Simplifying payroll with software
If you were to list what inspired you to set up on your own, it’s highly unlikely that ‘nailing payroll’ would be anywhere near the top spot. Of course, paying your people is something you cannot afford to get wrong – but for many small businesses (those with 19 employees or fewer), the actual process seems to take up far more time than intended. In fact, according to 1, small business leaders are spending an average of one in every five working hours on back-office paperwork. That’s 541 hours per year.
It’s not just a case of paperwork and admin taking up time that could be otherwise used to build the business. As of 2019, government legislation now requires businesses with under 20 employees to file every pay run with the Australian Tax Office using Single Touch Payroll2.
So often, a business will concentrate its resources on technology that directly helps its customers. Yet when you peek behind the curtain, crucial admin processes such as payroll are being powered by spreadsheets, reams of paper and lots of late nights.
It needn’t be the way. Tools like Westpac Live* are changing the way small businesses operate by helping to make those awkward, time-consuming jobs easier and quicker. Which means more time to chase new goals, both at work and, well, not.
Your business might be all about the hand-crafted, the artisanal, the time taken. But let’s be honest: if there’s one thing you shouldn’t be burning the midnight oil over, it’s payroll.
Even if you’re not writing out cheques ahead of payday or updating the books by pen, you might still be missing out on the latest payroll solutions. Technology moves quickly and even off-the-shelf applications that are just a few years old could be lacking things like integration with other accounting packages, reliable automation and real-time reporting to the Australian Tax Office.
The trick is to find something that will grow with your business. Look for an application that’s:
Win back some time, and save money doing so: that’s what you could be looking at with the right digital payroll package for your business. You’ll be:
Choosing a digital payroll platform will need a bit of careful thought. But the potential benefit may be worth it. It could help reduce the risk of making costly mistakes, cut time spent on admin and help to future proof your payroll processes. All of this should add up to give you more time to take your business forward.
*Terms and Conditions, fees and charges apply with respect to Westpac’s Business One Low or High accounts and Westpac Live online banking facility. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement at [insert hyperlink to landing page where you find the relevant T&Cs for Business One High/Low] for Westpac’s Business One Low or High accounts and at [insert hyperlink to landing page where you find the relevant T&Cs for online banking] for Westpac’s Online Banking facility, before deciding. Westpac’s Online Banking is subject to terms and conditions and may be subject to fees and charges. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement before deciding. This article does not take into account your personal circumstances and is general. It is an overview only and should not be relied upon. The information provided in this article should be used as a guide only. We recommend that you seek independent professional advice about your specific circumstances. Consider its appropriateness to these factors before acting on it. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.
1 , commissioned by Reckon and conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 1,328 small business leaders throughout Australia. The survey was conducted online between 20 March and 1 April 2019.