What is Outsourcing?

OUTSOURCING

Contracting out of a business

process to external service

provider

Has become a major trend

over the past decade

Long term low cost

A way to accelerate the business and

projects

Benefits to You

S/No. Key Points Descriptions

1 To obtain specific expertise

Clients recruit people who have the skills in setting up new company and to ensure that the company is compliant with the regulations.

2 To identify problems

Sometimes employees are too close to a problem inside an organization to recognize it. That's when a consultants come in on their white horse to save the day.

3 To supplement a company's internal staff

Sometimes business executives discover that they can save cost by hiring consultants compare to hiring full-time employee. They also can save additional cost because consultants don't need benefits. So even though a consultant's fees are generally higher than an employee's salary, over the long haul, a consultant tends to be a less expensive option (long term lower cost).

Why Hire Consultants?

Benefits to You

S/No. Key Points Descriptions

4 To bring new life to an organisation

Many consultants are retained as idea starters and innovative thinkers. If you're a subject matter expert who can think on your feet, you can help a company to retool or reinvent itself.

5 To be an objective onlooker

Providing a different perspective to solving / seeing problems, a good consultant provides fresh, objective viewpoint, think out of the box that delivers results, being an objective onlooker and neutral.

6 To act as a catalyst for change

No one likes change but when change is necessary for the company to grow and developed. A consultant can assist and suggest changeincorporating the company’s culture to remain market competitive.

Benefits to You

Why Outsource?

S/No. Key Points Description

1 Focus on core activities

In a company rapid growth periods, the back-office operations will expand. This expansion may start to consume resources (human and financial) at the expense of the core activities that could make your company successful. Outsourcing those activities allow refocusing on the core business activities that are important without sacrificing quality or service of the back-office support.

2 Reduced overhead

Growth has resulted in an increased need for office space. Rental is very expensive and there is no room to expand. Outsource some operations helps to reduce the need for office space and doesn’t need to fight for talent sourcing.

3 Continuity and risk management

Periods of high employee turnover will add uncertainty and inconsistency to the operations. Outsourcing will provide a level of continuity to the company while reducing the risk of a substandard level operation that could bring disaster to the company.

4 Efficiency Outsourcing can help you in many different ways, delivering accurate results and maintain efficiency at all same times.

Disadvantages

Why People Reluctant to Outsource?

• ControlTo them outsourcing will LOSE CONTROL over the process

• Confidentiality & SecurityData may not remain CONFIDENTIAL & SAFE with external vendor

• ExpensiveVendor will OVERCHARGE and solution might turn out to be EXPENSIVE

• InsecureINSECURE on the level of service from the service provider whether they are able to provide TIMELY, ACCURATELY & EFFICIENTLY.

How They Overcome The Disadvantages Issue?

They decided to manage IN-HOUSE and there are several HIDEN COSTS that you have to consider:

• Manpower CONTINUES DEVELOPMETNS and NEW TRENDS IN PAYROLL

For most part of the month, FULL-TIME PAYROLL PERSONNEL remains UNDERUTILIZED although some company incorporate some additional HR or Accounting portfolio but they are not experience in those areas hence training are needed.

In case of ATTRITION, organization spending lots of time & energy in RE-TRAINING, HIRING. Also during TRANSITIONS, service levels are affected

• Technology To decide on the RIGHT SOFTWARE can be a TOUGH DECISION. With all the updates,

maintenance and customization requirements, it can be VERY COMPLEX

Buying technology is ONE-TIME COST, but maintaining it is a RECURRING COST

Payroll teams LACK THE TECHNICAL EXPERTISE to manage the SOFTWARE UPDATE & CUSTOMIZATION. Dependency on the vendor remain HIGH and can be VERY EXPENSIVE

How They Overcome The Disadvantages Issue?

• Infrastructure For CONFIDENTIALITY & SECURITY reasons, exclusive SERVER has to be

DESIGNATED TO PAYROLL

You have to consider the COST involved in setting up SERVER AND OTHER RELATED INFRASTRUCTURE and its MAINTENANCE

If you are using SOFTWARE to manage its INSTALLATIONS/SUPPORT, you need to have your own IT (information technology) TEAM. You need to make sure that BACK-UPS, SECURITY, REDUNDANCY are take care of. All these involves COST as well

ConclusionManaging payroll may seems to be cost effective primary but considering all the hidden cost and factors, outsourcing payroll is a more effective and efficient cost saving solutions as compare to in-house payroll.

Our Services

A. Payroll

1. SetupSetup payroll policies, setup payroll banking account, migrate payroll data, conduct parallel run and statutory registration

2. Payroll Processing• Maintain payroll file for all employees

• Salary calculation

• Statutory calculation on CPF, CDAC, MBMF, SINDA or ECF contributions and online submission to CPF Board

• Process bonus and AWS payments

• Process no pay leave and expense claims

• Salary disbursement to employees via GIRO transfer

• Publish online payslip

• Provide a set of standard payroll reports

3. Ad-Hoc Services:Government-Paid Leaves, National Service, IR21, General Ledger, etc.

4. Year-End Preparation and SubmissionYear-end income tax reporting - Form IR8A and relevant appendices

B. Benefits Administration

1. Online Leave Management (eLeave)Setup leave types, setup leave approval structure, setup leave entitlements, import leave brought forward and forfeiture, self-service leave reporting for all employees and export those approved leave to payroll module for processing

2. Online Expense Claims Management (eClaim)Setup claim types, setup claim approval structure, setup benefit entitlements, process approved claims, year-end benefits adjustment and closing, self-service leave reporting for all employees and disburse approved claims with payroll

C. HR Administration & Consulting

1. HR Administration services:• Work pass application / renewal / cancellation

• Registration for NS portal / submitting CPF contribution details (CSN) / EP online and WP online / WDA (registration for company account)

2. Consulting services:• Development of policies

• Employee handbook

• Compensation and Benefit Benchmarking

Disclaimer

This document and the information contained herein are proprietary to The One Payroll Pte Ltd. This document, either in whole or in part, may not be reproduced in any form or by any means without prior written permission from The One Payroll Pte Ltd. Any third-party names, trademarks and copyrights contained in this document are the property of their respective owners.

THANK YOU!

THE ONE PAYROLL PTE LTD

1 Commonwealth Lane #09-12

One Commonwealth Singapore 149544

www.theonepayroll.com