Streamlining The Process of Payroll

We all know that paying employees on time and correctly directly contribute to workplace satisfaction. And happy employees are more likely to perform better which positively impacts customer satisfaction. As an employer, you want those customer service and employee satisfaction levels to be nice and high.

A simple way to do that is to enhance the process of payroll so it is streamlined and runs smoothly, leaving you with more time to spend on winning business, improving productivity and profit.

Cloud accounting, with its automation and user-friendly interface, replaces labour intensive payroll procedures with smooth, simplified processes.

So, let’s breakdown the process of payroll first:

1.     Gathering employee information

2.     Establishing payroll compliance

3.     Recording employee hours and entitlements correctly

4.     Making regular and fair remuneration payments

5.     Record-keeping and sharing of pay slips and payment information

6.     Regular auditing and reporting

With payroll, you must have all your ducks in a row and know your legal responsibilities.

You must pay your employees at the correct rate, as well as any entitlements they are eligible for. This includes parental leave, sick leave or overtime rates and can depend on things such as age, the state they work and the industry you’re in.

If you’re unsure, the Fair Work Ombudsman has created The PACT Pay Calculator . You can use this tool to calculate modern award pay rates for your employees including variables such as allowances, overtime and penalty rates.

Being across the terminology is also important. Not knowing your BAS from your IAS is no excuse.

The goal for payroll should be to simplify and streamline. You want minimal hours spent on manual entries and on fixing mistakes. This is wasted money in a business. And the legal and compliance elements can be a headache all on its own.

Cloud accounting lends itself to streamline the process of payroll through automating procedures around:

·       Super contributions

·       Changes to tax tables, superannuation guarantee rates and levies

·       Filing employee tax file declarations and payment summaries with the ATO

·       Multiple pay calendars to suit your business

·       Inbuilt timesheets

·       Automated calculation and reporting of timesheets

·       Employee access to timesheets, employee payslip and leave balances

·       Connecting to other HR business processes such as rostering

·       Record-keeping and tax compliance

Simplifying the process of payroll through the automation benefits cloud accounting software brings to the virtual table does save you time and money. Here at Cornerstone we understand the pressure of compliance and legal requirements around payroll very well. We know all about cloud accounting and the add-on marketplace.

More importantly, we know the positive impact it can bring to the payroll process for small businesses.

Improved efficiencies, increased productivity, less payroll mistakes all add up to less headaches, happy employees (which means happy employer!) and a healthier bottom line.

Sounds good, doesn’t it?

if you are tiered of manual payroll systems and looking to outsource payroll process to experts please reach out to us.

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