Payroll for small business
Processing payroll can be a time-consuming and difficult task for small businesses. However, payroll is very important because if it is not done correctly, the employer can face all sorts of issues, including industrial action from employees or their representatives, increased rates of employee turnover, and heavy penalties from governing bodies such as the Australian Tax Office (ATO), to name just a few.
Kostov Chartered Accountant’s payroll function includes but is not limited to:
• Setting up employees according to their letter of offer, tax file declaration and other personal details, such as bank and superannuation accounts, in a specialised software such as Reckon, MYOB or Xero.
• Salary packaging, salary sacrificing, employment termination payments, bonus calculations and answering stakeholder questions.
• Making sure the employer offers the appropriate package to a potential employee.
• End-of-year processes and sending annual payment summaries.
• Uploading payroll files to the bank and releasing the funds.
• Monitoring timesheets throughout the payroll cycle.
• Processing superannuation according to ATO rules.
• Lodging PAYG statements with the ATO.
• Sending payslips to each employee.
• Entering data into the software.
Many small businesses prefer to outsource their payroll function because they are too busy. Also, they often don’t have the necessary payroll expertise. Finally, many businesses find it easier to contract a professional such as Kostov Chartered Accountants rather than go through the complicated process of employing a payroll officer.
Contact Kristian at Kostov Chartered Accountants by filling out the contact form or ringing him directly on 0409 871 861.