Payroll Outsourcing Services
What is Payroll Outsourcing
Managing your Payroll in-house and feeling overwhelmed by its complexities? Or are you looking for time and cost-efficient methods for payroll compliance matters? Perhaps payroll outsourcing could be the solution that will solve your problems.
Payroll outsourcing services is the broad term for outsourcing the payroll function and other Human Resources (HR) tasks. These tasks may include leave management, claims processing, statutory compliance, and taxation.
These tasks are usually outsourced to professional service providers or payroll experts who are highly experienced in the HR function. Most service providers also offer the use of payroll software as part of their services. This ensures the integrity of employee data and payroll information. A payroll system will help ensure that tasks are executed with accuracy and timeliness.
How it helps your business
Depending on business needs, payroll outsourcing can bring many benefits. For businesses with complex payroll matters, having a professional team of payroll accountants to support your needs could play a vital role in ensuring payroll accuracy and compliance.
Engaging an in-house payroll executive may not be a sound decision for small and medium companies with lean headcounts due to limited job responsibilities. An in-house payroll executive may also run the risk of continuity (turnover) and scalability (expansion). Companies with complex cross-border payroll requirements can also tap into the expertise and network of payroll service providers to seamlessly execute and fulfill global payroll operations.
Apart from having experts managing your payroll, the most considerable benefit of payroll outsourcing is being cost-efficient. With rates at competitive levels, small and medium enterprises are exploring this option to keep operational costs low while not sacrificing quality and compliance.
Let us partner with you!
At Oaktree, we provide comprehensive payroll solutions to businesses of all sizes. Led by an experienced HR partner, you can be assured that your payroll data and processes are in good hands.
Accurate and timely payroll processing, customized employee payroll reports, and Payroll Tax compliance (IR8A & IR21 forms) in Singapore are our core competencies.
Our payroll software is Auto Inclusion Scheme (AIS) compliant with IRAS and can be easily integrated with common accounting software (Xero, Quickbooks). Depending on each company's needs, options are available to support other HR modules, such as leave management, claim processing and approval, and attendance and scheduling. We offer an experienced and knowledgeable team and comprehensive software to all our valued clients.
When partnering with us, business owners can have peace of mind regarding payroll matters. Focus on your business while we ensure compliance!
Monthly Payroll and HR Services
Payroll Services
✔ Managing and processing of payrolls
✔ Timely Payroll disbursement
✔ Central Provident Fund (CPF) Contribution – Filing, Payment & Compliance
✔ Monthly Payroll Report
✔ Employee Self-Service Solution – Convenience retrieval of information
Leave Management Module / Claims Module
✔ Leave management and Approval – On the go (Browser/Mobile)
✔ Claims Processing and Approval - On the go (Browser/Mobile)
✔ Self-Service Application and Status Query
Payroll and HR Ad-Hoc Services
We also assist clients in specific ad-hoc payroll and HR matters:
✔ IR8A / IR21 Preparation
✔ Government Paid Leave Schemes (Government-Paid Maternity Leave (GPML), Government-Paid Childcare Leave (GPCL), NS Pay) Application
✔ Statutory surveys and questionnaire
Payroll Expertise
True most of the time unless your company maintains a highly experienced team of payroll experts.
Cost
With competition in the market, most payroll service providers offer competitive pricing packages that out-rival the employment of an in-house payroll accountant.
Software Mastery
Payroll service providers usually have more experience with the software, considering the client-based work they do.
Continuity and Turnover Risk
The risk of turnover is much higher for in-house employees than for a payroll outsourcing firm.
Scalability
Outsourcing allows scalability, and companies can cope with expansion or downsizing.
