Under the Employment Act, companies must pay their employees correct salaries within 7 working days after the end of the salary period. Failure to pay salaries in accordance with provisions of the Act is an offence.
One of the most important tasks for all businesses is the preparation of payroll and payment of salary. The process can be complicated further and be more time-consuming due to additional components such as benefits, allowances, deductions, government remittance, etc. It is no surprise that many SMEs choose to outsource their payroll function to accounting firms.
Our payroll specialists are well-trained and equipped with the most advanced payroll systems to process even the most complex payroll account.
Our service ensures that the government remittances such as CPF are paid on time, tax filing requirements are followed and payroll information is kept confidential at offsite facilities.
When you engage T. Ravi & Co Payroll Service, you will be assigned a payroll officer who will personally work with you on your payroll needs.
Based on the information and required documents you submit to us, your payroll officer will review and organize the submitted information to create and maintain your payroll ledger. The payroll officer will also, per your instruction, make payments and submit all necessary payroll taxes.
Our Payroll Service includes the following accounting functions:
- Salary calculation based on weekly, bi- weekly or monthly pay periods
- Salary payment to employees through bank transfers such as GIRO
- Central Provident Funds (CPF) registration and timely monthly payment
- Issuance of Form IR8A for personal tax filings including statutory annual returns.