Why is it essential to outsource payroll services for small businesses? Simply really, payroll administration provides many benefits. It not only includes the above: weekly paychecks, overtime payments, and tax deductions. It can also have:

These benefits come from the laws of wage laws in countries like Australia, Canada, and the United States. The governments of these countries have implemented strict laws to ensure fair labor practices. This has been done to protect small business owners from exploitation by unscrupulous labor agents. These labor agents may be paid a commission based on the amount of money they can get from the employees as remuneration. In some countries like Australia and Canada, this is illegal. The small business owners must therefore find an alternative means of ensuring fair labor practices.

Outsource Payroll Services For Small Business

Therefore, outsourcing payroll for small businesses is one of the best ways to protect the interests of small business owners. Now, if you are asking how, you would have noticed that many outsourcing companies offer to take care of all your small business payroll needs. However, you have to be very careful while selecting these service providers.

Many scams are available on the Internet. The scammers usually offer attractive solutions to outsource payroll for small business owners. These companies require advance payment and charge a hefty fee for processing. Apart from that, the payroll outsourcing company would fail to deliver results, and you would never hear from them again. Therefore, you must perform due diligence before hiring an outsourcing company to outsource payroll for small business duties.

How to Identify a Good Payroll Service Company

The best way to identify a good outsourcing company is by checking with the Better Business Bureau. If you do not want to spend money on Bureaus, you can use the World Wide Web to identify a company. All you would have to do is enter the name of the organization in Google and check whether there are negative reviews or positive reviews for the company. Once you are satisfied with the results, then contact the company through their website. You can ask as many questions as you like until you are satisfied.

Outsourcing is Beneficial

Outsourcing payroll has been quite beneficial to many small businesses. Before this concept came into existence, the employees of the company had to maintain their records themselves. Besides, they had to keep track of their earnings and expenditures separately. Thus, they were running the business on their own. With the introduction of this system, the company employees no longer have to worry about anything and just pay their employees according to the number of hours worked.

Benefits of Outsourcing Payroll Services for Small Businesses

Small businesses need to keep track of all the payroll details of their employees, so they should opt for payroll outsourcing. Even though this is a perfect idea, they should also keep in mind the cost factor. If the costs involved in hiring the payroll company are more than what they are paying their employees, it might not be feasible. Though this type of solution is usually accessible for small businesses, it may increase costs if the outsourced payroll provider requires additional software like a database and other software. Small businesses may also face difficulty training their employees once the payroll is handed over to them because the process is complex.

Conclusion

Outsourcing payroll is beneficial for business owners as well as employees. Small business owners can save a lot of money if they hire a payroll outsourcing firm because they do not have to maintain or pay attention to the employees’ payroll details. This saves a lot of time and energy and also results in more efficient and comprehensive services. The small businesses that outsource their payroll requirements to different service providers enjoy several benefits. They get more expert employees, don’t have to spend money on software and other technology, and focus on their core business activities.

What is Payroll Services?

Payroll services are the utilization of a third-party service provider to manage the accounting and administrative duties of hiring employees. The concept is simple enough. If an overseas company needs assistance in managing its payroll, then it can simply outsource its responsibilities to a payroll service provider located at any point of time within the globe. It’s important to note here that payroll services aren’t just that, and don’t provide a centralized local employer for the offshore company to manage. Rather, they are third-party companies that have been licensed by countries to offer payroll services.

What Does a Payroll Services Provider Company Do?

When you hire payroll services, you make them responsible for:

• Submitting your tax returns
• Filing employee payslips
• Processing tax refunds
• Collecting federal employer withholdings.

They also handle making temporary employee files and preparing temporary pay slips and certificates. In addition, they can also provide assistance with many other tasks including:

• Estate asset taxes
• Bankruptcies
• Lottery payments
• Child support payments
• Immigration filings and proceedings.

If the offshore company outsources part or all of these services, then you can expect to see a significant drop in your annual tax return due diligence requirements. That being said, if your company relies on an in-house payroll department, then outsourcing will likely have no effect on your employee compensation obligations.

Financial & Administrative Support

One common question that arises is “What is a payroll service?” Basically, payroll service is an organization that provides financial and administrative support to businesses of all sizes. Many times, they are referred to as CPA or Chartered Professional Employers. Payroll service offers different services to different businesses, depending on the size and nature of their business. For instance, if your company has a few locally based employees who are responsible for daily tasks such as data entry, typing, and billing, then you would not need a payroll services organization to provide such support. However, if you have several technicians who are responsible for data entry, typing, billing, and other clerical tasks, then you will want to enlist the help of a payroll service.

Benefits of Outsourcing Payroll Services for Your Business

Payroll services offer human resources professionals support in a number of ways. First, payroll services offer benefits such as: employee benefit plans, health insurance, life insurance, dental insurance, accident insurance, disability insurance, and legal costs. These are typically the most common benefits, but payroll services offer more than just these basic benefits. Additionally, the majority of payroll services offer financial benefits such as: cash advance loans, non-cash employee bonuses, 401(k) plans, life coach training, and business growth plans. The list goes on from there and reflects the wide array of employee services that are offered.

1. In addition to the benefits listed above, many payroll services include
2. direct deposits into a business’s accounts.
3. This is a convenient way for employees to receive their paychecks directly before they are due.
4. This eliminates the need to rely on bank checks or pay stubs and eliminates the hassle of paper processing.
5. Direct deposits not only save time for payroll processors but also helps reduce errors. And also fraudulent activities that can occur with incomplete or non-disposable paper-based processes.
6. Payroll processors use direct deposits to keep track of employees’ paycheck information.

What If You Don’t Have a Payroll System

In the absence of this crucial tool, an errant employee would be able to make money that does not belong to them. And use it for personal expenses. Another service that many payroll services offer includes electronic paycheques and electronic payments. An employee’s payslip does not have room for deductions; however, electronic payments go to employees via the internet. Most payroll companies allow employees to pay themselves by using their credit card, debit card, or payroll check card online. This eliminates the need to print out payslips or to manually process payroll taxes at the end of the year. Again, less time is saved by eliminating the need for paper processing and eliminating fraud that often occurs when checks are processed incorrectly.

Paperless Payroll Processing System

Many payroll services also offer a paperless processing system. The processing software collects and stores data regarding each employee’s gross income. This information is then processed using computer databases, taking into account deductions and credits and applying wage rates. Once the processing is complete, each employee’s wages and expenses are debited from their paycheck and electronically filed through the payroll service provider’s secure server. The entire process is then uploaded onto the company’s main server, where it is available for use by any authorized personnel who access the system.

RT Taxation & Accounting; Best Payroll Service Company in Eastern Suburb

RT Taxation can provide a variety of payroll services. However, not all payroll systems are created equal. Many providers are able to offer some, but not all of the features that you may require. Therefore, before you sign a contract with a payroll services provider, it’s necessary to evaluate your own business needs in order to determine which features you will need and which you may be able to do without.

Conclusion

Choosing the right payroll services will ensure that you are able to accurately calculate your employees’ weekly or monthly income and expenses, and will help your business stay compliant with your state’s and local governments.

The payroll service industry is an important sector of the accounting industry. The eastern suburbs of Sydney is home to more businesses than almost anywhere else on the planet. And payroll services in Australia are a big business. Business owners hire payroll services when they are unable to meet their payroll responsibilities themselves.

By using payroll service companies, business owners can save a lot of time by avoiding extra paperwork. Which is an extra expense for them. They can also save money by using a payroll services provider who is based closer to the places where they make their products. Where they have their salespeople stationed, and they can offer payroll tax services to their clients. Many people have not heard of payroll tax services in Australia. But this is one industry that has been growing dramatically over the past twenty-five years.

Payroll Services in Australia

Most of the time, payroll services in Australia are in the city areas. Payrolls are usually done at the local office of the business. Although this is sometimes not feasible because of the location or accessibility. The service provider will generally deliver the payroll taxes and other information to the business location on the same day. Although some companies have their payroll department complete the process the next business day. This gives the business owner more time to concentrate on other aspects of his business.

Business owners have many options when it comes to selecting their payroll services providers. These options depend on the size and the nature of the business, as well as the available employee base. The larger the business, the more payroll services providers that are available to them.

Variations of Payroll Services

The services provided by payroll services providers vary. Some business owners have opted for an online solution, which makes it easier for them to complete the payroll and tax obligations of their employees. Online payroll services allow business owners to maintain their books without affecting their workforce and to submit electronically the information they need.

Other business owners, who have a large customer base, have elected to utilize a human resource payroll service instead. This payroll service is a company that will actually call the employees and perform the payroll duties for them. When a business owner needs a payroll service, it is important that they consider this option, as this method has a lot of advantages, including being cost-effective.

Outsource Payroll Services Benefits

The human resource aspect of a payroll service is not limited to the payroll aspect of things. A benefit program, for instance, is a wonderful benefit that most employees would appreciate. The benefits program helps employees to be more engaged and to actually enjoy working for a company. The benefits program might also come with a small payroll and various benefits packages, which the employee can choose from depending on their own preferences. It is also possible to select a benefit service that matches the business culture of the company. And the way employees are treated.

Payroll Management Solutions

Most payroll services providers in the Eastern Suburbs provide online payroll management solutions. This is accessible through a secure website. Employees will be able to view their accounts and manage them at any time of the day or night, even from their mobile devices. Online payroll services providers usually have an easy-to-use interface that will allow payroll department managers to handle all of the pertinent areas of the company. The software that is provided by these companies can even allow the managers to set up payroll reports. And generate checks and deposits right from their computer.

Conclusion

When using a payroll service, it is important to make sure that the service is reputable. No matter how wonderful the benefits of payroll service are for your business, if the company is not reputable then the benefits you receive will pale in comparison to the time and stress that you have to spend looking into the operation of the payroll. The Eastern Suburbs is home to many payroll service providers. Businesses can easily find a payroll service to match their needs and can also select one that will work with their staff.

Outsourcing payroll is a growing trend for many companies in developed countries like Australia and the United States. This is because the advantages of outsourcing payroll services are huge. Payroll can be a time-consuming and costly process. In addition, companies are now more concerned about controlling spending and trimming payroll costs, especially since a downturn in the global economy has made it difficult for companies to balance their budgets. As such, many payroll outsourcing services have mushroomed on the internet and offshore. While this type of payroll outsourcing seems appealing, many companies have doubts and hesitate to outsource payroll.

Payroll Outsourcing Services

A company that is considering hiring payroll outsourcing services should first verify whether the firm is reliable or not. To do this, they should check if the provider has strong credentials; check if the company can deliver payroll services in the countries where they are operating; check the experience of the payroll outsourcing services staff in handling payrolls; find out whether the company adheres to payroll outsourcing services legislation; find out if the company adheres to payroll outsourcing services company guidelines. Furthermore, companies should also consider the additional costs involved when outsourcing payroll services. These include the training of payroll outsourcing services personnel, the cost of software used to manage payrolls, the cost of payroll taxes, plus other possible charges like payroll outsourcing services outsourcing fees, processing charges, etc.

Since it is easy to outsource payroll services, many organizations prefer to outsource payroll from an external source. This increases efficiency as the payroll outsourcing services provider will take care of the payroll function while the company focuses on other core business functions. However, there are certain disadvantages associated with payroll outsourcing services. These include the following:

Advantages of Payroll Outsourcing

The advantages associated with payroll outsourcing services are many.

Help to Avoid the Costs

For one, payroll outsourcing services help to avoid the cost of payroll administration. The payroll outsourcing service provider takes care of all the payroll functions including recording of hours, making payroll reports, and collecting employee payrolls.

Ensure the Record Keeping

In addition, payroll outsourcing services help to ensure that payroll record keeping comply with legal requirements such as H&R Block bookkeeping standards and IRS regulations. Consequently.

Improve the Cash Flow

payroll outsourcing services also helps to improve cash flow and profits since a cashless employee payroll accounting system is a cost-effective payroll record keeping technique.

Comply Data Security Policy

In case payroll outsourcing services are chosen, an organization must ensure that the payroll data security policy is complied with. This is necessary because documents that are generated using the payroll data entry software may contain sensitive corporate information. For instance, if payroll data shows some client payment, the payroll data entry software may pick this up and pass it to the client. Thereby compromising the confidentiality of the client’s business data. Thus, if data security is not following at all, the business may lose its credibility. To prevent unauthorized access to payroll data, the outsourced payroll services provider implements various security measures. Ranging from using passwords to using encrypted data storage servers.

No Need to Maintain a Payroll System

Other advantages of using payroll outsourcing services are that they do not need to maintain a payroll system. This saves payroll department expenditures. For example, when payrolls are processed in-house, payroll clerks need to buy bookkeeping software, paper, the payroll supplies and many more. These payrolls are then processed using manual processes that consume more time and generate more paper. However, payroll outsourcing services require just minimal operating costs since the outsourced payroll solution provider can pay a leasing company for usage of its technology. Furthermore, the payroll processing solution provider has full control over the payroll data security issue.

Reduce Payroll Preparation Time

Outsourcing payroll outsourcing services are gaining popularity because of the many advantages it provides to businesses. Firstly, it reduces payroll preparation time as the payroll outsourcing services provider can provide pre-programmed paychecks.

Fast Processing of Paychecks

The payroll outsourcing services provider enables fast processing of paychecks as it eliminates the need to cut the payroll data into various pieces. In addition, the payroll outsourcing services provider can also set up an electronic timesheet system that eliminates the tedious calculations of manually computing the paychecks’ hourly wages. Lastly, the payroll outsourcing services can provide the payroll solutions with data security measures such as encryption of the data to prevent theft of the payroll data.

Things to consider Before Hiring a Payroll Service Provider Company

Before choosing a payroll outsourcing services service provider, business owners have to carefully choose which service provider to contract. It is vital to look for several factors that will determine the suitability of the service provider to provide your payroll needs. For instance, a service provider that can process a large number of paychecks in a short period of time, particularly payrolls coming in daily, should be chosen. Also, it is essential to determine the number of payroll outsourcing services a service provider can provide.

RT Taxation & Accounting: The Best Payroll Servicing Provider Company in Australia

RT Taxation is the best accounting and taxation services provider company in the eastern suburbs of Sydney. We have been working professionally for the last 10 years. Also, we have a very long experience and the best taxation professionals in Sydney, Our firm is reputed and well known in Sydney. We have been helping so many businesses to solve the accounting, payroll & taxation issues of their company.

In the last Federal Budget, the Australian Government announced that Single Touch Payroll (STP) would need to be explored in more depth to include additional information.

This expansion of Single Touch Payroll reporting will help reduce the reporting burden for employers. Who is required to report information about their employees to various government agencies such as the ATO and Centrelink? Through the support of the administration of the social security system in Centrelink? The start date for the expansion of Single Touch Payroll Reporting will be the 1st of January 2022. This means there are less than 7 months before these measures are introduced.

What Do You Need to Do?

Currently, there is nothing you will need to do provided. You are already reporting your Single Touch Payroll to the ATO every payday. The ATO will work alongside digital service providers such as MYOB and Single Touch who will update their STP-enabled software.

Firstly, it is important to understand that all STP-enabled software. They have different functions and updates for the expansion will be offered in various ways. It will be best for you to connect with the STP Reporting experts at R T Accounting & Taxation Services. To ensure that you continue reporting Single Touch Payroll correctly and on time to avoid any hassle or charges. We can help you set up STP Reporting software to be tailored to your product. And how you manage your payroll.

What Will Remain the Same?

While you may need to report additional information depending on your employees’ circumstances. Moreover, there are a few things that will not change regarding STP Reporting including:

• The way in which you are required to submit your STP Reports.
• STP reports are still due on or before payday unless decided otherwise prior to the ATO.
• The types of payments that are in-scope for STP reporting.
• Tax and Superannuation obligations for employers
• End of year finalisation requirements.

What does Will change?

In addition, the key changes to the STP report include:

Employment Conditions

• Will need to state whether your employee is full-time, part-time, or casual.
• Will need to report how you calculated your employee’s PAYG Withheld. Such as indicating whether your employee has HELP fees outstanding.
  
  

Income type and Country Code

• This is more specific to those employers who have employees who are Working Holidaymakers or the overseas host country of the employee who is an Australian resident working overseas.

Disaggregation of gross

• You will need to separate various components that make up an employee’s gross wages by the following payment types.
  • Bonuses and commissions
  • Directors’ fees
  • Paid leave
  • Salary sacrifice
  • Overtime
  • Allowances
  • Other

Salary Sacrifice

• Salary Sacrifice contributions are no longer able to reduce ordinary time earnings or count towards your minimum superannuation guarantee obligations.
• As a result, an employer will need to report salary sacrificed amounts in the STP report.

Lump Sums

• Lump-Sum E has been affected as you are now required to include the working calculations for Lump Sum E according to each financial year relevant to the payout. This will help the employer in that you will not be required to provide Lump Sum E letters to employees generally.
• A new category, Lump Sum W, will be added for employees returning to work payments which do not occur often.

Child Support Garnishees and Child Support Deductions

• There will be a requirement to report any Child Support Garnishees and Child support deductions in your STP report, removing the need to separately advise reporting to the Child support registrar.

With the changes coming to STP Reporting being simple to the trained eye, it might be best for you to get in touch with your local STP Reporting expert in the Eastern Suburbs of Sydney. R T Accounting & Taxation Services not only helps with STP Reporting but can also calculate and run pay runs based on your specific requirements. Get in touch to find out more!

Work-related Clothing Laundry & Dry-Cleaning Expenses

The ATO has been cross-checking clients’ work-related expenses for the 2020 tax year, with a specific emphasis on Work-related clothing laundry, and dry-cleaning expenses. Read on to ensure that you do not get caught out in the following year.

Uniform

If you claimed the cost of a work uniform that is distinctive (such as one that has your employer’s logo permanently attached to it). It must be either: 

• a non-compulsory uniform that your employer has registered with AusIndustry (check with your employer if you are not sure), or
• a compulsory uniform that can be a set of clothing or a single item that identifies you as an employee of an organisation. There must be a strictly enforced policy making it compulsory to wear that clothing at work. Items may include shoes, stockings, socks, and jumpers where they are an essential part of a distinctive compulsory uniform and the colour, style and type are specified in your employer’s policy. 

Occupation Specific Clothing

You can also claim the cost of:

• occupation-specific clothing which allows people to easily recognise your occupation (such as the checked pants a chef wears when working) and which are not for everyday use. 
• protective clothing and footwear to protect you from the risk of illness or injury, or to prevent damage to your ordinary clothes, caused by your work or work environment. Items may include fire-resistant clothing, sun protection clothing, safety-coloured vests, non-slip nurse’s shoes, steel-capped boots, gloves, overalls, aprons, and heavy-duty shirts and trousers (but not jeans). 
• You can claim the cost of protective equipment, such as hard hats and safety glasses at Other work-related expenses. 
• You can claim the cost of renting, repairing, and cleaning any of the above work-related clothing. 

Laundry

Claims for laundry expenses that are less than $150 can be claimed on a cents per wash method as per below:

• $1 per load if you wash only your work clothes.
• 50 cents per load if you combine work clothes with private use clothes.

To claim for laundry using this method, the clothing being washed must be a uniform, occupation specific clothing or protective clothing. It goes without saying but you cannot claim the cost of purchasing or cleaning plain clothes, such as plain, black trousers, white shirts, suits, and stockings even if your employer requires you to wear them as these items are seen as wearable for private use anyway.

Protective Clothing

If you claimed protective clothing and footwear to protect you from the risk of illness or injury, applicable to those in COVID hotspots, or to prevent damage to your ordinary clothes you will need to keep a record of a description of the protective clothing and equipment you are required to wear as well as copies of receipts with proof of purchase.

For COVID-19 specific protective items, you will be allowed to claim a deduction for expenditure on protective items such as gloves, face masks, sanitiser, and antibacterial spray.

As always, if you are in doubt as to what expenses constitute work-related clothing laundry, and dry-cleaning expenses it is best to contact us at R T Accounting & Taxation Services to help you make correct decisions on what to buy to reduce your taxable income and increase your refund!

Payroll outsourcing has become very popular in Australia over the years. The main reason for this is that payroll outsourcing is cost effective. It offers a business with a number of advantages. One of these is that payroll outsourcing allows an entrepreneur to have complete control over his payroll functions, thereby freeing up business resources for other important aspects of the business.

Outsourcing payroll services is usually performed to minimize cost and increase time saved to address administrative tasks pertaining to payroll administration. In other words, payroll involves the procurement of outside help to take care of the administrative tasks involved in processing payslips. There are various outsourcing companies that provide payroll administration and management services, so it is necessary to conduct careful research before choosing the right provider to outsource these services.

What Are Included in Payroll Outsourcing?

Some of the common tasks that are outsourced include processing income taxes, benefits requests, and employee insurance claims.

1. Another task commonly outsourced is that of processing federal tax returns.
2. Payroll services may be utilized to manage payrolls for salaried employees and/or non-salaried employees.
3. Some payroll providers offer their services to companies with a limited number of employees.
4. This allows the company to focus on its business goals and less on the payroll function.

What You Should Consider Before Hiring a Payroll Company?

When conducting a search for a payroll outsourcing provider, it is important to evaluate different service packages offered by different service providers. If the business owner is to outsource its administrative functions, it is imperative to choose a payroll outsourcing company that is reliable, experienced, and has a proven track record. A reliable payroll outsourcing provider may require a minimal investment. However, if the goal is to save costs and increase efficiency, it is advisable to outsource more functions. Outsourcing is cost-effective when the function is used to increase efficiency in other areas of the business.

Save Valuable Research

Using payroll outsourcing services enables the company to save valuable resources. Time is also saved because the payroll processing and reporting can be done from any location. Moreover, employees do not have to spend extra time completing their payroll or filing tax documents. For businesses that generate large volumes of payroll records, it is advisable to outsource the entire payroll function to a payroll outsourcing service provider.

Time Saving

With the increasing demand for payroll outsourcing services, many recruitment agencies and payroll outsourcing vendors have come into existence. In Australia alone, there are many outsourcing vendors. The increasing demand for these services has led to an increase in the competition between these vendors. The increase in competition has also led to price reduction and quality enhancement. In order to lure potential clients, many vendors conduct training sessions. These training sessions are aimed at educating the HR executives about the benefits of using payroll outsourcing services and the challenges that the vendors have to face in order to provide quality services.

Benefits of Outsourcing

The increasing number of employees who perform payroll tasks has also forced the companies to look for cost-effective payroll services. This has created a situation where the companies have to cut costs on various activities such as payroll, tax filing, and benefits administration. Since payroll services are mandatory in all businesses, employees feel pressure to work hard in order to meet payroll requirements. Many employees are found to be taking payroll help from their friends and relatives in order to meet payroll requirements.

Where to Get the Best Payroll Outsourcing Services in Eastern Suburbs of Sydney?

There are many payroll outsourcing services providers in the eastern suburbs of Sydney. RT Taxation and Accounting is one of them. We are well-experienced, reliable, and professional taxation and accounting services providers from the Eastern suburbs of Sydney.

Services We Provide:

1. Taxation & Accounting
2. Outsourced Payroll Services
3. Self Managed Super Funds
4. Home and Investment Lending

Why We are Best Payroll?

1. We are highly professional
2. Long experienced
3. Reliable
4. On time completion of project
5. Best Tax experts

Conclusion

As payroll has become more important in today’s society, the employees feel the need to maximize the payroll tax deductions allowed by the government. In addition, employees have become more diligent in filing their payroll tax returns every year-end. By using a payroll service provider, it is easy for the payroll department to calculate and take the correct deductions. Since the numbers are already pre-calculated, the employees can directly input the information and the payroll processing machine will automatically deduct the expenses as they are deducted from their salaries.

Payroll outsourcing is a growing trend these days in Australia. In fact, it’s arguably one of the most popular services being offered by outsourcing companies. It’s very easy to understand why: it saves time and money. And allows an employer to focus on providing his best workforce. When done correctly, payroll outsourcing can be highly effective in reducing administrative costs, while increasing efficiency and productivity. If you’re interested in learning how payroll outsourcing services can help your company, here are a few tips on what you need to know.

What is Payroll Outsourcing?

There are many different benefits that payroll outsourcing can provide to businesses. Simply put, payroll outsourcing simply means outsourcing some or all of your payroll management to an external third-party company. The payroll service you get will then incorporate it with your current business infrastructure. Incorporating your payroll system, with its own benefits and processes every pay period. This way, you’ll no longer have to deal with filing taxes. Also, paying employees, or even withholdings from your employees’ salaries and other receipts.

Benefits of Payroll Outsourcing for Businesses

Eliminates a lot of Paper Works

The first benefit that payroll outsourcing provides to businesses is that it eliminates a lot of tedious paperwork. After all, managing payroll is time-consuming and a source of stress for a business owner. So, by having an external company do the work, an owner can spend his or her time focusing on the other important aspects of running a business. You’ll no longer have to file payroll yourself or manage payroll departments by hand. Instead, you can simply hire an outsourcing company that will take care of this work for you.

Reduce Employer’s Expenses

Another important benefit of payroll outsourcing is that it reduces the employer’s expenses. Whether you outsource your payroll processing or not, an outsourcing company will still be paying for office space, computers, Internet connection fees, space rental, payroll processing fees, etc. The company that outsourcing your payroll activities usually provides a facility contract. This contract outlines the services that the company will provide to you and the amount they’ll charge.

Professional Payroll Services

When you outsource payroll services, make sure that you’re getting one from a professional payroll outsourcing services company. Make sure that the company hires only skilled professionals to ensure that your data and files are secure at all times. Hiring unprofessional or inexperienced individuals to handle your payroll taxes can lead to legal problems. Also financial issues missed payroll taxes, and much more.

Check out the service contract for payroll outsourcing carefully. Find out if there are any penalties for late payroll payments. Make sure that your chosen payroll outsourcing company may not offer any payroll deductions for employees who clock out several days or payroll taxes at the end of the year. Find out if your chosen provider may also debit your bank account for the taxes. Find out if your provider may also deduct these amounts from your bank accounts. It’s not uncommon for payroll outsourcing service providers to do both – take money out of your accounts and deposit them into your bank.

Save Time

If you’re planning to outsource your payroll functions, be sure that you’re also planning to save time. Do some research and see what payroll outsourcing options are best for your company. If you have the payroll related functions done internally, then you can save time by not having to train employees on the new payroll outsourcing software. If you outsource payroll outsourcing to a third party, such as a payroll outsourcing company, you can use the training time to improve other aspects of your business. No matter what method you decide to use, though, make sure that you’re still able to meet your payroll goals and that your outsourced service provider is experienced and professional.

Where to Get the Best Payroll Outsourcing Company?

There are many payroll outsourcing options available in the market today. You can choose among RT Taxation outsourcing options, which are the most common in the industry. RT payroll outsourcing options include data entry, payroll processing, data processing for hourly, weekly, bi-weekly, monthly, and other special payroll applications. Specialized outsourcing options include payroll administration, payroll tracking, data collection, payroll management, tax preparation, customer service, customer relationship management (CRM), accounting services, and other related payroll services.

Payroll outsourcing service providers help business owners to streamline their payroll functions, provide more efficiency in managing payroll functions, provide greater payroll options to business owners, help reduce payroll costs, provide greater payroll flexibility, and access the talented individuals that they so desire. In short, payroll outsourcing services take the headache out of payroll management. And with an ever-increasing population, this outsourcing trend is not likely to slow down anytime soon.

Hiring payroll outsourcing services can also save time for both the employer and the employee. For instance, when you hire an employee with great potential, you spend valuable time training him or her. When you outsource payroll functions, you get a highly-knowledgeable professional with whom you can easily and rapidly communicate.

Advantages of Hiring a Outsourced Payroll Services

In addition to saving time and money, payroll outsourcing services can also benefit an organization’s bottom line. Most payroll outsourcing services include accurate payroll taxes. This way, no matter how many employees you have, you’ll be sure that the payroll taxes are done correctly. Moreover, you can be sure that these payroll taxes are calculated accurately and on time. This way, you will be able to claim your payroll deductions for salaries paid to your employees.

Direct Deposit System

A major advantage of using payroll software to manage payroll is that it provides a direct deposit system. Through direct deposit, a company doesn’t have to bother with printing payroll cards. Instead, every pay period goes directly to your bank account.

 Tax Deductions

Managing payroll has never been easier. And with payroll outsourcing services, it’s even better. When you hire payroll professionals, you are assured that your payroll process is fast, accurate and error-free. Your payroll team will even take care of collecting employee data, including payroll taxes, giving out deductions and other employee information management responsibilities.

Most small businesses nowadays have payroll systems, especially small businesses with fewer than 10 employees. But this is not the case for large corporations. Larger organizations typically use their own payroll system. The problem with using payroll solutions provided by other companies is that it’s hard to coordinate with payroll departments at different locations. It can also be difficult to transfer payroll data between locations.

Eliminates Hassle

Using payroll outsourcing services eliminates all these hassle. All you have to do is specify the payroll amount that you need, as well as the frequency of payments and the number of hours your employees are available. These companies will manage appropriate taxing among your employees. It also allows you to provide accurate employee information management so that you don’t have to worry about data entry errors.

Payroll Service Contract

If you’re considering an online payroll services contract, make sure you get one from a reliable provider. Choose a service provider who can meet your payroll needs at reasonable prices. Check out several providers before choosing one. You should be able to review their customer testimonials and get feedback about how satisfied their customers are with their services.

Reduce Payroll Expenses

Another benefit of this new trend in payroll is the ability to reduce payroll expenses each year-end. Instead of hiring additional staff to process payroll taxes and labor laws, a full-service payroll provider offers all-inclusive solutions. With their comprehensive package, small businesses can save more than $500 per year.

Payroll Responsibilities

Small businesses often have tight budgets. However, they still need to pay their employees. Hiring an outsourcing payroll service provider means your employees will no longer need to worry about the payroll process. They’ll simply be assigned payroll responsibilities based on their level of experience.

Reduce Costs

For example, there are some small businesses that don’t have a lot of workers. In that case, it wouldn’t make much sense to hire full-time employees to file payroll taxes and labor laws. Hiring an outsourcing payroll provider, however, lets those businesses focus on marketing and other core services. With its comprehensive package, a payroll outsourcing company will assign payroll responsibilities to accountants, bookkeepers, and payroll officers. It also cuts costs by allowing you to pay employees only what they’re worth-no more than 100 per month.

Conclusion

As technology changes, business owners must consider whether it’s time to embrace full-service payroll outsourcing. The advantages include: reducing payroll expenses, controlling payroll spending, improving customer service, reducing payroll errors, and minimizing employee turnover. If you’re ready for a new approach to bookkeeping and payroll, contact an outsourcing payroll provider today.

There are so many good Payroll services in eastern suburbs of Sydney. This is where the office and the shop are, there are the clubs and the restaurants, and it is the home of the famous Sydney Harbour Bridge. So when you are looking for Payroll services in the eastern suburbs of Sydney, what exactly do you look out for? How much should you ask for? How much time should you be given?

The first thing that you should know is that Payroll services in eastern suburbs of Sydney are not a dime a dozen. There are plenty of places to work, but no one will hire you unless you have a good enough resume to back up your qualifications. The more experience you have, the better. It should also say where you have worked and what you have done. Most of the time if there is a specific location for your work it should also state the hours you will be working and the amount of money you will be getting.

What to Consider in Payroll Services in Eastern Suburbs

Another important consideration is what kind of income you will be getting. This can range from hourly rates through per hour, daily, weekly, and several hours per month. The more money that you receive, the more flexible you will be able to work with a payroll service provider. Some service providers will offer more time than others, so you should always look at all options before making a final decision.

Factors

Not all Payroll services in eastern suburbs of Sydney are equal. There are certain factors that will decide which payroll service is best for you. For example, what type of business are you running? How many employees do you have? How many employees will each person have? These are just some of the questions you should ask yourself before deciding on which service to use.

Pricing

Many service providers in the area will have different options when it comes to pricing. They will base their pricing on what type of company they are and on the number of employees they have. The pricing can also change depending on which service you choose. However, most of the time, each service provider will charge about the same price for their services.

Benefits of Payroll Services for a Business

What types of benefits are included in the cost of your payroll service? This is one of the most important questions you should ask. Most payroll services in the area will provide a host of benefits for their clients. These benefits can include medical, dental, vision, life, and retirement plans. However, some companies may go above and beyond this to ensure you are completely satisfied with your service.

Tax Preparation and Assistance

Will your payroll service include or provide tax preparation and assistance? When you are looking for a payroll service in the Eastern Suburbs, you need to make sure that they have expert tax advisors available to help you with your income taxes. Many Eastern Suburbs area payroll services will provide their clients with both a federal tax return and a return that is filed by the state of residence. The federal tax return will help you with any income tax questions and will also help you understand the complex tax deductions you may be eligible to take. The return is essential if you are considering taking out loans, student loans, or an investment loan from the government.

Conclusion

How many employees does your payroll service have? This is one of the biggest questions you should be asking any payroll service you are interested in doing business with. The more employees a payroll service has, the more reliable their services will be. If a payroll service has only one employee, they will be very unreliable in regards to their services. If you are going to work with a payroll service in the Eastern Suburbs, you need to make sure that their employees have gone through thorough background checks before being put on their payroll.

It’s time for you to start hiring some employees. Hiring your first employee is a huge accomplishment for your business! However, before you start celebrating, you need to plan for payroll, and it’s no small feat. Unfortunately, payroll is not the most exciting aspect of running a small business, but it is definitely an important part of ensuring your business goes smoothly. And it pays to get payroll right from the very start. The smallest mistakes can cost you and cause you and your employees financial stress in the long run. Wages and benefits are complicated to navigate. And you may not be too keen on the cost of outsourcing payroll, however – payroll is something you can learn, it’s just a matter of wanting to. 

What exactly is payroll?

Knowing exactly what payroll is may seem obvious, but payroll is a lot more complicated than what we think. It can quickly become confusing with all the rules, terminologies, and legislations you need to follow. Payroll involves the process of paying employees their wages and superannuation benefit. Employee wages need to be processed withholding the appropriate taxes. And secondly, payroll keeps the data and records that are kept for your employees’ wages and salaries. This also includes their leave entitlements, benefits, and other contributions. 

There are three parts to the payroll process which include: 

1. Calculating employees’ gross salaries / wages including their overtime and special contributions. Employers need to ensure they are correctly renumerating their employees based on their correct employment status (salary, contractor, apprentice etc). All relevant taxes and other deductions are withheld from their gross pay. 
2. Compensating employees via EFT or through cash payments. 
3. Ensuring all records are kept for each individual and for the business. These records are needed for the Australian Taxation Office. 

Moreover, Payroll can quickly become complicated – which is the exact reason why businesses often outsource to a bookkeeper or tax accountant. 

Before you start wondering if you can do payroll yourself, we recommend it is best that you educate yourself on the process, and make a decision on whether you will do it manually or via payroll software. Regardless of the method you decide on, you will need to start gathering information – as the same information will be used for both processes. To help you make the process a bit easier, we have a helpful checklist to ensure you meet your responsibilities. Completing each step will help you be on your way to transitioning to a smooth payroll process.

1. To outsource payroll or do in-house? 

It’s is really important to understand the work that goes into your payroll, and the knowledge you need to be across when it comes to tax laws. If you have the knowledge, time and energy to dedicate to managing your payroll manually and in-house, then this solution will save you money and give you control over your payroll. If you feel that it is too overwhelming and not manageable, then it is best for you to work with a bookkeeper or your accountant. Whether you decide to do it yourself, or use a bookkeeper, we recommend you work with a simple payroll software to help you manage the process.  

2. Record gathering

When you hire a new employee, it is a requirement that you gather information for taxation purposes. This information is needed for the Australian Taxation Office. It’s helpful to complete this during the employee onboarding process. The information required includes: 

• Employee full name, and contact details
• Australian Tax File Number
• Superannuation fund. If they are not part of a superannuation fund, it is helpful for you to assist in choosing a fund. 
• The type of employment contract they are hired under. This includes whether they are full time or part time, casual, apprentice, trainee, or contractor. 
• Salary and wage deductions.
• If they are receiving any benefits, or allowances.
• What leave entitlements they are eligible for. 
• Bank details for direct EFT payment. 

3. Ensure you’re compensating correctly

It is a legal requirement to pay your employees according to the minimum award wage. To ensure that you are adhering to payroll entitlements for employees you can view the following resources:

1. Australian national minimum wage
2. Awards
3. National Employment Standards (NES) 

Once you are across minimum wages, you also need to develop a payslip for your employees. You are required to supply a pay slip with information about an employee’s wage within a day of their pay. It can be in electronic form or hard copy. The Australian Fair Work Ombudsman has some great resources on their website. With their Pay and Conditions Tool (PACT) you can calculate an employee pay rate, leave, notice and redundancy and shift. The site also has information about workplace entitlements during COVID and how to JobKeeper scheme can help your business. 

Don’t forget to decide how often you will be paying your employees. Pay cycles are what works for you, and can be weekly, fortnightly or monthly. You need to commit and ensure you are paying consistently and on time, as employees rely on their wages / salaries for their own payments. 

4. Understand employee taxes

When you are processing payroll, your business needs to adhere to the Australian Taxation Office taxation obligations. Firstly, you need to register for PAYG withholding, then you need to withhold tax from your employee’s salaries. To understand how much tax you need to withhold, check out the Australian Taxation Office PAYG Taxwitholding. 

5. Don’t forget about superannuation contributions!

As an employer, you are required to pay superannuation contributions. An employee does have the opportunity to nominate their own fund, however you also need to identify which fund will be used as a default one if your employee does not have one, or does not provide you with the details of their nominated fund. 

6. Single Touch Payroll

Single Touch Payroll is new in Australia and is a government initiative to reduce employers’ reporting burdens to government agencies. It means that you are required to report your business payroll information to the Australian Taxation Office in real-time and with every pay-run. 

7. Understand different types of employment

You need to classify your employees correctly as employees, apprentices, trainees, and contractors are treated differently for taxation and superannuation purposes. If you make a mistake on employee’s classifications, you may receive a penalty. It can also break employer / employee trust if you are underpaying or incorrectly renumerating employees. 

8. Use technology to your advantage

If you do decide to manage your own payroll, we recommend you find a digital software as employee’s service solution that can help you automate your payroll process. Even if you work with a bookkeeper or tax accountant – it is still worth you while to utilise a software that can be accessed from different persons with different roles. 

Working with the software provider and your payroll team (or external payroll team of tax accountants) be sure to determine if the software is secure, how the systems can be accessed, how easily the software can be customised to fit your business (and how much this will additionally cost), and what kind of costing framework is in place. Is it a subscription or upfront cost? 

9. Keeping records is important!

The Australian workplace laws require you to keep complete records for all your employees for seven years – this is relevant even after they leave. This is where a payroll software solution comes in handy – it allows you to keep data and regularly save data in the cloud. 

In conclusion

There is so much to learn when it comes to learning about payroll. Whether you decide to do it in-house, manually, or with a tax partner don’t ever feel that any question is too hard. That’s why you can call us at RT Taxation & Accounting Services.  You can take advantage of our Outsourced CFO Services to leave the administrative hassle of running your small business to the experts and for you to do what you know best. We can ensure your business has all the right payroll tax documents in working order and all exemptions are correct. We want you to be ready if a payroll tax audit comes knocking on your door. Feel confident in our tax expertise and you focus on building your business.