If your company has reached the point where it has to hire employees, you have a legal need to use payroll services. You must pay your staff on time, subtract withholding tax (PAYG), and provide a net salary to them.
Many company owners feel burdened by the regulatory reporting obligations once they reach this phase. It’s difficult to keep track of whether or not your employees are being paid appropriately!
You will be able to obtain the greatest service possible. At Micro Chilli, payroll outsourcing in Australia you can get single-touch payroll service saving you all the time you need for your business matters.
Single Touch Payroll
When your company pays you, they can report to the ATO through Single Touch Payroll. The data is delivered immediately to the ATO from their payroll solution.
The key advantage of single-touch payroll is that it makes it easier for companies to submit to the ATO. Employers may no longer need to prepare and transmit payment summaries to their workers.
What Are The Benefits Of Outsourcing Payroll?
The finance department and the management who take care of the company’s expenses and salary is the necessity of any company. Paying employees on time not only makes them more productive but also improves corporate culture where everyone is happy doing their part in the success of the company.
When you outsource payroll services, it takes the burden off you and gives you more time to think and work on the marketing and sales department which directly affects your company’s performance. Other than that, the service-providing company gives various features that help the employees to track their salaries and make it much easier for them to control their budget.
Every company, no matter how many employees it has, spend approximately a whole week when paying their employees. It takes time to manage the finance department and that is the reality. It also requires bookkeeping and double-checking the data because little mistakes can have huge consequences when it comes to money.
This is a time-consuming job and it also decreases the company’s productivity of key workers and also the owner.
What Services Do Payroll Outsourcing Providers offer?
Payroll outsourcing companies that have the technological capabilities to give effective, immediate results usually include the following features:
Payroll processing that, if necessary, interfaces with an accounting system by
- Filing of payroll taxes
- Employee self-service is available at any time, from any location, and on any device.
- Process of garnish wages
- Payroll and specialized reporting
- Maintaining employee records
- Reporting on new hires
- Client help that is easily accessible
What Size Companies Should Consider Outsourcing Payroll?
If you simply have a few workers, this might not be profitable to outsource payroll just yet. If you can hire a dedicated payroll person or if you prefer the components of payroll processing, you can definitely retain your payroll in-house as your company grows.
However, once you are unable to keep a specialized payroll function job or your payroll responsibilities become more sophisticated (often around 10-15 employees), it’s time to outsource payroll.