Accounting Tips: Outsource Payroll Solutions

For most people new to business, it can be tempting to do payroll yourself to try and save money.

However, it is not necessarily so. Managing and processing payroll involves time and expertise.

Managing small business payroll involves than writing checks and handing them out to employees on time. It also requires complying with numerous ATO requirements such as keeping accurate records, calculating and correctly paying payroll taxes and meeting superannuation requirements. Salary packaging can also introduce more complex tasks that are important to get correct so as not to alienate staff.

Insisting on doing your payroll in house not only predispose you to potentially costly implications of making mistakes with payroll taxes and super, it also takes your attention away from the more pressing concerns of running a business.

Outsourcing payroll management is becoming more popular among many small business owners as well as bigger businesses.

Outsourcing payroll is a smart decision for business owners as it can simplify the process as the outsourced payroll provider will now be responsible for managing the entire process cost-effectively, correctly and efficiently.

However, as it is you the employer who is ultimately responsible for the payment of payroll liabilities to the ATO and correctly paying your staff,? it is very important to choose the most reliable and trusted outsourced payroll provider that is right for your business.

Here are some tips:

-Identify and Determine Your Business Needs. Make an assessment of your payroll needs.

-Assess and Evaluate the Features and Benefits. Shop around. Do comparisons. Learn all the features.? Avoid picking a provider based on price alone. Instead make sure that they can provide all the services your business needs.

-Do Research. Don?t hesitate to ask around from your fellow business owners, chamber of commerce or trade association members if they use an outsourced payroll provider. Ask them about the services they receive and if their provider have met their needs. Find out also their frustrations about the service and the provider itself.

-Do A Cost Comparison. Find out if the payroll company charges a setup fee, do they charge on a per payslip basis, do they charge for additions or deletions of employees and other additional costs. Then make a comparison.

-Make sure to Choose an Outsourced Payroll Provider that Guarantees Confidentiality and Information Security. Providers are known to have a range of payroll submission methods ? such as by phone, fax, and email and over the internet. So, you should know what they are going to use. As payroll data is sensitive, make sure that you are comfortable with what they are using. Make sure that you choose a provider that protects your employees? data.

-Ask if the Outsourced Payroll Provider Assumes Tax Filing Responsibilities. Make that you?ve chosen a provider that prepares quarterly and annual employee tax filing and assume liability for accurate and timely submission.

-Makes sure that the Payroll Products and Services are User-Friendly.? Aside from making sure the program is easy to use, you should also find out what type of support is available ? such as a help desk and professionals who can assist with program troubleshooting.

Outsourcing your payroll, though very beneficial for your business, should also be done carefully, armed with the correct and most-up-to-date information with regards to the provider?s services, security, customer support and software functionality.

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Shoebooks.com.au is a premium provider of accounting online solutions for SME businesses in Australia. Check out the features of Shoebooks small company accounting software and experience the advantages of our payroll software for businesses. Shoebooks is located at Unit 12, 118 Church Street, Hawthorn Victoria 3122, Australia. Call Shoebooks at +613-9818-1515.

Source: http://www.short-articles.net/accounting-tips-outsource-payroll-solutions/

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