If you run a growing company, then you know that your business is only as good as your best employees. You know that you need to look after them as much as you can and ensure that they are happy while working for you, but this is sometimes easier said than done. Furthermore, you need to look into different programs and incentives to make sure that your people are at least as well cared for under your watch as they would be by your competitor. One way to do all this is to outsource their payroll management so that it is always handled by professionals who know all the ins and outs and who can provide some key enhancements. Why should you consider this more carefully?
Easy for Them, Complex for You
The bigger your employee roster, the more difficult it will be to handle their payroll matters efficiently. You've got a lot on your mind and plenty to take care of as it is, and your bookkeeper (while they are very good) has a lot on his or her plate as well. Professional payroll processors, on the other hand, are only focused on this area and are certainly experts. They keep tabs on new legislation and know all the regulations, so they will ensure that you are always compliant.
While you will certainly want to keep your staff happy, you will also want to keep on the right side of the ATO. If you were to do all of this in-house instead, then you may inadvertently fall foul of a certain regulation and, suddenly, be out of compliance. As you know, stringent fines await any company that fails to comply with the tough PAYG legislation.
Crucially, your employees will see an improvement here as you offer them self-service access, emailed payslips with password protection or even courier delivery. Superannuation will be handled very carefully, and they will be able to see how their particular account is doing through real-time access.
From a management point of view, you will get access to comprehensive reports that detail all of your period and end of month requirements. You'll be able to exercise the proper amount of control, as you will be prompted to give your approval before any key transactions are handled.
Finally, if you're still scratching your head and trying to work out what all this "single touch payroll" hype actually means, then you should definitely outsource all of your payroll matters to an independent processing service – and as soon as possible.