Singapore is an island city-state located in the southeastern part of Asia. Not only is it a great place to visit, but one of the best places to work as well. It is developed in every aspect one can think of, from tourism to technological innovation. This article is a brief description of the top payroll outsourcing companies in Singapore. Before we take a look at what those companies are, let us understand what payroll is, and what its outsourcing means.
What Is Payroll?
The payroll of a company refers to all its payment-related activities with its employees. It includes the financial records of salaries to the employees, taxes, deductions, bonuses, etcetera. To put it simply, it is the total of money paid by a company to its employees for their services. Now that we know what payroll is, we have to understand what payroll outsourcing is.
Payroll outsourcing is simply the outsourcing of a company’s financial transactions with its employees to an independent third party.
Benefits Of Payroll Outsourcing –
- Outsourcing the handling of payroll to a third party can save a lot of time.
- Managing complicated tax rules and regulations, bonuses, deductions can be tough for small companies who can easily benefit by outsourcing the work to an independent organization.
- Data security is enhanced a lot when the responsibility is handed to an independent organization skilled at this specific work. Many organizations in Singapore offer payroll services. Some of the top payroll outsourcing companies in Singapore are Accounting Solutions Singapore, Links International, Singapore Payroll Outsourcing, etcetera.
