5 Contemporary ERP-based Payroll Management Strategies Your Business in Singapore Needs

With hybrid workforce scattered across locations within and outside Singapore, payroll management is one of the biggest challenges for modern companies in Singapore. The payroll processes are complex and there are several regulations including labour and taxation rules that need to be adhered to. Further, the usage of disparate technologies in different locations, and challenges related to time and attendance management etc., have made payroll management error prone more than ever.

This is where integration of payroll solutions with the ERP system has enabled creation of an end-to-end payroll management platform that can take care of end-to-end processing needs. Usage of modern cloud-based payroll software can ensure seamless working across locations, and adequate flexibility as well as scalability with complete accuracy.

A comprehensive cloud-ERP solution working in tandem with payroll software can provide the accounts team with all the necessary data and visibility across various departments. Modern ERP solutions also leverage technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), and data analytics to reduce the time consumed in processing, thus, increasing efficiency and accuracy.

Why choose an ERP system with payroll capabilities?

There are various strategic benefits that ERP-based payroll management would offer every Singaporean business or multi-national company operating in Singapore. For instance, there is a tremendous labour shortage experienced by businesses across Singapore. It is critical to keep the operations going and customer experience high even when there are less hands on deck.

To address the labour shortages, integration of payroll solutions with cloud ERP is a great solution. It can boost end-to-end visibility of the entire operations through a single platform and dashboard. This leads to superior labour allocation and dynamic movement of personnel from areas where they are underutilized to the roles that require more manpower. Further, the software-driven payroll management will provide the decision makers with real-time visibility of employees available for different projects, tasks, and contingencies. In a dynamic working environment, changing needs can be better addressed through such dynamic allocations.

Being a global hub of business activities, Singapore has plenty of ERP-based payroll management software solutions. However, the ideal solution would be one that is offered by a leading software company with extensive experience in providing solutions such as ERP and payroll management systems.

The ideal payroll solution should offer a few important strategy benefits for the users to facilitate effective labour management and seamless payroll processing.

Contemporary ERP-based Payroll Management Advantages

1. Time and attendance tracking – Advanced ERP-based payroll management software systems eliminate the challenge of tracking time and attendance properly and without any error. Many of these systems offer facial ID-based time and attendance tracking through cloud platforms.
2. Employee experience – The automation of processes, and integration of 24/7 employee self-service portals has significantly enhanced the employee experience. They can undertake a lot of tasks in real-time without indulging in the time-consuming to-and-fro communication with the HR teams. Additionally, they can apply for leaves online, and check their leave balance etc. through smartphone apps or self-service portals which makes the process a lot more convenient and quicker.
3. Preventing overpayment – Payroll errors at times cause overpayment of wages, leading to significant cumulative loss to large organisations every year. Automation of payroll through a digital payroll management platform would ensure that every employee is paid the right salary at the right time without any overpayment.
4. Accuracy of taxation – Taxation is a complicated and time-consuming process, and manual HR operations can cause problems with tax authorities. Because the HR team may fail to comply with country-specific tax regulations, miss out on timely submission of reports or make inaccurate calculations.

Whereas automated payroll software would not only be regularly updated with the latest rules of all the countries in which it is used, but also eliminate any errors or delays in submission of reports and taxes.

1. Data-driven decision making – ERP and payroll integration generates strategic reports and the payroll data, which can be analysed for AI-powered, accurate, and fast decision-making.

Conclusion

Seamlessly integrating your payroll management system with a cloud-ERP system is a critical need that would simplify payroll and other business operations and drive superior growth. It is recommended to choose a cloud ERP system and payroll management software offered by a globally renowned SaaS company that offers services in Singapore as well as other countries. That would make it easier to access support in case of any technical problem experienced. Every Singaporean business needs this tech-driven empowerment in the new normal.