Payroll Software Singapore
Million Payroll Software: Your go-to solution for SMEs, offering a simple and user-friendly payroll system. It seamlessly integrates with leave management, claim management, appraisal management, and time attendance systems for a comprehensive experience. Our software supports online submission to IRAS and CPF, and allows hassle-free payroll payout via bank giro submission.
TOP 7 FEATURES
Why should you choose payroll?
UNLIMITED COMPANIES
ITEMIZED PAYSLIP
SALARY BANK GIRO PAYMENT
SUBMISSION TO CPF
IRAS INCOME SUBMISSION
INTEGRATION WITH ACCOUNTING
OED SUBMISSION TO MOM
Unlimited Companies
In line with our on-premise Million Accounting with Inventory software, it offers the capability to create an unlimited number of companies, making it an extremely valuable investment. With a singular cost, you can manage payroll for multiple companies—be it 5, 10, 15, or even up to 50. This feature is a significant reason behind the popularity of our payroll solution among our clientele who manage multiple companies. Additionally, it is also favoured by accounting firms that offer outsourced payroll services.
Itemized Payslip
Million Payroll offers the capability to generate itemized payslips, and providing these detailed payslips holds significant importance in Singapore due to various compelling reasons:
Transparency: Itemized payslips provide transparency to employees by clearly outlining the various components of their salary. This transparency builds trust between employers and employees.
Compliance: The Singapore Ministry of Manpower (MOM) mandates that employers must provide itemized payslips to their employees. Failing to comply with this requirement can lead to legal penalties.
Legal Clarity: An itemized payslip ensures that both employers and employees are on the same page regarding the details of the employee’s compensation. This can help prevent disputes and misunderstandings.
CPF Contributions: Itemized payslips detail the Central Provident Fund (CPF) contributions made by both the employer and the employee. This information is crucial for employees to keep track of their retirement savings.
Tax Purposes: Itemized payslips provide a breakdown of earnings, deductions, and contributions. This information is essential for employees when filing their income tax returns.
Transfers and Loans: Itemized payslips are often required by banks and financial institutions when employees apply for loans or financial products. These institutions use the payslips to assess the individual’s financial stability.
Proof of Income: Payslips serve as official proof of income, which can be useful when renting an apartment, applying for a credit card, or in various other situations where income verification is needed.
Record Keeping: Itemized payslips help both employers and employees maintain accurate records of salary transactions over time.
Statutory Entitlements: Itemized payslips ensure that statutory entitlements like overtime pay, bonuses, and allowances are properly documented and paid.
Salary Bank Giro Payment
Following the completion of the payroll process, the subsequent step involves disbursing salaries to your employees. This can be executed through methods such as cash, cheque, or bank giro payment. Simplifying the bank giro payment procedure, Million Payroll software facilitates the generation of a file with a straightforward click. After generating the file, you only need to access your bank’s website and upload it. This seamless process ensures that salaries are disbursed efficiently and effortlessly.
Submission to CPF
Payroll software eliminates the need for manually entering individual CPF details on the CPF website. The process is simplified: by clicking the e-submission button, a file is generated for direct upload onto the portal. This straightforward procedure not only saves time and effort but also ensures accurate CPF calculations, eliminating the need for manual calculations. This integrated approach saves you the additional effort of re-entering the data into the portal for submission.
IRAS Income Submission
To simplify your tasks even further, Rockbell has collaborated with IRAS to streamline the process of preparing and submitting employment income information for employers. In alignment with IRAS’s recommendation, utilizing payroll software integrated with the AIS Application Programming Interface (API) Service, provided by AIS payroll software vendors, enables the convenient and efficient submission of records directly to IRAS.
Starting from Year of Assessment (YA) 2024, participation in the AIS becomes mandatory for employers meeting the following criteria:
1. Employing 5 or more individuals, which includes:
- Full-time resident employees
- Part-time resident employees
- Non-resident employees, even those based overseas but required to work in Singapore during the year (excluding income details subject to clearance)
- Company directors, including non-resident directors
- Board members receiving Board/Committee Member Fees
- Pensioners
- Employees who have departed the organization but received income during the reporting year (e.g., stock option gains)
2. Receiving the “Notice to File Employment Income of Employees Electronically under the Auto-Inclusion Scheme (AIS)”.
By adhering to these requirements and utilizing the AIS through integrated payroll software, you can effectively manage your obligations to IRAS while enhancing operational efficiency.
Step 1: Click on AI submission > E-submission
Step 2: Click on proceed
Submitting employment income records is an effortless process, requiring only two straightforward steps.
Integration to Accounting
Million Payroll provides a smooth integration with Million Accounting, effectively decreasing the requirement for redundant data entry. This integration not only streamlines processes but also helps mitigate the risk of human errors such as typo mistakes.
Executing this process is remarkably straightforward. Begin by clicking on the “Export Payroll to Accounting” option. Then, choose the desired month for importing into Million Accounting. As a result, a file will be generated. Merely upload this file into our Million Accounting software. With these uncomplicated steps, all necessary actions will be successfully completed.
OED SUBMISSION TO MINISTRY OF MANPOWER
Million Payroll Software Provides a seamless process for swiftly submitting your employment data to the Occupational Employment Dataset (OED) portal managed by Ministry of Manpower (MOM). By Entering the necessary details, Million Payroll will automatically handle the submission for you with just a few click of button.
Report appears like this sample below
And with just a click “Submission”, it will be submitted to the OED portal.
For more information on OED, you may refer to our blog here: https://www.rockbell.sg/what-is-the-occupational-employment-dataset-oed/
Brief description of payroll features
- Staff payroll calculations & payment
- Allowance Table, User Defined Overtime & Piece Rate Computation
- Itemized payslip, Calculations Monthly Salary, CPF, IR8A
- Produces Statutory Report such as CPF, IR8A
- Various Management & Account Department Reports
- Management Report can be converted into EXCEL Format
- Basic Salary Calculation Method: Monthly, Daily & Hourly
- Salary payout period: Monthly & Fortnightly
- Overtime calculation at rate of 1.0 times, 1.5 times, 2.0 times or 3 times
- Salary payment via Bank Giro, Cash & Cheque
- Annual and medical leave tracking
- 17 allowances and 15 deductions available for customisation
- SDL & FWL table for monthly deductions
- Supports CDAC, MBF, SINDA etc. deductions
Government Assistance Available
Rockbell Human Resource Management System is a PSG pre-approved solution.
PSG grant support will be up to 50% of qualified costs to help companies kick-start their technology
journey..
Find out more.
Our Videos
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Let Million Payroll Be Your Source Of Income
Advantages of Adopting Million Singapore Payroll Software
Frequently Asked Questions
How much is the license or maintenance renewal fee for the Million Payroll software?
Million Payroll software is a lifetime license, so there is no need to renew the payroll license. As for maintenance, it is optional and would have a separate fee if required.
Does Million Payroll comply with IRAS rules and regulations?
Yes, Rockbell ensures that our Million Payroll software is regularly updated and remains compliant with IRAS rules and regulations.
Can Million Payroll be linked to HR modules like leave management, claim management, appraisal management, and time attendance system?
Yes, Million Payroll can easily integrate with HR modules through a simple sync button. This allows data to be synchronized from the human resource management system to the payroll system seamlessly.
Can I integrate my existing time attendance system from another brand with Million Payroll?
Million Payroll System offers a convenient feature that allows you to import Attendance Summary data via Excel. With this export and import process, it helps to effortlessly load the attendance records into the Million Payroll System, reducing the chances of human error and ensuring accurate payroll calculations.
Can the Million Payroll software handle Auto-Inclusion Scheme (AIS) submission for employment income?
Yes, million payroll software can support the Auto-Inclusion Scheme (AIS) for employment income.
Is it possible to use the million payroll software for direct online submission of CPF (Central Provident Fund) contributions?
Yes, the million payroll software supports online submission for CPF.
How much does it cost to set up payroll for another company?
Million payroll software support multi company at no additional cost.
Is Million Payroll software a cloud-based software?
Million Payroll software is an on-premise software. Unlike human resource management systems such as leave, claim, appraisal, and time attendance systems which are on cloud for easy access, it contains sensitive data like payslips that bosses do not want to be accessible to other employees using the portal for leave application or clocking in and out. Once purchased, you do not have to worry about license renewal to retain the data; it will be stored on your device permanently. This is crucial since, unlike human resource management systems where you can choose not to use them one day and tolerate data loss, Million Payroll software keeps the data secure on your own device.
Does every company need a payroll service?
A: Every business has an obligation to pay its employees. This can prove difficult for small businesses with limited resources who are not equipped to meet compliance criteria.
What are the benefits of using a payroll service provider?
A: There are many reasons for outsourcing payroll services, including reducing risks regarding non-compliance with labour laws, control over productivity, time management and motivation.
Outsourcing also frees up internal resources resulting in an improved customer experience. Making use of a payroll service provider ensures that your business provides a fair and just pay for all employees.
Who are the main stakeholders in payroll?
A: The main players are the employer, employees and government agencies. Employees are entitled to receive their full wage minus statutory deductions. Employers, in addition to paying their employer tax must also ensure that employees receive payment for all their hours worked (and sometimes even pay for time spent on things like training) plus any contractual benefits or allowances.
Government agencies collect taxes and other statutory payments from both the employer and the employee, while also ensuring that employers comply with employment legislation.
What is a "payroll solution"?
A: A payroll solution is software which automates this whole process by handling all aspects of an employer’s payroll, managing pay rates, deductions, statutory payments, statutory rights, real-time payroll calculations and filings.
Payroll software products are targeted at large organisations while others are aimed at small businesses.
How do I choose the best payroll solution for my business?
A: The “best” product for you will depend on your particular circumstances. It’s important to identify your needs as this will determine which features you’ll need and how complex or expensive the software will be to install, run and maintain.
Consider:
- How many employees do you have?
- Do they receive any bonuses or commissions?
- Do they work different types of hours (full time, part time, shift work)?
- Do you offer pension schemes or other benefits?
- What do you want to be able to report on and when?
Payroll software should meet your company’s needs, thus purchasing one with the valuable features, and easy installation and maintenance.
What is the purpose of a payslip?
A: A payslip, sometimes referred to as a ‘statement of earnings’, is an important document in any business. It details how much has been earned by an individual employee and breaks this down into the various required deductions and taxes.
How do employers calculate an employee's pay?
A: An employer calculates the pay of an individual worker by first calculating the gross amount, this is then reduced by any relevant deductions such as income tax and national insurance contributions. The final figure represents the net earnings of the worker.
What is the difference between gross and net pay?
A: Gross pay is an individual’s total pay, including any bonuses or other additions. Net pay is the individual’s take-home pay, which reflects the amount they will be paid after all deductions have been taken off.
What are some of the common business expenses?
A: Some examples of common business expenses include rent, utilities and office supplies. Businesses should also be mindful that employees expect to receive payment for any work expenses they have incurred.
For example, a sales representative may need to make a number of calls from their mobile phone and expect reimbursement for this.
Reviews
Payroll Accounting Guide for Small Businesses
Payroll software has become more and more important to firms in Singapore as a means of managing employee salaries and payments in recent years. It is time for companies to reconsider their usage of payroll software, though, given how quickly Singapore’s labour market is evolving.
What do I need in place before starting my own payroll system?
There are a few things to take care of before you can even think about starting your own payroll. Choose between handling your payroll yourself or hiring an accountant to do it for you.
Your company must be registered as an employer if you select the latter option. Another thing you need is a way to make sure your workers get compensated for the tasks they do. Having a direct deposit set up with the bank is the best way to do this.
What are the different types of payroll taxes?
Payroll Accounting system requires knowledge about two main forms of taxation. Both have different factors that need to be considered, so they will be discussed separately below.
- Provincially-mandated tax deductions.
The list of salaries, wages, commissions, bonuses, and other forms of income that are eligible for provincial tax deductions varies by province. By getting in touch with the government directly, you can find the complete list. Typical sources of income subject to provincial taxation include:
- payments or salaries paid to any employees at your business
- you’ve promised certain employees bonuses in exchange for their performance
- commissions you give specific workers for their efforts
- your company may also generate income from investments or winning the lottery, for example.
Your company may also generate income from other sources, like investment gains or lottery winnings.
- Federal tax deductions.
The Income Tax Act provides a list of taxable things that are kept by the federal government and are subject to taxation.
This act taxes employees’ income as well, so you will need to deduct income tax from employees’ paychecks on a regular basis. This is accomplished by totalling up all of the funds you have given them over the course of the year, and then designating a portion of that sum as income tax.
On the CRA website, you can find the complete list of things that are taxable under the Income Tax Act.
Payroll deductions for Employment Insurance benefits.
In the event that an employee just lost their job, they are eligible for EI benefits. If they earned enough money during that time, they must submit a claim for these benefits to their previous employer.
The employee’s yearly income determines how much you need to withhold.
Payroll deductions for other factors.
Your employees will occasionally have to make payments during the year for additional expenses that have an impact on their compensation.
These deductions may be made for items like income tax refunds, medical costs that exceed a specific threshold, or revenue agency account statements.
How much should I deduct if my employee owes me money?
The amount of deductions you make through your payroll system will change if one of your employees owes you money. After two years, if they haven’t paid you back, you should deduct that amount from their pay as a debt until the issue is rectified.
How to create a payroll register.
It’s crucial for you to carefully monitor the data used in this process if you don’t want to make errors when preparing your company’s payroll. A payroll register with three sections — Employee, Deductions, and Insurable Earnings—will need to be made in order to accomplish this.
The actual name of your employee must be known before you can build a payroll register since you need to know it if they are submitting certain kinds of tax slips. Then, enter their social security number so you can precisely determine how much income tax has to be withheld.
If this person only works part-time, you must keep track of their hours worked in order to determine how much money they are owed.
Why Business in Singapore Need to Rethink Payroll Software
Payroll software has become more and more important to firms in Singapore as a means of managing employee salaries and payments in recent years. It is time for companies to reconsider their usage of payroll software, though, given how quickly Singapore’s labour market is evolving.
One of the most sought-after locations in Asia to conduct business in recent years is Singapore. The city-state provides a number of benefits for enterprises, including a pro-business atmosphere, cheap taxes, and a highly qualified workforce. The rising attractiveness of doing business in Singapore does, however, bring forth more competition.
Businesses in Singapore must continually innovate and look for new methods to enhance their operations if they want to stay ahead of the competition.
Why Updating a Payroll Software for Business is Significant
One area where businesses in Singapore can make a big impact is with their payroll software. Payroll software in Singapore is a critical tool for any business, as it helps to manage employee salaries, leave, and other benefits.
However, a large number of companies in Singapore continue to use antiquated payroll software that does not match their requirements. This can result in errors and inefficiencies in the payroll process, which can have an adverse effect on the bottom line.
Businesses in Singapore should reconsider their payroll software for a number of reasons.
- The current payroll landscape in Singapore is complex and ever-changing.
Businesses in Singapore need to be more watchful than ever when it comes to handling their payroll in light of the most recent revisions to the Employment Act. The new law allows employees the right to ask for information about salary deductions and mandates that firms furnish itemized payslips to employees.
Businesses should reconsider their payroll procedures and think about utilising payroll software to streamline the process in light of the complicated and constantly shifting business environment.
- Payroll software can save time and money.
Payroll management by hand is a labour-intensive and error-prone operation. Businesses can automate numerous payroll-related operations, including calculating salaries, producing payslips, and processing payments, by using payroll software. Businesses may save a lot of time and money by doing this.
- Payroll software is flexible and scalable.
Your company’s payroll requirements will vary as it expands. Payroll software is made to be adaptable and expandable so that it may expand with your company. As your company’s demands change, you can therefore add additional features and functionality.
- Payroll software is secure.
When it comes to payroll, security is a top priority for businesses. The most recent security technologies are used by payroll software to safeguard your data. Role-based access control, two-factor authentication, and encryption are all included.
- Payroll software offers a better user experience.
The enhanced user experience provided by payroll software is one of its key advantages. Payroll software in Singapore is made to be simple to use so that both you and your employees can benefit from it. A variety of features and functionality are also provided, which can facilitate and improve the payroll process.
- Payroll software is available on a range of platforms.
There are several different platforms for payroll software, including Windows, Mac, Linux, Android, and iOS. This makes it convenient for both you and your staff to utilize because it can be used on a range of devices.
- To attract and retain top talent.
Businesses must provide competitive wages and benefits in order to recruit and keep the best workers. To avoid overpaying, they must be able to effectively manage their payroll as well.
Employers can manage their employee costs while still providing competitive compensation packages with the aid of the proper payroll solution.
- To stay competitive.
Businesses must discover ways to run more profitably in order to keep up with the rising cost of living in Singapore. One approach to achieve this is to employ powerful and user-friendly payroll software to streamline their payroll procedures. This will benefit businesses by giving them a competitive edge
- To better manage employee data.
With the introduction of the Personal Data Protection Act (PDPA) in 2014, businesses in Singapore are now required to safeguard the personal data of their employees.
Payroll software in Singapore usually contains a large amount of sensitive employee information, such as salary and bank account details. Therefore, it is essential for businesses to choose a payroll solution that offers robust data security features.
- Payroll software is the future of payroll.
The future of payroll is payroll software. It provides many advantages that make it an indispensable tool for enterprises in Singapore. You may save time and money while also giving your employees a better user experience by using payroll software.
Takeaway
It’s critical for businesses in Singapore to select the best payroll solution. Businesses must increasingly reconsider their payroll solutions given the economy’s and the world of work’s constant change.
The proper payroll solution may aid companies in a number of ways, including helping them manage employee data more effectively, better retain top employees, stay competitive, and stay compliant with changing legislation.
Let our professional software consultant guide you through the way
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