Which Payroll Management is best – In-House or Outsourcing?

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Which Payroll Management is best In-House or
Outsourcing?
Bestar Services Pte. Ltd
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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore

• Payroll Management is a crucial part of any
  business. Any business primary responsibility is
  to keep the payments clear to employees, vendors,
  and clients.
• If the payments are due outstanding, it affects
  the credibility of the business and negatively
  impacts cash flows operations of the business.
  Thus, payroll management plays a vital role in
  ensuring the payments dues are clear to ensure
  smooth cash flows operations of the business.
• A business can do payroll management in 2 ways-
  outsourcing or in-house.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
In-House Payroll Management

• In large-scale companies, the in-house human
  resources or finance department team does payroll
  management.
• Dedicating the payroll management internally to a
  dedicated team eases the process as a single team
  is handling keeping records of the payroll of
  employees.
• The In-House team uses an online system to keep
  track of leaves, holidays, and the number of
  working days to calculate the payroll of the
  employees.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
Advantages of In-House Payroll Management
1. Complete Authority Security

• You will have complete control over the payroll
  process through which you can ensure the safety
  security of sensitive information of your
  employees.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
2. Effectiveness

• In-House Payroll Management means one team will
  solely take care of the employees payroll
  management by effectively managing their
  salaries, salary slips, leaves, bonuses, PF
  Deductions, and more tasks in an accurate and
  timely manner.

3. Cost-Saving

• Having In-House Payroll Management will help your
  company save a substantial amount of money in the
  long run compared to outsourcing payroll.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore

• Outsourcing Payroll will cost you a set-up cost
  fee and a monthly or annual contractual fee,
  depending on the plan you are opting for.
• Hiring an employee who is a payroll specialist
  will help you save a considerable amount of money
  over time. The payroll specialist will work
  jointly with the HR Finance Departments for
  maximum efficiency.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
4. Flexibility

• Having In-House Payroll Management allows you to
  make last-minute changes to employees payroll if
  there is any leave taken or absenteeism by an
  employee or if any incorrect charges are applied
  while calculating PF deductions. Also, it allows
  you to access the daily reports of employees
  payroll keeps you updated with their
  information.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
Disadvantages of In-House Payroll Management
1. Time-consuming

• In-House Payroll Management consumes much time as
  the team or the payroll specialist will be
  working only on one task of managing payroll,
  it chews up much time and affects the companys
  productivity.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
2. Accuracy

• The payroll specialist might need training from
  time to time with updated software tools for
  payroll management to avoid errors that can
  impact employees payroll. The training is cost
  time consuming and will affect the business
  productivity.

3. Lack of knowledge

• Due to time constraints, the in-house payroll
  team might not keep themselves updated with
  changing laws in-depth knowledge about payroll
  management which can hamper the quality of
  payroll management.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
Outsourcing Payroll Management

• Outsourcing HR payroll services is trending
  nowadays as businesses feel peace of mind as the
  payroll is managed time-to-time and ensures a
  smooth payout flow every month.
• For small-scale businesses, it is very
  challenging to stay on top of yearly tax laws and
  compliances. Hence, it is the best option to
  outsource payroll management.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore

• If you are a new business and short on resources,
  outsourcing payroll management is your most
  effective option.
• Small-scale Large-scale businesses need to
  become more familiar with the advantages of why
  should they consider payroll outsourcing over
  In-House. Let us walk through the advantages of
  outsourcing payroll services.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
Advantages of Outsourcing Payroll Services
1. Time-Saving

• Outsourcing payroll services saves much time as
  the payroll consultancy has a dedicated team who
  works on the payroll of a large number of
  employees effectively and gives you time-to-time
  accurate reports.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
2. No conflict of interest

• Outsourcing payroll services avoids conflict of
  interest where the In-House Payroll team might
  tweak employee salary figures due to conflict of
  interest by reducing or increasing the salary
  amount which can hamper the companys reputation.

3. Accuracy in payroll

• At Bestar services, we have a team of qualified
  professionals who have in-depth knowledge
  updated information regarding payroll management
  and skilled experts on high-level payroll
  software tool which ensures the accuracy of the
  payroll of employees.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
4. Accessibility

• Through Bestar services, you can outsource your
  payroll services to us from any part of the world
  and you can access the information of payroll of
  employees by contacting us at your ease. By
  outsourcing payroll services to Bestar, you can
  access accurate updated information regarding
  salary slips, PF deductions, or any other
  information.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
5. Able to work on other tasks

• By outsourcing payroll services, your team can
  work on multiple tasks within the organisation,
  boosting business productivity. You dont have to
  worry about preparing timely or last-minute
  reports of employees payroll as Bestar
  Outsourcing payroll experts will handle all the
  payroll management tasks and provide you with
  timely reports.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore
Conclusion

• With Bestar services, you dont have to worry
  about the security safety of employees
  information as we follow strict guidelines for
  keeping our clients information safe secure.
• With Bestar services, you can enjoy peace of mind
  by outsourcing payroll services to us, and our
  team of payroll experts will take care of the
  payroll management and give precise and accurate
  timely reports.

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Which Payroll Management is best In-House or
Outsourcing?
Tax Planning While Being In Singapore

• Though Bestar is located in Singapore, we offer
  you an incredible advantage to outsource your
  payroll services from any part of the world.
• Bestar is the best Outsourcing Payroll Services
  provider in Singapore and Asia-Pacific.
• Contact us today to outsource your payroll
  services and other business services. You can
  reach out to us via call at 65 62994730 or email
  at admin_at_bestar.asia.
• Refer to our article on the benefits of HR
  Payroll Outsourcing in Singapore

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