Learn how payroll software works and how the key features of payroll software ensure your small business stays compliant in Australia.
This is where payroll software comes into its own. This guide will show you how payroll software works and the key features of payroll software that streamline your payroll process and ensure your business stays ATO compliant. Read on to learn more about how payroll software works or skip to any section by using the links below.
Payroll software uses technology to automate the necessary requirements of processing payroll including calculating wages, withholding taxes and other deductions, paying government employment taxes and delivering pay slips to ensure employees get paid the correct amount on time. Payroll software works by automatically calculating the correct amount your employees should be paid each pay period based on the hours they’ve worked under their industry award.
In a nutshell, payroll software makes it easier to process business payroll by automating the entire payroll process, ensuring you pay your staff the right amount at the right time. And that’s crucial in holding onto your staff – happy staff will stick around for longer, which improves your bottom line. Below are some of the functions of payroll:
QuickBooks payroll software uses automation to streamline your small business payroll and ensure compliance.
The simple answer is anyone with employees, or who pays themselves as an employee. Employers who pay hourly wages to their employees greatly benefit from investing in a payroll software that accurately calculates wages and tax withholding. Small business owners with a larger number of employees can save hours by using a payroll software like QuickBooks that takes the manual labour out of payroll.
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:
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:
QuickBooks offers a choice of secure payroll accounting solutions. There’s QuickBooks Standard Payroll for simple payrolls and QuickBooks Advanced Payroll for complex payrolls. Find out more about QuickBooks Payroll here.
It makes sense to simplify your payroll – you’ll be glad of this when it comes to year end. And with more time on your hands, you can concentrate on what really matters - growing your business.
We hope you’ve found this article useful. Find out more about how QuickBooks’ payroll solutions could help streamline the way you pay your employees and stay compliant.
