Key benefits of payroll software
Save time
Payroll accounting software such as QuickBooks Payroll Powered by Employment Hero takes the manual number crunching out of the process, leaving your payroll administrator to oversee everything. Tax deductions will be calculated for you. It can also track leave taken, expenses, bonuses, holiday pay, overtime, super and hourly pay or salaries. With the advent of open banking, payments are faster and more secure than ever.
Simplify payroll compliance
Staying up-to-date with current tax rates can feel like a constant game of catch-up. But there’s no need to worry with payroll software. It can track and update all the latest rates so that you are always using the latest tax tables. QuickBooks payroll software includes inbuilt Single Touch Payroll (STP) and pre-built awards to help you stay compliant.
Improved accuracy
As with all aspects of your business, manual data entry increases the risk of human error and potentially costly mistakes. Under-deductions, late payments, miscalculations – they’re all part and parcel of a manual entry system. When all the number crunching is handled by your payroll software, that risk is reduced. You’ll be on top of your record keeping obligations, so it’s much easier to meet deadlines and make payments to the ATO in plenty of time. Especially with a built-in reminder.
Increase employee satisfaction
Some payroll software offers employees access to their own portal. This gives them restricted access to the system and allows them to check details, see their payment history and even book time off.
Using payroll software promotes transparency with employees and helps build trust among your employees, ensuring they feel confident that they will get paid the right amount on time.
Generate automatic payslips
By law, all employers are required to give each employee a payslip with the details of their pay and any deductions. It’s important that you ensure that the payroll software you choose lets you produce smart (ideally customisable), secure and compliant payslips that can be printed or emailed as well as PAYG summaries (only applicable to those still not on STP reporting) and payroll reports.
Organised record keeping
Payroll software will make your year-end easier with organised record keeping. Automatic tracking, recording and reporting is offered as part of most payroll software. These features make the year end far less stressful for you or your payroll manager – gone are the days of paperwork mountains.
Reduced payroll errors
And there’s another added bonus…It has the potential to save you a lot of money in penalties. Payroll places an extremely high level of responsibility on employers and getting it wrong could potentially be a very painful and expensive experience.
Access payroll data anytime, anywhere
Payroll Software such as QuickBooks allows you to access your employees data anywhere, anytime from multiple devices. With 24/7 access to your payroll records, you can easily streamline your payroll process and work from anywhere.
