8 best payroll software in Singapore for small businesses
Human resources or as many companies have started calling them, human assets are an essential part of your business to maintain.
This includes managing their monthly payroll for which many companies use a payroll management system.
If you’re looking for the best payroll software in Singapore, then you’re in the right place.
But before we take a look at the different payroll systems you can use for your business in Singapore, let’s see how payroll software solutions work.
Software payroll systems are designed to make the salary disbursement process easier for a company and the teams within who are responsible for executing this task.
Previously, all the effort was manual; but if a company uses a software system to manage their payrolls, it removes a lot of manual work for the finance, accounting, and human resources departments.
This helps the teams save a lot of time that they can utilize elsewhere.
A payroll system speeds up the process of payroll by helping your organization create a database of employees and their bank details in order to make recurring payroll without having to go through the entire manual process each month.
This also ensures that there is minimum to no errors, which otherwise could end up costing a lot.
Furthermore, a payroll system software in Singapore will also come equipped with the necessary legal and financial rules to be followed by an organization when processing salaries.
This helps the business stay up to date and compliant with all government regulations in relation to payroll.
Related read - 7 steps to setting up payroll for your small business
A payslip, also known as a paycheck or paycheque is a document created by the employer to pay an employee for their work.
It is an important document that is used in many places as proof of employment.
Payroll systems also have the functionality of being a payslip generator in Singapore.
A great thing about using payroll software is that most of them come with up-to-date tax laws that are automatically implemented during the payroll process.
The best part is that even if there are changes in the laws, the software provider can send an update to all users that will implement the change remotely in real-time for future payments.
As stated earlier, when salaries are disbursed manually, there are high chances of errors.
Human inefficiencies end up costing the company a lot of money.
To reduce this to the minimum, payroll software systems are far more accurate and the chances of errors being made are almost nonexistent.
A payroll management system holds very sensitive data about your employees including their bank details.
This makes it a target for hackers. Due to this looming risk, payroll software providers invest a lot in making sure that their systems are encrypted with the highest security possible for the privacy and safety of data.
One thing that payroll software for small businesses, medium, and large companies do extremely well is that they reduce the amount of manual work that is needed to process the monthly payroll.
Once the initial setup is completed by filling in all the details, a lot of time is saved on the task of salary disbursement.
Disbursing salaries easily is great, but it also needs to be coupled with the ability to measure and track how much the company is spending on human resources and how that is affecting the performance of the business.
To do this, many payroll systems come built-in with analytics capabilities that show you past data and help you gain insights.
There are many good payroll software solutions for you to choose from.
To make the selection process easier, we have listed some of the best payroll software in Singapore below:
With a strong mission statement - “Desiring a world that runs smoother, Kayaroll is here to empower and enable SMEs and their employees, by crafting ready-to-go, easy to set up, and fun-to-use solutions that simply make lives better.”
Kayaroll is a relatively new payroll software in Singapore founded in 2020.
It is definitely one of the top competitors in the HRMS software industry with its host of features that it provides including managing employee databases, calculating payroll, free services to companies with a certain amount of employees, and more!
• They are currently giving free access to their platform, that is leave and payroll management for companies with up to 100 employees.
• A simple and easy-to-use platform.
• IRAS Integrated and compliant.
• Excellent customer support and service.
• Caters mostly to SMEs and startups rather than large companies.
• Hasn’t completed its official launch.
Talenox is a cloud-based multi-entity HR management system.
It is a trusted and reliable HRMS platform that lets you maintain a database of all employees, process multi-country payroll, and manage leaves.
As a cloud-based solution, there is no need for any paperwork and you can access the platform from anywhere at any time.
• You can easily process single/multiple pay disbursements per month.
• Helps you keep track of employment history for promotions and salary increments.
• They provide a 30-day free trial for you to test out the platform and see if it fits your business requirements.
• They provide seamless integrations with accounting and expense management platforms.
• Has a limit on weekly and monthly scheduling.
PayDay by ‘A StoneForest Company’ is quite an old player and has been in the market for a long time.
They are well known for their payroll outsourcing services as well as their in-house software that lets you take care of payroll yourself.
• They provide 3 forms of payroll software solutions including an online SaaS product, an offline solution, and an HRMS platform.
• The platform has automated backup restoration and regular updates.
• You can get a 30-day free trial.
• Comes with built-in HR letter templates.
• Only allows up to 50 employees as they cater to SMEs.
• Accounting integration is limited to XERO.
Ramco is one of the global HR service providers on this list.
With clients in over 35 countries, the brand is an international enterprise that provides payroll, management, and logistics services.
Serving in so many different regions is not easy at all, but the organization does a fabulous job of staying up-to-date with local tax laws and making sure that all compliance-related regulations are implemented on their software.
• User-friendly and minimalistic design for ease of use.
• No complicated pricing tiers. You simply buy the software once and get access to all features.
• You also get an enhanced customer experience when it comes to supporting services thanks to automated chatbots that quickly help solve any problems.
• Partnerships with payroll experts in each country of operation for up-to-date information.
• They are reliant on third-party experts for law updates which can be an issue in case of the unavailability of the expert.
Sage is a payroll software that helps you pay employees on time, reduce the amount of paperwork, and create accurate reports for better decision-making.
• 3 months free offer for clients.
• Easy payslip creation.
• Share access with accountants.
• The pricing tier is on the basis of the number of employees.
JustLogin is an employee-first HR software in Singapore that helps businesses manage their payrolls with a fully integrated suite of cloud-based HR solutions.
• Payroll calculation.
• Attendance and overtime tracking.
• Employee database management.
• Integrate with Xero, Quickbooks, and Reap.
• Unclear pricing structure.
KeyPay is an all-in-one payroll software that caters to the specific needs of accountants and helps them automate processes throughout the payroll journey.
• Has an employee self-service known as workzone.
• Integrates with Xero.
• A one-time configuration allows for automated pay runs.
• Unclear pricing.
Founded in 2009 SimplePay is a payroll software that has extended itself globally with over 21,000 customers.
Countries they operate in include Singapore, Ireland, Hong Kong, and South Africa with plans to expand in many more countries.
• 30-day free trial.
• Automatic calculations for statutory details.
• Ability to load multiple companies through one SimplePay account.
• Per employee pricing instead of monthly SaaS fees.
When you think about it, payroll processing is a kind of expense to a company. It falls under the purview of expense management which makes it crucial to be able to track and measure human resource budgets.
Instead of going through a complicated process of setting up a business account with banks, using a simple online platform like Volopay, you can easily integrate HRMS platforms like Talenox to make payroll management and reimbursements easier to carry out.