OVERVIEW

We manage the payroll and accounting functions for hundreds of MNCs, SMEs and small businesses in Singapore, from basic to complex payroll requirement, from 2-3 persons to a large MNC with staff strength of more than 300 employees.  Our extensive experience in providing payroll services gives you the assurance of reliability and quality services. You get professional advice in absolute confidentiality.

BENEFITS OF OUTSOURCING PAYROLL

Managing accounting, human resources and payroll at the same time could be complex and time consuming.  These become the most commonly outsourced company functions for the following reasons:

KEEP UP WITH COMPLEX RULES AND CALCULATIONS

Most business owners don’t have time to keep up with constant changing regulations. With so many rules, CPF rates, employee benefit programs, employees joining and leaving the company and taxes to be considered, it is becoming extremely challenging to process the exact salary and reimbursements of each employee. You also need to answer your employees’ payroll queries confidently and clearly.

By outsourcing payroll, a small business can take advantage of expertise that was previously available only to big companies.

KEEPING PAYROLL INFORMATION CONFIDENTIAL TO ALL STAFF

Very often, salary information is easily leaked out and shared among staff if the payroll function is not handled properly.  This creates serious conflicts to staff leading to resignation and loss of good staff.

Using an external service eliminates that business risk.

BETTER REPORTING

Payroll processing companies provide a wide array of reports that address the most common reporting requirements.

TIMELY AND EFFICIENT SERVICES

Providing direct deposit is difficult if a company doesn’t use an external payroll service. Not having to make a trip to the bank is an important convenience for employees. By outsourcing, we make use of all efficient services and process timely disbursement of salaries.

DIRECT ACCESS TO EXPERTS

Outsourcing companies are staffed with payroll experts who can answer your employees’ queries on the phone, and act as a single point of contact for your employees.

WHAT OUR PAYROLL SERVICE COVERS

Depending on your requirement, we provide the following relevant payroll services:

ROUTINE PAYROLL WORK

  • Compute salary including overtime, variable pay and allowance
  • Compute and submit CPF, FWL, SDF, CDAC, SINDA & MBMF
  • Disburse salary and deposit into employees’ bank accounts
  • Issue pay slips (hard copy and ePayslip)
  • Submit monthly and Year-to-Date payroll reports to management
  • Support auditors on payroll matters

 

HR ADMINISTRATION

  • Maintain payroll file for each employee and employee’ Bio data
  • Employee annual leaves management
  • Monitor unpaid leave, medical leave and childcare leave claimed
  • Processing of national service claim
  • Processing of maternity claim
  • Process increments and bonuses

 

EMPLOYEE TAX

  • Prepare year-end IR8A and IR8S form
  • Prepare IR21 for foreigners leaving the country
  • Employee personal tax service (including expatriate tax computation and submission)

 

PAYROLL REPORT AND DELIVERABLES

  • Payroll summary and detail reports
  • Overtime summary report
  • Headcount report
  • Bank listing report
  • Printed or electronic pay advice
  • CPFD, SDF / FWL and FUND report
  • IR8A/IR8S Form
  • Other payroll reports customized to management requirement

 

CORPORATE SERVICES

  • Registration with CPF Board
  • Employee insurance administration
  • Application of Employment Pass, Dependent Pass and Long Term Social Visit Pass

PAYROLL WORK FLOW

Ecovis offers a flexible approach to meet your payroll outsource needs; guaranteed timely disbursement of salary payments to employees’ bank accounts.

 

NORMAL WORK FLOW

1st Step

UNDERSTAND YOUR PAYROLL REQUIREMENT

  • Cost /expense verification for third parties such as EDB;
  • Revenue verification for third parties such as the landlord;
  • Compliance with contracts;
  • Royalty examinations;
  • Franchising services;
  • Any other special reporting.
2nd Step

STEP UP EMPLOYEES‘ ACCOUNTS

  • Obtaining details to set up employee files
  • System set up and trial run
  • Detail check to ensure all necessity are considered
  • Discuss report format for management approval
  • Discuss salary payment method
3rd Step

ACTUAL PAYROLL PROCESSING

  • Data entry for payroll processing
  • Process and checked by Ecovis team
  • Obtain management approval
  • Disbursement to employee bank account
  • Deliver final report, pay slips, journal ledger file
4th Step

YEAR-END REPORTING

  • Provide IR8A, IR8S Forms
  • Provide full year payroll report
  • Support external auditors on payroll audit