As a small business owner, paying your employees correctly is one of your most important responsibilities. With employee management comes managing payroll and to do this properly and legally, you need a payroll software. Although you can handle basic payroll manually by using a spreadsheet to keep payment records, a payroll software will allow you to handle things easily in-house.
So, what does payroll software look like in a small business, and are the benefits worth it?
Payroll is the system whereby you manage employee payments. It isn't as simple as managing payroll payments. A small business owner will need to make employee wage payments, time tracking, manage date of payments, the type of payments, the difference between pay rates, taxation, Australia Tax Office (ATO) annual reporting, leave entitlement, sickness tracking, payment statements, maternity/paternity leave and payments, superannuation, expenses, and benefits.
Compliance is a key aspect of payroll. You need to maintain records, both for audit purposes and legal cover if an employee raises an issue. The Australian government has regulations and legislations that dictate how business owners operate payroll. It takes time and money to maintain compliance, and for a small business, it might not be time efficient. This is how payroll systems can help with the heavy lifting. The right software will help you run payroll, taxation, employment laws, and reporting.
Having a payroll system will not only save you time and money; it will also help save you from compliance stress and ensure you're prepared in the event of an audit.
Will it keep you compliant?
With an all-in-one payroll and accounting solution, you reduce the risk of typical manual data entry mistakes. Additionally, thanks to the cloud-based solutions, you're always connected and the automated system ensures you remain compliant.
Why can't I use a spreadsheet?
Many businesses rely on a spreadsheet for payroll. If you have the depth of spreadsheet knowledge to use them to their full potential, you may be able to rely on it as a payroll option. Still, most people don't have that depth of knowledge, and it relies on complex calculations, and it can be painstaking. Often, spreadsheets are error-riddled, and the mistakes go unnoticed. While using a spreadsheet for payroll sounds simple enough, it's far more complex than using payroll software. If you repeatedly make errors in payroll, you will lose employee trust, and it may affect your labour turnover.
Access
With QuickBooks Payroll, you can access your data wherever. If your computer crashes, you don't need to panic and worry about losing the data. Your work is in the cloud. You can simply boot up another computer and continue exactly where you left off. You can also invite someone into your system remotely if you need an accountant to give you a hand.
Security
You don't need to worry about losing your payroll information in the case of stolen equipment. The cloud-based payroll software provides you with strong encryption, keeping your data online and secure to reduce the risk of loss.
Work From Anywhere
Whether you're working from home, travelling on business, or on vacation, you can log in and access the system whenever you want.
Before you choose a payroll software, consider your needs. Here are some tips to help you determine the best payroll system for your business:
If you choose wisely, the right software will save you money. You may have to pay for it, but it will pay you back in no time by saving you time and stress. The less time you spend processing payroll, the more time you can commit to building your business.
QuickBooks Payroll powered by Employment Hero, is an ATO-certified full-service system that will make Single Touch Payroll a breeze. It will also help your business with an employee self-service solution, timesheets and rostering, and will help you streamline all of your payroll needs. Why not try it free for 30-days?
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