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Managing Payroll

By Andrew Storrier

2 min read

Properly managing payroll is crucial to the continued success of your business, and you have many options at your disposal. It’s important you choose the one most appropriate for your organisation and managerial style. The manual process of a spreadsheet, pen and paper is dated and prone to mistakes. Here are some ways to manage payroll which will eliminate errors and streamline your payment system.

Payroll Software

Technology increases your delivery speed. Payroll software can make calculations in just a few clicks, and is PAYG compliant with all the latest changes provided through online updates. You also get to input the data yourself, meaning you still have a high degree of control over the system.

Make sure you take the time to learn about the system properly. You will also need to make consistent bank deposits, as most software platforms make automatic transactions once linked to a bank account.

Payroll and Accounting Software

Small business accounting software, such as QuickBooks Online, and payroll working together offer you the most control, without the errors of manual systems. QuickBooks Online connects seamlessly with payroll powered by KeyPay. Some of the benefits include payroll expenses updating automatically – so no double entries – and financial data at your fingertips. Find out more about the benefits and features of payroll through QuickBooks Online.

The trade-off for such a comprehensive service might be price, depending on your situation, and you will need to dedicate some time to learn the ins and outs of the software. However, the seamless connectivity and automated system will save you time and money in the long run.

Accountant

Getting in an expert to handle your payroll takes a lot of the pressure off you to get it right. You can expect your accountant to get it right! They can handle the tax responsibilities and should have a good understanding of your business, offering a good return on investment.

While it’s a hassle-free solution to your payroll, you have little to no control over the process and accountants will cost your business more in the long term than software does.

Full Service Payroll

You could employ a third-party payroll service to help you with paying your employees and tax responsibilities. Several companies specialise in payroll and offer many benefits, including tax penalty coverage. They also make life much easier, allowing you direct access to your account, and handling all deposits and filings on your behalf.

However, depending on the vendor, this might mean you’ll have to relinquish control of payroll and also pay slightly more than you would with other services.

How you want to manage payroll is up to you. Software platforms take care of the fiddly tax portion and calculations, or you could outsource to a third party. The choice is yours!

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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