Payroll is the sum of all payments made to and on behalf of employees and is critical to businesses. The primary objective of payroll processing is to ensure that employees receive all the financial entitlements they are owed in a timely manner.
Poor payroll processing can be very detrimental to a business as it can significantly impact net income and lead to disgruntled staff. With an abundance of legislation, payment methods and withholdings, payroll management can be a difficult and time-consuming process.
Payroll outsourcing is often a cheaper and more reliable option. As legislation continues to change, payroll management services are becoming highly sought after.
First Class Accounts franchisees are trained to provide payroll processing services of the highest standard. Our payroll management services can ensure your wages is correct and you have happy staff.
Payroll processing services include:
- General Payroll – ensure your staff are paid the correct rates and paid according to the correct hours worked.
- PAYG Withholdings – Any business that has employees or pays employees of another business must withhold an amount from payments made to them. Any payments made to a business that doesn't quote an ABN on an invoice or other documentation must also have an amount withheld from payments.
- Entitlements – calculation of leave including holiday, personal, long service and rostered days off.
- Payroll Tax, Workers Compensation Insurance, Employment Forms – some or all of these may be needed for your business.
- Efficient and Electronic systems – these should simplify all processing and provide greater security for you and your staff.
In addition Superannuation should be calculated and paid – this is a compulsory whereby employers are required to pay a percentage on top of "ordinary times earnings" to a nominated superannuation fund. These contributions need to be made at least once every three months and penalties for late payment are very severe.
Are you lacking the time, knowledge or ability to efficiently perform payroll? Find a bookkeeper today and let us help you work smarter, grow faster, live better!