What You Need to Look for in Payroll Software
Payroll software takes away the hassles of manual calculation of each employee’s pay. It drastically cuts down processing time and errors, which means that your staff always get paid for the right amount at the right time.
A quick Google search for “payroll software” shows that there are tons to choose from. But what exactly should you look for when choosing a payroll software for your business? Here are some of the items you need to consider before buying:
Easy to Use
The reason why you’re buying payroll software is to make things easier for you. That’s why, first and foremost, it has to be easy to setup and use. It should have a convenient method of adding information to the software and it shouldn’t be confusing to use.
For added convenience, consider purchasing cloud-based payroll solutions over traditional, desktop-based software. They allow you to access your account via the internet anytime, anywhere, on any device — including mobile. Some cloud-based software also offers an employee portal, which lets your staff see how much they are earning, as well as other important info.
Payroll software handles a lot of sensitive information. Needless to say, it has to be secure. If considering a desktop-based solution, make sure that it encrypts the data inside the computer — although you might have to take additional steps to further secure the computer itself. Also, make sure that it has password protection and permission levels.
While cloud-based software takes away most of the stress of securing the data on your end, make sure to ask how they are properly safeguarding your data on their servers. Make sure that they connect to you on a secure layer (ex. the address starts with https instead of http.) In addition, find a cloud-based software that uses a secure password and two-factor authentication.
Every business wants to grow. And your payroll software has to be ready to handle a growing number of employees. It has to handle multiple sites at the same time, accounting for each site’s different requirements.
Handles Taxes and Benefits
Payroll isn’t just about calculating employees’ paychecks, it also handles their taxes and other benefits. Whatever payroll software you choose, it must be able to accurately calculate deductions for tax, social security, healthcare, and other benefits such as superannuation. In addition, it must be able to update itself whenever new rates are released.
Reporting and Cost Tracking
Whatever payroll software you select, make sure that it automatically generates reports for you. It should show you important information such as individual paycheck history, deposit detail, deduction history, and more. In addition, it should help you track overall costs to help you manage each cost centre.
Back Pay Support
Calculating and settling former employees’ back pay is very tricky. Make sure that the payroll solution you’re purchasing can handle back pay on your behalf, ensuring that it is settled quickly and accurately.
Being able to work seamlessly with other programs is a big plus for a payroll systems. Check if it seamlessly integrates with your accounting software, your enterprise resource planning (ERP) platform, and other programs. This allows you to have a bigger picture insight on your business with data exchanged across these solutions.
Tanda works well with the world’s leading payroll software, whether they are cloud-based or desktop-based. Its payroll integration feature it exports approved timesheets with gross wage calculation straight to your payroll software with one click. This means that it can further cut down your payroll processing time from hours down to minutes.
Click here to find out which payroll software works with Tanda.
Events & Media AU |
Mossman State High School graduates Tasmin Trezise and Jake Phillpot are hoping to set up a head office in Far North Queensland for their rapidly growing tech business, Tanda (Previously PayAus). The software and payroll processing company is currently based in Brisbane and is helping organisation of five and upward staff significantly reduce their labour costs. “Tanda deliver a digital answer to traditional time sheets,” founder Tasmin Trezise said. “Our system eliminates time theft and produces unbelievably easy reporting and businesses save money from day one as there is no upfront cost.” The system involves installing a managed hardware device into your business and employees record their start and finish times by entering a unique four digit. The system will send the data back to the central server where organisational rules are applied and time sheets are calculated effectively reducing labour costs. “It’s not a choice anymore, small to medium businesses need to be thinking about their staff costs all the time and we are able to help them do it.” Mr. Trezise said. Tanda founder Jake Phillpot said growing up in local small business families meant the pair were passionate about bringing technical innovations back to far North Queensland. “We made Tanda to be the most powerful and economic payroll and cloud timesheeting solution on the market for small to medium size organisations,” he said. “It’s about keeping family business strong, simple and together.” Visit www.tanda.co for more information.
Product Updates |
Big upcoming leave management upgrade
We’re working on some big improvements to the Tanda leave management module we thought you might like to hear about. After a lot of feedback from our customers, we’ve found three reasons to build a fully fledged leave management module. Leave is universal. All permanent staff take leave. It’s a core, but often poorly managed, interaction between businesses and employees. It’s expensive, but all too easy, to poorly plan and administer leave. What are we building? Here’s a mockup from one of our designers, which should give you an idea of some of the features we’re working on… For Managers and Business Owners One place for all leave requests, that integrates with timesheets and rosters. Contextual information to help you decide if you should approve or deny a leave request. You’ll be able to edit leave details (like dates, hours, and the tag to export to payroll) when approving leave requests. A simple way to email the reason for approving or rejecting the leave request from inside Tanda. For Payroll Managers One place to review all leave for the current pay period. Easy to make corrections to leave before you export it to your payroll system. Gives you a full audit trail, with reasons and notes on every leave request. For Employees Saves you filling out a paper form to request time off. Gives you the best chance of having the time off you want approved. Prevents you from being rostered on when you are on leave. What aren’t we building? We aren’t tracking how much leave employees are entitled to (also known as leave balances). Your payroll system needs to be the single source of truth for this information. That said, if you use MYOB AccountRight Live or Xero, we are able to import a copy of the leave balance at the end of the last pay run, so at least you’ll have that as a guide. We also have lots of ideas on how to make rostering around leave easier, which we plan on building once this approvals queue is done! When is this coming? Keep an eye out over the coming months for details on how you can see previews of proposed changes. In the meantime, we would love to hear and feedback you may have about the current leave management process. You can either email this through to email@example.com or email your Tanda account manager.
Awards & Rostering |
What is Single Touch Payroll (STP)?
Single Touch Payroll is a Federal Government initiative aimed at streamlining business reporting obligations regarding certain taxes and wage information. Often referred to as Single Touch Payroll, or Single Touch Payroll Reporting (STPR), it was legislated on the September 16 2016, under the Budget Savings (Omnibus) Act 2016. Under the legislation, employers will be required to report ordinary time earnings, staff wages, Pay-As-You-Go (PAYG) withholding information, and superannuation contributions directly to the ATO, at each payroll cycle. Key dates for Single Touch Payroll Single Touch Payroll will become mandatory July 1 2018 for ‘substantial’ employers, those with 20 or more employees as of April 2018. However, it will be available to employers July 1 2017, for those who wish to begin reporting earlier. For employers with 19 employees or less, Single Touch Payroll will also be made available July 1 2017. There currently is no information regarding whether it will become mandatory for employers with 19 employees of less. Single Touch Payroll will provide employer payroll data in ‘real time’ to the ATO. This will allow them to monitor payroll compliance, and perform data-matching to determine if Superannuation Guarantee Charge as well as PAYG withholding obligations are met. For employers, Single Touch Payroll will seek reduce the administrative reporting burden by providing an automated reporting system throughout the entire financial year, that ensures transparency. Changes for Employers Ordinary Time Earnings, Salary or wages, and PAYG withholding information will reported in real time to the ATO, as payroll is processed periodically. Super contributions will be reported to the ATO as they are paid. Employers will need to update their payroll software to be STPR compliant, or implement STPR compliant payroll software, if they currently don’t have one. New employees will have the option to complete TFN and Super Choice forms online. STPR will become the approved form of reporting for PAYG withholding. Employers who use STPR to report their PAYG withholding obligations will have their PAYG withholding prefilled in their BAS by the ATO Employers will no longer be required to submit an annual PAYG report to the ATO. Employers may no longer need to supply payment summaries to employees. Changes for Employees View online year-to-date pay, the tax that has been withheld as well as your super entitlements throughout the year. Complete pre-filled TFN and Super Choice forms online when you start a new job. Access a range of tax and superannuation services, lodge tax returns and track your super online, using the myGov portal. Where to now? July 2018 is slowly creeping up, and it’s important that employers start thinking about Single Touch Payroll, and what it will mean for their business. Business that currently use payroll software, will need to upgrade their system to be STPR compliant. For businesses that are currently not using any payroll software, they will be required to implement STPR compliant software prior to July 1, 2018. In addition to this, all businesses should consider the robustness of their current payroll processes, including the accuracy and efficiency in how staff are paid. Integrating a compliant workforce management system with your payroll software is a simple and effective way to ensure that you remain compliant in all aspects of the payroll process. For more information about Single Touch Payroll, visit the ATO website.