The subject of payroll has been on the minds and lips of businesses all over Australia. Single Touch Payroll was a timely catalyst for many to look within their organization and flag what needs to be improved upon and what those improvements could feasibly look like. If you’ve arrived here at this article, then you are already considering what a payroll overhaul could do for you, or maybe you are trying to diagnose behavior that could be indicative of ineffective payroll processes. Let’s take a look at these telltale signs of woeful payroll practices.
Time is never on your side
We know that time is a finite resource, and this is never more relevant for your finance department. If you feel like you are only ever just getting things done in time (with the aid of overtime), then your payroll may need an overhaul, and quickly. Corporate payroll services through a third-party provider will actually take this critical responsibility off your plate, allowing you to re-allocate those precious hours to other areas of your business. Stop putting yourself through the stress of making sure each member of the team is working on or supporting your payroll function, and claim back those hours entirely.
Your current model isn’t flexible enough
In today’s day & age, we expect it all at our fingertips right when we want it. This doesn’t really present a problem if you are working with modern technology, but if you’re not? It’s going to be frustrating, and might even cost you a few opportunities for improvement and action. Workflow flexibility should be high on your list of requirements, and an outsourced payroll solution will allow you to achieve this. No longer do you or your team need to be hamstrung to procedures that are not yielding you the results you want when you want them. Start adapting and deploying some flexibility through a much-needed payroll overhaul.
Your payroll solution is not compliant
In 2018 we saw the changes roll out from Single Touch Payroll. Businesses are required to report more frequently and to a deeper level, which can only be facilitated through a modern payroll solution. If this doesn’t sound familiar, then you may want to reach out to the ATO, as failure to comply will carry some hefty fines. You may find that a simple software update will afford you compliance, but others may need to make some more significant changes to their processes. If you have a small operation with ten employees or less, research what your requirements are as they are not as regimented as those businesses with more employees.
Go straight to the source
Before deciding whether or not your payroll needs an overhaul, you should be engaging your internal payroll team and the employees who are being paid through said payroll. This will give you an invaluable insight into what is and isn’t working, and it might even inform you of what to ask of your future payroll provider. This feedback can be absolute gold. Although tread carefully here, as the best outcome may include a full-service corporate payroll service that makes an employee redundant, so ensure that you’re only consulting with finance management.
Now that you’re starting to conduct some research see if you can stop signs of inefficiencies in your internal payroll procedures. Chances are they are there, and they could be costing you more than you think. For many, Single Touch Payroll has the perfect excuse to start searching for an ideal payroll solution that keeps in step with your business requirements. So why not make further changes in this area?