7 Tips To Know Before Buying MOM Approved Payroll System In Singapore
Payroll system software solution in Singapore For SMEs and Large Businesses
What is a payroll system?
Payroll System is a software application that helps companies manage their employees’ paychecks and taxes. It is designed to help employers track employee hours worked, calculate wages, and generate reports about payroll.
1. Know what kind of product you need
The first step to choosing mom approved payroll software is to understand what type of system you want. Do you need something simple but flexible? Or do you need a more robust solution to keep things organized? A payroll system should allow you to track employee information including hours worked, deductions, overtime pay, and taxes. In addition, you’ll need to consider whether you need to pay employees bi-weekly or monthly, how many employees you have, and if they work seasonal, part-time, or full-time jobs.
2. Look at the features of the payroll system
Once you know what type of product you need, look at the features offered by each option. Payroll systems vary significantly in terms of functionality, ease of use, and flexibility. You may find some systems easier to navigate than others, but the best design will integrate with other accounting applications, offer customizable reports, and provide real-time access to data.
To ensure you make an informed decision, take advantage of online demos, ask potential vendors about their return policies, and read customer reviews.
3. Compare prices of each payroll software in Singapore
One of the easiest ways to save money is by comparing pricing. While the price of payroll software varies widely among companies, one thing is certain — the lower-priced systems aren’t necessarily the best choice.
Take into account the size of your business and how much you need to spend, as well as any discounts you may qualify for. If you don’t want to go over budget, you may want to consider investing in a low-cost entry-level version of your payroll system until you get comfortable with its capabilities.
If you’re looking to upgrade your current system, consider purchasing add-on modules and customization options instead of paying for a complete overhaul.
4. Find out who sells your system
If you choose to buy a system from a third-party company, make sure that it offers support and training services. Ask questions about integration issues, what happens in case of downtime, and how long it takes to recover after an issue occurs. It would help if you also determined how often the vendor provides updates and security patches.
5. Consider licenses
Many businesses purchase a perpetual license for their payroll software. Perpetual licenses cost less upfront but prevent you from upgrading your payroll system without purchasing additional upgrades. Check the cost of the annual renewal fees to avoid getting stuck in a cycle where you need to renew your software every year.
6. Don’t forget security
Regardless of the amount of flexibility you’d like to give your payroll software, there is no denying that it holds sensitive information. Make sure you take steps to protect your business data both now and in the future.
Choose a secure encryption method and implement regular backups, change passwords regularly, and create strong user accounts to reduce the risk of unauthorized access. In addition, make sure the vendor uses the latest SSL technology and that you receive notifications regarding any suspicious activity.
7. Be aware of changes
When selecting a payroll system, it’s important to realize that it could undergo major changes as your business grows. Depending on how old your existing payroll system is, you may need to replace it completely with a newer model.
Even if your current system doesn’t require updating as frequently, you may want to invest in a different system once you reach a certain threshold of employees. As your business grows, you may even have to expand beyond the limitations of your original payroll system.
Best payroll system in Singapore
QuickHR is Singapore’s #1 payroll system designed to help businesses of all types and sizes to minimize tedious HR processes such as hiring, onboarding, attendance, payroll, benefits, training, and more.
Starting at only $2/employee/month with up to 70% PSG subsidy — affordable for start-ups & SMEs!
A multi-tier encrypted full-suite HRMS (payroll, claims, leave, attendance, staff scheduling & many more)
Fully compliant with MOM, CPF & IRAS regulations
Uncompromisingly dedicated support team with a quick turnaround
