It's no secret that handling your payroll process can be somewhat tedious - especially if it's done manually.
Just thinking of the whole process could make one feel less than likely to spend more than 8 hours a day on it.
From wages and direct deposit to benefits and calculating overtime, it’s important to realize that there is a future and a solution to all of this.
Many companies in Singapore use a payroll service from a local specialist provider and it’s easy to see why. Providers simplify the whole process while ensuring full compliance with the local laws.
For the past decade or so, companies from around the world have opted for a cloud-based system and as a company, you should understand the available system that is being used so that you can choose the best Human Resources Management System (HRM System) provider for you.
What this means is each company’s Human Resource processes are modernized by shifting it to the HRM System, with payroll services management in the leading position.
As a payroll service company in Singapore, we want you to experience these conveniences and the future of the payroll services system but you must first learn the ideas behind each benefit.
Here are 5 ways how the HRM System can benefit your company (no matter the size).
1. Early Error Detection
In this day and age, the top automated payroll services systems have the intelligence to detect common mistakes in the pre-processing stage, with the ability to detect over 250 common errors.
As a company that wants to lead the future of Singapore, this is one of the ways that can save you both the time and resources.
In one search study done in the United States, it is found that a third of all businesses make payroll errors each year – in time, it can snowball into the cost that will affect your company.
2. Minimizing Overtime
In another study done by The Department for Business, Innovation, and Skills (BIS), it is suggested that employers in the United Kingdom from mid-sized companies spend roughly around 3.5 hours per month, per employee on administering payroll.
If any corrections need to be amended, it will add another 20 minutes to the whole process.
You can now see how in time, it will increase the cost of payroll administration significantly and at the same time, this will have an impact on the time available for other strategic projects. This is why at Alchemy, we want you to receive the best payroll service in Singapore.
3. Cloud Computing
With cloud computing, you and your staff can access your data on any device whenever and wherever you want as long as you have an Internet connection.
That’s vital information at your fingertips.
According to Forbes, 83% of companies computing workloads will be cloud-based by 2020.
As mentioned earlier, the HRM system leads the way in payroll administration and self-service abilities – automating even the most complex process of payroll and taxes.
By enabling your employees to access pay stubs, request time-off, and other needs via the platform’s powerful cloud-based tools, you’re now able to reduce the workload of your HR and payroll teams. You can rest assured that your headaches are taken care of when you opt for a payroll service with us, wherever you are in Singapore.
This is why the system ensures compliance and accuracy, eliminates time-consumption, error-prone manual calculations that can result in payroll adjustments and in time, employee frustration.
4. Data Security and Compliance
According to Krishna Ramalingam, Pre-Sales, Asia and the Middle East, Ascender, the HRM System is not just about automation but also the need for compliance and not wanting two different systems with two sets of data which can lead to an organization being unsure and not knowing where to go for the most accurate information.
As our data is continuously being uploaded online, attention is now focused on and growing on data security and compliance.
Most importantly, companies that have a presence in multiple countries must have sufficient knowledge of the legislation. This is even more true when they are looking for ways to consolidate their HR and payroll process to one or two locations in order to remain compliant. And as a leading payroll service in Singapore, we are more than happy to help you keep your data secured and at the same time, make sure that it is compliant to the law.
5. Improving Employee Efficiency and Connectivity
Any company would agree that employee engagement can be a challenging arena for them and it is an area for the HRM System to make an impact.
AI-powered payroll wizard tools enhance the ability and help you to walk through the payroll processing step-by-step, helping you to discover and resolve any potential errors before anything you keyed in is processed.
For the convenience of your HR teams and employees, the system takes care of the personnel, payroll, and absence management – as it’s built with the end-user in mind. This is why Alchemy is the best payroll service provider in Singapore, we want you to experience the fluidity of the HRM system for the betterment of your company.
Real-time payroll processing impact allows you to input data, make changes, and submit payroll from wherever you are and whenever you want.
Through this system, employees can see the benefit through a self-service portal, allowing you to observe the integrity of your payroll process.
Ultimately, this company engagement connectivity translates to increased productivity and staff retention, and most importantly, it benefits companies of all sizes. Making it scalable for growth and economic flexibility.
Want to know more?
Here at Alchemy, we believe that HR is made better through the bridging of our pursuit of progression and the use of technology.
We provide a cloud-based HR system for our payroll outsourcing services for our customers in Singapore at no additional cost.
This way, employees from our customer list can effectively and efficiently use the cloud-based system on the go.
Send us an enquiry today to understand how our system and payroll service can efficiently improve your HR needs.