The big question now is- How can it help your business save money in the long run with all the new changes coming into play.
Payroll is important for your business.
If you have employees, you need to pay them. In order to manage your employee’s payments, you need to have some kind of payroll system in place.
Some small businesses choose to do their payroll manually by keeping the payment notes in a spreadsheet or on paper. Other businesses outsource their payroll to bookkeepers or their accountant while others may have a dedicated company to do their payroll for them.
Although these are all a valid choice, there is another option. Using a payroll accounting software to handle your payroll is also an option available to you .
Payroll is not as simple as it sounds. Other than paying your employees regularly, there are still other things to do. These includes:
- Payments to your staff. The dates when to pay and how much to pay should be recorded.
- Payment types. Depending on your employees’ ranks and responsibilities, there may be differences between their salaries, bonuses, allowances, and commissions.
- Tax. You need to collect taxes from your employees.
- Leaves. Track all the holidays taken by your employees, including their sick days.
- Maternity and Paternity Payments. There are regulations mandated by the government that needs careful reading and understanding.
- Expenses Payments. What, how, and when did these expenses are incurred?
There is a lot to think about in regards to payroll and that is why small businesses in Australia needs to carefully consider how and who will handle their payroll.
An online payroll software can do everything conveniently, anytime and anywhere, with the added advantages of the Cloud. It is not only easy to use and is reliable, it also frees you from headaches of understanding and worrying about the Australian Taxation Office’s rules and regulations.
To know more about the various accounting packages out there and how to set it up, contact the office to discuss how to start, what the advantages are, and how your business can save money from it.