Payroll, a Key Requirement of All Businesses
Payroll is something that businesses shouldn’t take for granted. This is because for one, it can impact the morale of employees, which is most true when it comes to SMEs. Compared to those who work for their bigger counterparts, those who work for SMEs are more knowledgeable of the financial capacity of their employer.
Putting the said factor into consideration, payroll should be prioritized for short-term and long-term success. However, it should be noted that it’s a lot easier than done due to certain components that need to be taken into consideration. The long list includes deductions, allowances, government remittances, benefits, and many others. Because of these, many SMEs opt to hire professional entities to handle outsourced accounting services for their payroll tasks; in an effort to make the whole process more effective, efficient, and everything in between. This is where Virtual Accounting comes in.
We, at Value Accounting Singapore deliver extensive support for payroll tasks as well as matters that are related to outsourced accounting services. The long list includes integrating as well as facilitating payments, calculating prorated salaries and bonuses, generating annual Income Tax Return (IR8A), and so forth. In addition to all these, the services that we offer ensure that government fees such as Central Provident Fund (CPF) are paid on a timely manner, tax filing prerequisites are addressed, and others. Furthermore, with regard to confidentiality, clients can be rest assured that the information that they send are not shared in any way: whether online or offline.
SCOPE OF SERVICES
- Payroll Administration
Necessary tasks that outsourced accounting services providers are well-versed in need to be practiced to determine the amount of compensation that employees deserve for the days/hours that they’ve worked. They may include, but are not exclusive to pay rates and payment management, among other things.
- Filling of mandatory statutory contributions
When operating a business, filing and settling mandatory statutory
contributions is a must. The most common of them is the CPF, an extensive savings plan for working Singaporeans as well as permanent residents. This is used to fund their health care, housing needs, and retirement, among others. With regard to the CPF, employers are required to pay their share and that of their employees within a set time frame. Those who fail to address this may be legally obliged to settle penalties or fines.
- Salary Remittance
According to Singapore’s Employment Act, companies need to settle the salaries of their employees within a week after the salary period. Again, this is easier said than done because it can be further complicated with extra components that include deductions, allowances, benefits, government remittances, and so on. For these reasons, many SMEs hire professional outsourced accounting services providers in the mold of Value Accounting.
- Payslip generation
Nowadays, Singapore companies work hand in hand with companies that offer tried and tested outsourced accounting services since they are mandated to issue itemized payslips to their employees. On top of this, they need to provide significant employment terms like primary duties, working arrangements, fixed salary deductions, and other similar matters. All these are necessary since the government made amendments to avoid misunderstandings amongst employees and employers.
- Annual income tax return processing
Filing income tax return is a yearly obligation that companies need to focus on to avoid fines. Completed forms need to be submitted to the tax government body by mid-April.
All in all, investing in outsourced accounting services is a good move for those who want to achieve effective as well as efficient payroll tasks and more.
Engage Value Accounting Singapore for your Business today!
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