Growing your business doesn’t only focus on boosting its overall profitability since half the battle involves meeting the necessary expenses that keep your venture alive and thriving. Part of the most fundamental responsibility every business needs to polish is its payslip compliance, which refers to an employer’s legal requirement to provide clearly-defined and accurate information about the employees’ payroll.
The HR department typically handles a company’s payroll compliance, but working with a professional accountant should improve the way you manage your team’s paychecks — from salaries, bonuses, deductions, documentation, tax compliance to ensuring it meets labour laws.
Seeing how payroll compliance can impact your business in more ways than one, we’re here to help Australian companies refine their payslips so you can meet your legal obligations:
Tip #1: Handle Taxes at the Same Time as Processing Your Employees’ Payroll
Manually preparing for taxes separately from your payroll processing can be timely and inefficient; that’s why the Australian Tax Office launched the Single Touch Payroll Reporting (STPR) system.
Businesses of all sizes can simplify their tax compliance since this system eases the burden of reporting tax and superannuation to government agencies. This allows employers to save time and money as the STP-enabled accounting software can send your employees’ salary, wage, tax withholding, and super information in real-time.
Tip #2: Modernise Your Payslip Processing Using Cloud-Based Accounting Solutions
Manually recording, collecting, and reporting all payslips can be a gruelling process, but you can easily avoid inaccuracies by integrating digital accounting solutions such as automated software. This can iron out all inconsistencies and errors that come with entering data by hand and increasing accessibility and faster processing times.
Seeing as payroll processing is one of the most time-consuming tasks in your HR department, automation can help simplify the way your business create paychecks, determine payroll taxes, deliver direct deposits, and complete federal to state payroll taxes, all within a few simple clicks of a button.
Tip #3: Incorporate Employee Scheduling and Time Tracking Software
The payslip processing relies heavily on employee attendance, but using traditional time-tracking methods can leave plenty of room for human error. By implementing time tracking software to your employee check-ins, you can avoid making payroll mistakes and the penalties that come with it since the software can easily capture your employees’ time data.
Not only does a time tracking software manage time-ins or time-outs, but it also stays on top of every employee’s absences, leaves, paid time off, and more.
The Bottom Line: Improving Employee Satisfaction by Streamlining Your Payroll Compliance
Every company needs a sophisticated payroll processing strategy since failing to meet the standards for payslip compliance can put businesses in a legal conflict with employees, leading to a significant blow to your financial health and overall reputation.
Where Can You Find the Best ECommerce Accounting Services in Australia?
If you’re looking for a reliable and affordable accountant in Australia, we’re your best option. We offer various services that can improve your venture's profitability rate, so get in touch with us today for a free consultation!