Payroll ProcessingTimesheet collation
- Management of staff leave e.g. annual leave, sick leave, long service leave
- Process the payroll – weekly, fortnightly or monthly
- Distribution of payslips
- Manage employee deductions
- STP filing
- Setting up new staff
- Superannuation payments
- Termination payments
Frequently asked questions
What accounting software should I use to comply with with Single Touch Payroll (STP)?
One of the commonly used softwares to comply with STP is Xero. Xero is easy to use to report salaries, wages and PAYG W. Superannuation can be paid out of Xero without having to log in to two different plances such as ATO Small Business Clearing House.
MYOB cloud softwares are also readily available to allow employers to submit payroll information to the ATO. By going to Payroll reporting Centre in Payroll module you are able to report on paycycles, End of Financial Year finalisation, and choose ATO settings.
Quickbooks Online can help also with every day payrun at a low cost to comply with the legislation. If STP is the only thing you need the accounting software for then Quickbooks can be quite cost effective without bells and whistles.
Why do I need an accountant or a bookkeeper?
The first thing when business owners ask the bookkeeper or accountant is I made this mistake how do I fix it? Did I report this correctly to the ATO? How do I know that I am holding the right tax amounts?
Knowing one thing how to use the software and knowing the regulations behind the software is another.
Take the stress of the payroll. Get it right first time when set up and get it right every time in every payrun by engaging a bookkeeper.
What other services does a bookkeeper provide?
A bookkeeper can offer a spectrum of services to small business owner from standard bookkeeping to training your staff, training on accounting softwares, setting up business systems to provide monthly reportings of how your business is tracking.
These can be very expensive when you get your accountant to do them. As a business owner if you engage a bookkeeper to align the processes for your business it’s not only cost effective.
Where’s all my cash gone?
Business owners often say my business is profitable and yet I have no cash left to pay for the taxes. It is possible for businesses to make profits and you end up with no cash.
For instance, one area of challenge a lot of business owners face is that you have assets such as accounts receivable (money owed to you by customers). However, if you can’t collect these owings you have no cash although your profit and loss might be showing you that your business is profitable.
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