Payroll is one of the most integral parts of a business. However, it is also the part of the business that can become messy and stressful should you expand and have more employees. As a result, many businesses have started payroll outsourcing departments to companies such as R T Accounting & Taxation Services. Let us see how we can help improve your efficiency and keep employees happy.
What is Payroll Outsourcing?
Payroll Outsourcing is like most jobs you cannot or will not be able to do. There are specialists like us to take payroll off your hands. Like hiring a plumber if your tap is leaking. They are specialists, so it is best to let them handle what they are good at. And for you to handle your specialties.
Payroll Outsourcers can calculate your pay run cycle. As well as calculating any appropriate deductions in a timely and efficient matter. Along with this, we can also transfer pay runs into your employees’ accounts. As well as any obligations with the ATO (PAYG Withholding) and State Governments (Payroll Taxes). If you do not wish to fully outsource your payroll, that is fine as we can just do parts of the job you may not understand fully or not have the knowledge to carry out.
Why Outsource Payroll?
Payroll can be a long and arduous task for many employers, as well as there being many legal requirements and obligations, which can lead to some heavy penalties if things can go askew. Misunderstanding is not a valid excuse for getting things incorrect according to the ATO and the State Governments. For these reasons, many business owners prefer to leave it to experts such as us at R T Accounting & Taxation Services. It gives the business owner more time to spend on the actual running of their business, as well as peace of mind knowing that they are in safe hands with us.
What do Payroll Providers do?
We are capable of:
- Calculating pay runs (including the calculations of any redundancy payments, unused holiday pay, employee reimbursements, commissions and bonuses, and any allowances, you, as an employer may have given an employee)
- Deducting employee PAYG taxes as well as any payroll taxes based on which state and how many employees you have employed.
- Calculating any other employer expenses such as Superannuation contributions
- Filing taxes with the ATO
- Physically making payments to employees based on your pay cycle whether it be weekly, fortnightly, or monthly
- Keeping payroll records
Types of Payroll Service
Our payroll Services can come in many forms. They can be customisable based on each client as we understand each client is different and unique. However, our services can be split into two broad categories:
Basically, with the Full-Service Payroll package, we manage your payroll cycle from start to finish. Simply have each employee fill out our basic employee information sheet, TFN Declaration form, and Super Contribution form and we will take care of the rest.
Full-Service payroll is generally preferred by many larger scale entities as one entity looks after the entire set up and run through. We have our own secure cloud-based software to ensure that all data is kept secured and accessible for both the client and us the payroll provider. We will need to be kept up date with any changes to personnel, or changes to an employee’s employment terms or tax status, however that is very simple to keep a track of and we will tell you what information we require and when.
Do it yourself Payroll
Most Payroll tasks are administrative tasks that can easily be set up by the business owner. However, we can help you out with more of the technical stuff by calculating pay runs, taxes and other deductions and leaving you to do the rest.
Many small business entities prefer this as they generally do not have large turnovers in staff, which makes for a simple pay run.
Choosing a Great Quality Payroll Service Provider
Payroll is the most critical part of your business. You want employees to remain happy, so they continue to deliver the best work for you. You also will want to keep on top of any reporting obligations, so there is no hassle with your reporting come tax time. Keep this in mind when you choose R T Accounting & Taxation Services as your Payroll Service Provider.
Get Top Quality Service
With R T Accounting & Taxation Services, we are available day and night to help you and your business. We help you understand what services we provide and what you will need to handle within your business to ensure that every pay cycle can run as smoothly as possible,
Automation is key.
Our in-house payroll outsourcing experts are qualified with most Accounting Software Packages, so we can use the software you feel most comfortable with and already use. For example, it would not make sense for us to run payroll cycles via MYOB when you already use Xero.
Check Employees Details Regularly
With pay runs it is important to ensure that your employee’s details are up to date and checked regularly. We can set up reminders for you to check with your employees if they need to update their details on our system. We can give employees a deadline in which to give their information by so they can be paid correctly for the upcoming pay run.
Secure Your Data
Many small businesses do not have the most secure systems. At R T Accounting & Taxation Services, the privacy and security of your business are our number 1 priority, we will ensure that all your information is kept in a safe manner that can only be accessible by those predetermined by us and your business.