The emergence of payroll software is a result of the increased work-load on the HR staff & personnel of a company. The activities performed by the HR department are diverse in nature such as payroll; leave management, progression planning, recruitment and many more. Despite having the manpower to conduct such operations, it still takes time to accomplish them in an error-free manner. For these reasons, the HR Payroll software acts as a shot in the arm for the companies trying to expedite and automate their HR & payroll operations.
However, more than anything else, an ideal hr & payroll system software must have the in-built mechanism to automatically comply with all the government regulations and regulatory agencies. Also, such HR & payroll management system should be able to smoothly conduct the bank transactions that too in compliance with the rules & regulations of the banking sector.
The list of some of the essential compliant matters includes:
Abiding by the CPF (Central Provident Fund) Board for CPF contribution structure.
Adhering to the IRAS (Inland Revenue Authority Singapore) guidelines for all tax filing matters.
Concurring with the MOM (Ministry of Manpower) department in order to follow proper & legal recruitment process.
Following of proper automated GIRO payment procedures in accordance with the banking regulators for all types of bill payments, salary deposition and so on.
If the payroll and hr management solution you are planning to implement duly complies with the aforementioned aspects, then you will be in a position to not just save in terms of your operating expenses but also in terms of the hefty penalties which you may have to pay to the government for non-compliance of any of the above issues.
Thus, by automating and speeding up a myriad of Singapore payroll & HR related tasks coupled with the compliance ready mechanism, the high-tech Singapore payroll software would transform a company’s payroll & HR operations remarkably. Furthermore, it would make companies less dependent on staff for the execution of all such key non-core company matters.
