At Payboy, we began as a small startup and intimately understand the intricacies and challenges that fellow SMEs face. Our platform was created to streamline essential HR processes, allowing you to focus on growing your people and business. In our latest endeavour to support your growth, we have partnered with The Growth Project to launch comprehensive payroll outsourcing services. This initiative is designed to simplify payroll management, ensuring compliance and efficiency for businesses in Singapore. 

Who is The Growth Project?

The Growth Project is an end-to-end HR consultancy that helps your managers develop a growth mindset and drive transformative business impact through building HR capabilities and frameworks. They focus on attracting, growing, and retaining staff, addressing key challenges that business owners often face. Believing that HR management is most effective when every manager is equipped with the right knowledge and tools, their experienced team guides clients through all aspects of people management: attract, grow, and retain.

7 key features of payroll services by The Growth Project

This partnership is aimed at delivering a service that not only simplifies payroll processes but also integrates seamlessly with existing HR functions, thereby reducing administrative burdens and enhancing operational efficiency. The payroll services include:

1. Comprehensive Payroll Processing

The payroll service ensures accurate and timely processing of payroll for Singapore-based employees, including salary computation, CPF contributions, bonuses, and reimbursements, ensuring that employees are paid correctly and on time.

2. CPF Compliance

Adhering to Central Provident Fund (CPF) regulations is a critical aspect of payroll management. The payroll service ensures accurate CPF contribution calculations, submissions, and compliance with CPF Board requirements, reducing the risk of non-compliance penalties.

3. Statutory Compliance

The payroll service also manages statutory deductions such as the Skills Development Levy (SDL) and ensures compliance with Singapore’s Employment Act and tax regulations. This comprehensive approach helps businesses stay compliant with all statutory requirements.

4. Salary Disbursement via GIRO Bank File

Employees’ salaries are disbursed directly to their bank accounts via GIRO bank files, ensuring timely and hassle-free payments. This automated process reduces administrative work and minimises the risk of errors.

5. NS Makeup Pay Submission

For employees eligible for National Service (NS) makeup pay, the payroll service also facilitates the submission of claims, ensuring compliance with NS regulations and the timely processing of claims.

6. General Payroll Reporting

Standard payroll reports, including payroll summaries, are provided to facilitate internal record-keeping and compliance. These reports offer insights into payroll expenses and help businesses manage their finances more effectively.

7. Dedicated Support

Clients have access to a dedicated payroll specialist who provides prompt assistance with enquiries, regulatory updates, and payroll-related queries. This ensures that businesses receive expert support when they need it.

6 enhanced add-on payroll services made for your businesses

In addition to the core payroll services, several add-on services are available to enhance payroll management:

1. IRAS Reporting

Preparation and submission of tax-related documents to the Inland Revenue Authority of Singapore (IRAS), including Form IR8A and IR21. This service ensures that businesses meet their tax obligations accurately and on time.

2. Government Paid Leave (GPL) Submission

Assistance with the submission of government-paid leave claims, including childcare leave, maternity leave, and paternity leave. This ensures compliance with Ministry of Manpower (MOM) regulations and timely reimbursement.

3. Leave Management

Streamlined tracking and management of employee leave entitlements with Payboy’s leave management module, including annual leave, sick leave, and public holidays, in accordance with statutory requirements. This service helps businesses manage employee leave efficiently.

4. Claims Management

Efficient handling of employee claims, including expense claims, medical claims, and travel claims, with Payboy’s claims management module. This reduces administrative burdens and ensures timely reimbursements.

5. Standard Reporting

Generation of payroll reports and analytics to facilitate informed decision-making and ensure transparency in payroll processes. These reports provide valuable insights into payroll expenses and trends.

6. Employee Self-Service Portal

With Payboy’s intuitive online platform, your employees can access their payslips, tax forms, and personal information securely. This portal also empowers employees with easy access to their payroll information, enhancing transparency.

Customisable pricing for payroll services made easy

Our pricing structure for joint payroll services in Singapore is transparent and customisable, allowing you to select the services and add-ons that best suit your organisation's needs. Here's a breakdown of our pricing components:

Please note that the services outlined above are based on the current offerings of The Growth Project and are subject to change without prior notice. 

Additional Note:
1. One year contract - Initial payment = Setup fees + 3 months of service fees
2. Setup fees = $800 (onboarding & payroll migration) + $100 (Optional: leave balance migration)
3. No setup fees for existing clients unless they have issues on their account

What are some benefits of using payroll services for your business?

Adopting the new payroll services provides numerous benefits, including:

Efficiency and accuracy

Automating payroll processes reduces administrative overhead and the potential for errors, ensuring accurate and timely payroll management. This efficiency allows HR teams to focus on more strategic initiatives.

Compliance assurance

By adhering to CPF, tax, and other statutory regulations, businesses can avoid non-compliance penalties and ensure they meet all legal requirements. This reduces the risk of financial penalties and enhances the company’s reputation.

Cost savings

With automated processes and accurate compliance management, businesses can save on administrative costs and avoid penalties. The clear pricing structure also helps businesses manage their payroll expenses effectively.

Training and support

To ensure that businesses can fully leverage the new payroll services, comprehensive training programmes are available. These programmes guide users through the features and functionalities, ensuring a smooth onboarding process. Ongoing support is also provided to address any issues or questions that may arise. With dedicated customer service teams, businesses can rely on prompt and effective support whenever needed.

User experience and integration

Our payroll software’s user-friendly interface, combined with The Growth Project’s payroll services, ensures a seamless experience for HR teams. The intuitive design simplifies navigation and payroll management, while the services integrate effortlessly with existing HR and financial systems, facilitating a smooth transition for businesses.

Tip: Learn more about how to choose between payroll software and payroll outsourcing for your business with our guide on “Payroll software vs payroll outsourcing in Singapore: Which is better?”!

Streamline your payroll management with Payboy x The Growth Project’s payroll services!

The collaboration between Payboy and The Growth Project marks a significant milestone in payroll management. By combining their expertise, these industry leaders have developed a comprehensive and innovative payroll outsourcing service that addresses the needs of modern businesses. With features like automated payroll processing, compliance management, and an intuitive self-service portal, this new solution is designed to enhance efficiency, accuracy, and employee satisfaction.

Now is the time to transform your payroll processes and elevate your business operations. Don’t miss out on this opportunity to streamline your payroll and focus on what truly matters – growing your business.

Ready to revolutionise your payroll management now? Schedule a free 30-minute consultation with The Growth Project to learn how they can simplify the payroll matters for you!