Payroll is the sum of all payments made to and on behalf of employees and is critical to businesses. Payroll processing ensures that employees receive all the financial entitlements they are owed in a timely manner.
Poor payroll processing can be very damaging to a business as it can significantly impact net income and lead to dissatisfied staff. With plenty of legislation, payment methods and withholdings, payroll management can be a difficult and time-consuming process.
Our Accountants are trained to provide payroll processing services of the highest standard. Our 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 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 may be severe.