A payroll software solution is an accounting, payroll, or even business management software that a business operates to complete payroll and remunerate employees. Businesses can either purchase and operate this software themselves or outsource the pay run component to professionals. Payroll software is a more seamless way to process payroll, as it saves time and keeps generated records of payments.
Another benefit of any reliable payroll software solution is compliance. In Australia, each industry must operate in compliance with the relevant Modern Award. Each Modern Award outlines the minimum conditions of employment, including wage, leave, superannuation, and scheduling requirements. Large fines are handed out to businesses when they don’t operate in compliance with the relevant Modern Award. Hence, payroll solutions that integrate award compliance are an excellent business decision.
A Single Touch Payroll Software Solution refers to payroll software that has been updated to reflect the new reporting standards required by the ATO. In other words, payroll software that will send the payroll details to the ATO at each pay event.
Although there are many payroll software solutions on the market, not all of them will be Single Touch Payroll ready. It is vital that you contact the provider to ensure they are making the necessary changes to the software.
These new regulations require each pay event to be reported to the ATO. Without a Single Touch Payroll Software Solution, this will prove a time-consuming task. Having to complete this manually for each employee paid increases the risk of errors, and hence penalties. A Single Touch Payroll Software Solution will completely streamline this new reporting process.