Best MOM Approved Payroll Software for Businesses in Singapore
Payroll compliance is increasingly making its way onto Singapore business’ radars, especially since the Ministry of Manpower (MOM) made itemised payslips compulsory. Employers must now issue payslips in a prescribed manner, detailing key salary components such as basic salaries, allowances and deductions plus the CPF sums that have been added / deducted instead. Non-compliance with payroll can lead to fines and violations, so getting it right is essential for any business.
Yet despite this legislation, almost 90% of SMEs still use manual or simple payslips. It takes extra time, work and precise evidence to produce a wage slip detailing all the items. “Most companies are confronted by errors, latencies and cumbersome administrative responsibilities. That is why more and more businesses are resorting to MOM approved payroll software which makes payroll processing easy, eliminates mistakes and maintains compliance with the Employment Act.
Understanding MOM Itemised Payslips
MOM requires employers to provide itemized payslips with all the pay details. A compliant payslip should clearly show the following information:
- Full salary breakdown
- Allowances and benefits
- Overtime and public holiday payments
- Deductions including CPF, taxes, loans and other statutory deductions
- Payment period and disbursement date
- Total gross and net salary
Payslips may be in electronic or printed form and must include:
- On payday, or the working day after wages are paid
- Although an employee departs the company
A: Your employer is required to maintain records for at least two years with respect to current employees and a year for former employees.
By integrating with the MOM approved payroll software, this will gradually minimize human errors and ensure full compliance.
Compulsory Fields in a MOM-Compliant Payslip
To serve as a complete compliance, the payslip from any MOM Approved Payroll Software also need to contain these information below:
- Name and Logo of Employer – this is presented at the top of the payslip.
- Employee Details – complete name, employee code, department and role.
- Salary Payment Date – the date on which the salary gets credited.
- Basic Salary – fixed amount at the beginning of every month before any deductions or increments.
- Salary Period – For example “Payroll for 01 July 2024 – 31 July 2024.”
- Allowances – meal, transport and performance bonuses etc.
- Extra Payments – time and a half, public holiday rates, commissions, shift penalties etc.
- Deductions – contributions to CPF, taxes, loan repayments and other deductions.
- Grand total gross salary – Total of basic, allowances and extra payment.
- Net Salary – cumulative after all deductions.
- Aggregate CPF Contribution total – the sum total of employer and employee CPF contributions.
MOM approved payroll software eliminates the stress of getting it right Your pay slips are as accurate, professional and compliant to MOM requirements.
Challenges SMEs Face With Payroll Compliance
For small and medium enterprises in Singapore, payroll management is typically fraught with several challenges:
- Heavy Administrative Burden – Tedious calculations, and paperwork eats up time.
- Rising Payroll – SMEs might have to spend money on payroll software or even hire more HR personnel to handle compliance.
- Dealing With Part-Time or Freelance Workers – Many small business owners pay part-time staff without using a payslip. Other Workers From MOM Effective as of now MOM is requiring documentation for all types of workers.
- Legacy Payroll Systems – Tools that do not have the ability of issuing detailed payslips on an auto-basis.
- Struggle in Record Keeping – without the use of computerized systems, it’s hard to keep payroll records for such a long period.
Using an MOM approved payroll software, these tasks can be automated and this will reduce errors that are nearly unavoidable when doing things the old fashion way, so time and resources can also be saved.
Benefits of Using MOM Approved Payroll Software
A dependable payroll system has several benefits:
- Automatic Payslip Processing – Calculations are Automatic and there is no place for human error from manual page calculation.
- Precise CPF and Tax Computation– The application calculates the relevant statutory contributions based on MOM regulations.
- Saves Time – Employees’ payroll processing time is exceptionally fast, freeing up HR for strategic activities.
- Scalable – Good for companies of any size, from small start-ups to large SMEs.
- Record-Keeping Compliance – Pay slip history and historical payroll records are easily available in the cloud.
- HR tools compatible – Everything can work with them and this includes attendance, leaves, and claims.
These features make MOM approved payroll software an invaluable business tool in Singapore in the present times.
Top MOM-Compliant Payroll Software in Singapore
The following are the best payroll software solutions to companies in a wish to be MOM-compliant:
1. HajirHR (SMEs and Growing Companies Recommended)
Key Features:
- Automated itemised generation of the payslip which had been approved by MOM.
- CPF and statutory deduction calculations
- Leaves and attendance integration.
- Multisite and multi location support.
- Cloud-based payroll storage
- User-friendly interface
The HajirHR integrates payroll, time/attendance and leave under one place. HajirHR is among the most preferred MOM-approved payroll software in Singapore among the SMEs because it ensures that all the needed features are present in a convenient platform.
2. QuickHR – The Ultimate HR & Payroll Solution
Best for: Small and medium-sized enterprises, growing teams
Features:
- MOM-conformity itemised payslips.
- Claims, attendance and leave.
- CPF and IRAS compliance
- Multi-device access
- Xero accounting integration – Xero integration.
QuickHR is an automatable payroll and HR solution.
3. Payboy – General HR & Payroll Platform
Best for: SMEs that have to expand HR capabilities.
Features:
- Cloud real-time synchronization.
- Automated payroll and claims.
- MOM-compliant payslips
- Pricing and accounting software in modules.
Payboy fits well organisations that are flexible, and require conformity to numerous working formats.
4. Kayaroll – Ease Your Payroll for SMEs
Best for: Small and mid size teams
Features:
- MOM-compliant payslip templates
- CPF and IRAS reporting
- Shift and leave management
- Easy-to-use interface
Kayaroll is ideal for those businesses who require a cut down payroll solution without the features of full HR suites.
5. Swingvy – Cloud HR & Payroll
Best for: Small and medium enterprises (SMEs), startups.
Features:
- Automated wages processing
- MOM compliant itemised payslips
- Integration on leave and attendance
- Cloud-based dashboard
Swingvy takes care of payroll and compliance, thus relieving the burden of SMEs.
6. Talenox – Payroll and HRMS simplified
Best for: SMEs that need flexibility.
Features:
- Cloud-based HR and payroll
- MOM-compliant payslips
- Claims management, time and leave
- Other tools integration
Talenox saves personnel time and gives the business a sense of security on payroll.
7. SMEPayroll – Low-cost Payroll Software
Best for: BLow-cost SMEs.
Features:
- MOM-itemised generation of payslip
- CPF and statutory amounts of deduction calculations
- Integration of leave, time and claims
- Bank file generation
SMEPayroll is a well-priced and fully compliant service for small employers.
8. Singroll – Free Payroll Service to the Micro-Businesses
Best for: May be only a very small business or a start up.
Features:
- Free plan for small teams
- MOM, CPF, and WDA compliance
- Simple payroll and time registration
Singroll is still impregnable in the basic payroll needs and affordable prices, especially micro-enterprises.
How to Choose the Right MOM Approved Payroll Software
Here are some of the things to think about when choosing payroll software:
- Company size and future development – Make sure that the software has a scalable capacity with your team.
- Payroll Frequency – Start-ups may be required to make more than monthly payroll.
- Accessibility – Cloud solutions are flexible and can be accessed remotely.
- Data Security – Confirm encrypted data, two-factor authentication and secure data backup.
- Customer Support –Payroll processing should be supported by reliable support to avoid problems in the course of processing.
- Ease of Use – The user friendly interface saves the HR teams hours of time.
If you test a deal version, on the other side, you will find out whether or not the system is just what your company needs.
Why HajirHR Stands Out
HajirHR goes beyond simple compliance. Key advantages include:
- Automated payroll and attendance synchronization
- Event-based CPF and statutory deduction computation
- Cloud-based payslip storage
- Professional MOM-compliant formats
- Faster payroll approvals
HajirHR makes payroll more simple and easy for the SMEs and small growing companies.
Conclusion
Manual payroll is no longer a viable option, especially in those companies which are required to adhere to MOM’s stringent itemised payslip needs. Businesses require ensured automatic system to remain in compliance with less HR burden. WordPress Payroll MOM approved payroll software not only makes management of payroll easy, it also guarantee no error, good documentation and secure location.
Of the seven best payroll options, HajirHR is a stand out for businesses looking for an easy, affordable and compliant way to run their payroll. No longer a choice, but an obligation for every business that wants to save time and mistakes yet stay compliant with Singapore’s employment laws is investing in MOM approved payroll software.
FAQ
Which payroll software is best?
HajirHR is the top and best MOM approved payroll software for SMEs & Growing businesses located in Singapore. It integrates the payroll, time & attendance and leave management in one user-friendly system.
Which HRMS tool is best?
It will be good if your HRMS also includes payroll, leave, attendance and claims in one platform. The two most common options for small to mid-sized companies are HajirHR and QuickHR.
What does an itemised payslip need to show under the MOM guidelines?
It shall contain all of the Company and employee information, salary period, basic salary, allowances, deductions, CPF contributions (if any), additional payments if applicable and net pay.
When are you required to give payslips to your employees?
Payslips must be provided on a payday or within three working days, even for dismissed employees.
Can part-time or hourly workers receive MOM-compliant payslips?
Yes, all employees as defined under the Employment Act should be given itemised payslips that indicate pay rate and total hours/days worked.
