Payroll Software Singapore
Payroll Software – Tax Compliance
Payroll impacts taxation submission. Therefore, a good payroll software needs to enable companies to comply with tax filing requirements with ease. Here at Opensoft, our payroll software is customised for Singapore companies, and the software is updated every year according to IRAS’ recommended payroll software controls standards. By using our payroll software, companies are assured of full compliance with tax filing requirements.
Our payroll software is designed for flexibility of data entry, while at the same time define the boundaries for the data entry so that IRAS compliance is ensured.
Treatment of non-taxable payroll items
In our payroll software, remuneration components are not automatically tagged as non-taxable items. This is because tax exemption rules can change and having fixated non-taxable items in the software can cause errors in generated tax forms if the company fails to upgrade their payroll software to the latest edition.
Tax reporting of CPF contributions
The Opensoft payroll software is also capable of automating the tax reporting of CPF contributions such as:
a) Compute excess employer CPF contributions and auto-populate to item d7 of Form IR8A;
b) Exclude any excess/voluntary employee CPF contributions from the Employee’s Compulsory Contribution to CPF in Form IR8A; and
c) Auto-complete Sections A and B of the Form IR8S due to the excess employer’s and employee’s CPF contributions.
This is a big time saver for employees, and sets the company ready for auto submission anytime.
Compute CPF contributions
Another big advantage of using our Singapore-edition payroll software is that the software is specifically customised to process CPF contributions. Compulsory CPF contributions are automatically computed based on prevailing CPF rates, age group and residence status.
Rules for CPF contributions can be quite complicated for manual calculations. Companies with workforce of twenty or more employees should ideally stop manual payroll processing and migrate to a good payroll software to process CPF contributions. The Opensoft Payroll Singapore edition for example is a mature payroll software that many Singapore companies rely on today, thanks to the countless number of updates over the years.
Trusted by Singapore SME!
The Opensoft Payroll Software not only helps to speed up payroll processing for Singapore SME companies but also ensures that company payroll data complies with Singapore taxation and CPF laws. To help companies further leverage on payroll processing, the payroll software can be seamless linked up with other human resource management products such as Time and Attendance, eLeave and Claims & Rostering.
For more information about Opensoft’s unparalleled customer support, check out our Customer Testimonials and the list of SME companies that have put their trust in Opensoft products.
Request a Demo
Feel free to contact us for the demo or request a non-obligatory quotation of Opensoft Payroll Software.