Payroll Services
Efficient and Compliant Payroll Solutions for Your Business
Accurate, Confidential, and Compliant Payroll Solutions
At JCP Trust Accounting, we provide top-tier payroll services designed to meet the unique needs of businesses in Singapore. Our team of dedicated payroll specialists brings proven expertise in best practices and compliance, ensuring your human capital is managed efficiently and accurately.
Our payroll services are customizable to perfectly fit your company’s environment and efficiently meet your specific requirements. Whether you need comprehensive payroll management or tailored solutions, we are here to help.
Efficiently manage your company’s payroll with our comprehensive payroll processing services. We handle all aspects of payroll, ensuring timely and accurate salary disbursement.
- Accuracy in Salary Computations: Precise calculation of employee salaries on a monthly or bi-weekly basis.
- Confidentiality in Salary Information: Secure handling of sensitive salary data.
- Compliance with Statutory Requirements: Adherence to all regulatory requirements to avoid penalties.
Managing payroll can be complex and time-consuming, but our comprehensive Payroll Services ensure accuracy, compliance, and efficiency for your business. We handle everything from salary calculations to tax preparations, so you can focus on what matters most—growing your business.
- Salary Calculations: Accurate computation of employee salaries on a monthly or bi-weekly basis.
- Payroll Reporting: Generation of detailed payroll reports, statutory reports, and payslips.
- Salary Disbursements: Assistance with salary disbursements via bank transfers (GIRO).
- CPF Submissions: Assistance with online CPF submissions by the stipulated deadline.
- Year-End Tax Preparation: Preparation of Year-End Personal Tax Form (Form IR8A) and relevant appendices if necessary.
- Tax Clearance for Foreign Employees: Filing of Tax Clearance (Form IR21) for foreign employees.
Got questions? We’ve got answers. Explore our FAQ section for quick and detailed responses to the most common inquiries about our services.
- Handling complex payroll account
- Processing payment instructions
- salary calculation, necessary payroll taxes, deductions and tax reporting
- Filing bank payments
- Preparing electronic itemized payslips, online and hard-copy
- Statutory payroll reports
Payroll is the liability for every Singapore employer. As per Employment Act, they have to discharge it within 7 days of the end of their current pay cycle.
The payroll processor has to comply with the statutory regulations and still has to ensure that the calculations are accurate and paydays are successful each time.
However, payroll processing takes a huge amount of time and resources. After all, it is a record of the salaries and wages paid, bonus amount disbursed, net pay, and tax deducted for the employees.
Many business owners prefer payroll outsourcing Singapore. Doing so help them:
Save time: The payroll data is highly specific to each employee. It is why processing takes time. Payroll is a non-core task. Outsourcing it to a provider of payroll services in Singapore saves you time.
Reduce costs: The provider renders expert and timely payroll services. It means you do not have to pay any fines or penalties or suffer because of late or inaccurate filing. They produce accurate results, which means that you are no more overpaying any employee.
Payroll Software: The providers use the latest payroll software to do your payroll. You do not have to invest in it. By paying affordable fees, you get access to experts, processes, and cutting-edge technology.
Security: If payroll outsourcing Singapore worries you, then you need to know that doing your payroll in-house can also be risky. There are numerous examples of Identity theft, embezzlement, misuse of funds and info.
Payroll services providers in Singapore are professionals. They invest in systems to prevent data breaches and keep your financial and employee data safe.
Statutory compliance: The payroll is employer's liability. And you have to do it accurately. Payroll mistakes, errors, or omissions can really hurt your relationship with employees and can get you penalised. It can also hurt your brand image.
Participation in AIS is compulsory under S68(2) of the Income Tax Act for employers with 5 or more employees or those with less than 5 employees but who have received a "Notice to File Employment Income of Employees Electronically” under the Auto-Inclusion Scheme (AIS).
Employers with less than 5 employees and that are not on AIS are encouraged to join the AIS and submit their employees' employment income information to IRAS electronically by 1 Mar each year.
- Basic wages - Salary payable to an employee for work done.
- Overtime pay - Payment to an employee for working beyond normal working hours.
- Bonus - Payment such as performance bonus.
- Allowance - For example, meal allowance and transport allowance.
- Commission - For example, sales commission.
- Cash incentive - For example, productivity incentive.
- Termination benefit - Compensation that is not given for services or work done by the employee. For example, retrenchment benefit.
- Reimbursement - Reimbursement incurred on behalf of the employer for official purposes. The reimbursement amount must not exceed the expenditure incurred. For example, purchase of office stationery.
- Benefit in kind - Non-cash benefit or gift given to the employee. For example, a commemorative watch.
All foreigners who intend to work in Singapore must have a valid pass (commonly known as a work visa) before they start work. If you are engaging foreigners to work in Singapore, you must ensure that they hold a valid pass. Find out which pass is suitable, if they are eligible and how to apply.
- Employment Pass - For foreign professionals, managers and executives. Candidates need to earn at least $5,000 a month and pass the Complementarity Assessment Framework (COMPASS).
- EntrePass - For foreign entrepreneurs who are keen to start and operate a business in Singapore that is venture-backed or possesses innovative technologies.
- S Pass - For skilled workers. Candidates need to earn at least $3,150 a month.
- Work Permit - For skilled and semi-skilled migrant workers in the construction, manufacturing, marine shipyard, process or services sector.
Why Choose JCP Trust Accounting For Your Payroll Services?
- Experienced Professionals: Our team brings years of expertise in payroll management and compliance.
- Personalized Service: We tailor our services to meet your specific business needs and goals, ensuring personalized attention and solutions.
- Proactive Approach: We stay ahead of regulatory changes to provide proactive advice and support, helping you avoid potential issues.
Have Questions About Payroll Management?
Our friendly experts are here to help. Get in touch with us for professional advice and tailored solutions for your business.