?
Outsourcing your payroll can be very secure, but it is recommended to pick a reputable company that focuses on security and has the experience to back it up.
In addition to this when evaluating reputable vendors, a good measure of their security if any certifications they may have. Some commons certifications to look for in a payroll outsourcing vendor is ISO 9001, ISO 27001, SOC2.
In Singapore, you can take this a step further and seek a vendor who has an Outsourced Service Providers Audit Report (“OSPAR”). Being awarded OSPAR indicates that a company is in full compliance with the Association of Banks in Singapore’s guidelines. To remain OSPAR certified the outsourcing service provider must have the relevant measures and controls in place and implement these consistently.
BoardRoom is proud to say we have attained official OSPAR certification for 3 years in a row.
10. How can BoardRoom help in payroll services?
Here at BoardRoom, we have the best tools and most secure software to help businesses handle their payroll. Our experienced staff can guide you through payroll management in a way that is secure and efficient. With regional experience and our winning Ignite platform, BoardRoom is fully equipped to handle payroll services for businesses of all sizes.