Employers looking for a way to save time and hassle when it comes to paying staff wages every week or fortnight should consider implementing an online payroll system according to BMO Human Resources Advisor Sarah Shaw.
“Most business owners want to do the right thing by their employees, but navigating the various tax and employment laws can be a quite a strain,” Ms Shaw said.
She said having the right payroll system in place can ease the burden, ensuring employers follow the rules, save themselves time and decrease the chance of human error.
“An online payroll system is more efficient than traditional paper based systems, like time and wages books, as they can automatically calculate the correct amount of tax to withhold as well as track and accrue leave entitlements. They are proving to be cost effective and less stressful as many of the programs have great online or phone support,” Ms Shaw said.
The online programs can also assist employers at the compliance level with reports for PAYG, super reporting and streamlined end-of-year processing of PAYG Payment Summaries.
With employer obligations changing frequently, Ms Shaw said the online systems made sure that new tax laws and employment are implemented as they come into effect.
“Using online payrolls systems helps businesses ensure their record keeping and pay slip obligations under Fair Work are up-to-date with tools to enable them to easily meet employment conditions like leave accruals, allowances and superannuation.”
She said employees are also at an advantage with an online system.
“Employees can have their payroll information readily available from the employer, meaning leave balances and pay slips can be accessed instantly, which can make for a smooth workplace and happy employees.” Ms Shaw said.
“If you are thinking of switching to an electronic payroll system, we would recommend doing your research on the different programs available to ensure the product you choose is suitable and appropriate for your payroll requirements.”