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Payroll

How to choose the best payroll system for your business

As a business owner, you likely want to spend as little time on payroll as possible, yet the job needs to get done right every time. Stay on top of employee compensation by choosing the best payroll software for your company. 

While a payroll system can benefit employees, it’s also a great asset for employers, as without a streamlined and reliable payroll system in place, businesses may face tough consequences including poor employee retention, minimal employee engagement, and reputation damage.

Below, we’ve listed just a few reasons why it’s essential to have a payroll system in place for your business.

  • Save time: A payroll system can help you streamline the payroll process. Manually adding figures, entering data, and calculating taxes can be time-consuming. A payroll system allows you to spend less time on payroll and more time running your business.
  • Boost employee satisfaction: Your employees are going to want to receive the wages they’re due come payday. A payroll system helps to ensure employees are paid the correct amount on time.
  • Tax compliance: One of the most difficult parts of processing payroll is accounting for tax withholdings. Each pay period, deductions need to be made for taxes, Medicare, and so on. Failing to account for employment tax deductions can land your company in trouble with the ATO. A payroll system will make any necessary tax deductions or garnishments so that your company stays in compliance.

Grow Your Business with QuickBooks

How to choose the best payroll system 

Choosing a payroll system is one of the most important decisions for a growing business and having an effective payroll system can ensure everyone on the team gets their paycheck on time. No two payroll systems are the same, so it’s important you do your research before choosing a system. Here are a few things to look for:

Cloud software

Ensure that you can make a pay run seamlessly anywhere, anytime.

Features

Do your research on the features you need to best support your business; for example, automatic award rate calculations, or self-service apps for employees to manage leave etc.

Affordability

You want a service that is value for money when comparing against the features you need; costs will vary pending the features available. It’s also worth considering whether you want to pay monthly or be locked into annual contracts.

Compatibility

You want a payroll service that works with the programs you already use, like time and attendance and accounting systems.

Customer service and support

Ensure the system you choose gives you access to great support when required.

Law compliance

Make sure your payroll service is compliant with local tax laws, including Single Touch Payroll.

Employee award rates

Ensure it is compatible with award rates - particularly important when managing casuals or contractors.

Flexibility

If your business grows, will your payroll system scale with you?

With software like QuickBooks Payroll powered by Employment Hero, you can save time and minimise errors at an affordable price point. With our payroll software, you can set up automatic payroll so it runs in the background for each pay period. Sign up today to see how you can get started managing employee payroll for your enterprise with much more efficiency. For tips on setting up QuickBooks Payroll, head to the Payroll Resources Hub for articles and guides to help you get started.

Disclaimer: Intuit does not provide professional advice. We may provide you with information that may be of use to you, however this is not to be considered as a substitute for getting your own professional advice. Intuit is not liable to you for your use or reliance on the information provided by it.


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