Payroll is a business function that takes care of your employees' payments covering salary, benefits, superannuation, income tax, leave and other matters such as retirement and retrenchment. Small businesses can either hire staff to process payroll or outsource payroll services to payroll companies.
What is the payroll process in pay cycle?
Generally, the payroll process in a pay cycle involves calculating work hours, factoring in benefits, deducting income tax under Pay As You Go (PAYG) Australia, sorting superannuation and disbursing salary and other payments. All payments and processes must comply with the Australian Tax Office and other laws and regulations.
What is the benefit of using payroll software in your small business?
The benefit of using payroll software is immense. It helps reduce errors and manual tasks, provide a central database for payroll, helps you comply with the latest regulations, saving you time and money. Most accounting software comes with a payroll function such as Xero, MYOB and QuickBooks.