Do Payroll Myself or Use a Payroll Service?

by Job Search Guidepost

Payroll administration is a vital part of your business processes, and without it you will have great difficulties and no staff- so you’ve probably wondered if investing in an Australian payroll service would be worth while! It’s also one of the hardest parts of business to run yourself, especially if you have a large staff, or staff with complicated salaries and commission. So what’s the verdict- keep it in-house or outsource?

Do I need a payroll service in Australia?

If you have a very simple payroll with no monthly salary fluctuations, doing your payroll in-house won’t be that arduous and it can save you money. However, that doesn’t irradiate the possibility of making accounting errors or failing to comply with legislation, both facets that may end up costing you with the tax man. Remember that the reporting and deduction is your problem legally, and the government won’t care [or make it your employee’s problem] if you get it wrong. So if you opt for this route, no matter how small your payroll, you really do need to make sure that you know what you’re doing. PwC Studies Show Outsourcing Saves 35% on Payroll And 50% on HRIS read full story by clicking here

Responsibilities you’ll need to be familiar with include filing reports and, of course, the withholding of tax as required for employees. There’s also making the correct payments to the correct government entities, issuing employees with the correct forms to prove their payments once yearly, managing health and pension contributions, disability, leave and unemployment benefits and keeping the right government entities informed of the hiring and leaving of employees.read more information on how to calculate employees salary by visiting http://www.mom.gov.sg/employment-practices/employment-rights-conditions/salary/Pages/calculation-salary.aspx

Do Payroll Myself or Use a Payroll Service?

What if I don’t want to handle all that?

Then you can choose to use a payroll service here in Australia. If you have a large payroll, or a payroll which fluctuates a lot with commission etc., then it’s invaluable. Yes, there will be an extra cost involved, but you will have all the need for compliance taken out of your hands. Costs may be calculated based on the payroll amount, or by the check.

How to pick the best Australian payroll service?

It will depend on your needs- whether you’re a big company needing all the bells and whistles, or a small company who just doesn’t have the time. There’s even companies that will assist with payroll without making you completely outsource it, allowing you to handle the paycheck or account transfer while doing the calculations for you. Obviously, this then stretches to the big companies that handle absolutely everything from start to finish.

When choosing your payroll service, bear in mind that at no point do you lose the liability to handle these things correctly. If there are mis-filings or fraud from the service, you will still be liable. So it’s absolutely vital that you pick your company carefully and choose a reputable supplier like payrollserviceaustralia.com.au to keep you in the clear with the tax man and other liabilities.

Choosing the right payroll service in Australia is a matter of finding a company that’s reputable and that you can trust to get the job done timeously for you- but it’s ultimately the best bet for all but the easiest of payrolls.


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