If you are a business owner, you have probably heard about the new regulations involving single touch payroll in Australia. As of June 2018, all businesses that are comprised of more than 20 staff members are required by law to switch over to single touch payroll. Instead of quarterly or biennial payroll reports to the ATO, businesses are now required to report every paycheck sent out in real time. Businesses can utilise the help of STP software options that assist in automating the reporting process, thus streamlining the entire payroll process. In this article, we look at why better payments don’t have to break the bank, so read on to find out more!
1. STP Software Is Highly Affordable
Business owners needn’t fret or worry about the costs of single touch payroll simply because a majority of STP software in the market is made to be highly affordable. Whether you own a small business or a large corporation, STP software offers you a cost-efficient way of reporting payroll to the Australian Taxation Office. For as little as $24 a month, you will be able to report single touch payroll as well as manage bills and expenses. Furthermore, STP software allows you to track BAS and GST, send professional quotes and invoices and track your financial health. STP software offers you all these perks for such a minimal fee, ensuring that you needn’t break the bank to streamline your accounting process.
2. Don’t Waste Precious Business Hours
With the introduction of single touch payroll, you can say goodbye to spending your precious business hours manually reporting payment summaries at the end of the year. Thanks to your STP software that does this for you automatically each time a payment is sent out, you’ll be able to spend your time on other aspects of your business such as coming up with new sources of revenue or focusing on bringing in new customers and clients to your business. Say goodbye to precious business hours being spent on tedious and mundane tasks. Time is money, and efficiently using your business hours is the best way to ensure you’re on the road to business growth. You will also be able to access all data on any device, whether you’re on your smartphone or laptop – perfect for busy business people who are constantly on the go.
3. Less Room For Error
Mistakes made in salary payments can end up costing your business thousands of dollars. Unfortunately, with manual accounting processes, it is almost impossible to ensure that all your salary payment reports are 100% accurate. Thanks to single touch payroll and STP software, you’ll be able to rest easy knowing that you have minimised any potential errors to the best of your ability. Failure to invest in suitable software can leave you out of pocket and is best avoided by utilising the single touch payroll system.
4. No Need For Payment Summaries
With the introduction of single touch payroll, your accounting team will no longer need to manually provide payment summaries to your employees. This is because the Australian Taxation Office will make all payment summaries available to your staff through myGov. This will give your employees better insight of their tax positions which is particularly useful if they work multiple jobs. Your accounting team will also be able to spend their time on more pressing tasks, thus increasing efficiency levels and overall business health.
We hope that this article has given you insight into exactly why the introduction of single touch payroll needn’t break the bank. If anything, the streamlining of your payment processes will create a more efficient business environment that will take your business to the next level!