Which payroll software is right for your business?
If you have fewer than 10 employees you can use ATO-compliant free payroll software to report PAYG information online, but this may not help with all requirements. Larger businesses or those looking for additional functionality will need to use paid-for software that’s ATO compliant. To get the most out of your payroll software, choose a system like QuickBooks Payroll, powered by Employment Hero, that can support:
- payments and deductions including Medicare, super, student loans and statutory payments (sick, maternity, paternity, adoption and shared parental)
- Superannuation schemes, assessing employees, creating communications and managing contributions
- a variety of payment runs, such as weekly or monthly
- error corrections, including editing multiple employees and pay periods at one time
- full integration with other systems like your business accounts, to help reveal business insights. It’s the only way to ensure maximum time management, reliability and accuracy.
It’s important that payroll software integrates and grows with your business. When choosing the right payroll software for your business it’s important to consider the following:
- Features: Ensure that the payroll software features are robust and support your business needs. For example, QuickBooks payroll software features inbuilt award rates to support employers with casual employees and contractors.
- Compliance: Ensure the payroll software you choose is compliant with local taxes and ATO reporting. QuickBooks payroll software has inbuilt STP to facilitate payroll compliance and is ATO approved.
- Affordability: Payroll software costs will vary depending on the features available. It’s important to consider that a payroll software may be more cost effective for your business than hiring a professional to run your payroll or outsourcing it.
- Accessibility: Consider choosing a cloud based payroll software that enables you to make a pay run anywhere, anytime.
- Compatibility: You want a payroll service that works with the programs you already use, like time and attendance and accounting systems.
- Flexibility: Consider choosing a payroll software that has the option of advanced plans and features that can grow with your business.
- Customer service and support: Make sure the payroll software you choose offers a step-by-step guide to getting set up and offers good support if you’re unsure about anything.