Payroll practices to adopt in the new financial year

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To ensure that your staff remains motivated and productive in their roles, you need to ensure that your payroll processes are in order.

There can be serious legal consequences if your staff are not paid the right amount, or aren't paid on time.

What's more, failing to stay on top of your payroll could also result in you not meeting your obligations to the Australian Taxation Office, which could result in your business being issued fines or penalties.

Nowadays, there are a range of advanced payroll solutions, designed to help you streamline your payroll processes.

These powerful software solutions can help business owners to take control of their payroll each month, saving them both time and money in the process.

Many modern payroll solutions also integrate directly with the ATO's systems, making meeting your reporting obligations easier than ever before.

Let's take a look at some best payroll practices that you can implement in the new financial year to ensure your payroll processes operate seamlessly moving forward.

Using a cloud-based payroll platform can benefit your business in many ways. First and foremost, you can access the system from any location, and at any time 24/7, 365 days a year.

Your data will also be safe and secure in cloud storage, no matter what events transpire in your office building.

Transitioning to a cloud-based system will also allow you to seamlessly integrate your payroll software with your other systems to ensure a more cohesive set-up.

One of the most popular trends in payroll right now is going paperless. With payroll software, there's no need for you to spend time and money printing out and delivering employee payslips.

Instead, you can email the payslips to your employees, which will not only reduce your costs each month but will also help to lower the carbon footprint of your company, helping you and your organisation do your bit for the environment.

Whether you record timesheets in a journal or using business management software, it's vital that you keep meticulous records of hours worked by your employees.

Having accurate records will help to ensure the accuracy of your payroll, understand how much staff you need to keep your business running smoothly, and will also help you manage your finances with more confidence.

Keeping accurate records will also allow you to quickly clear up any errors in payroll quickly or address any concerns from employees about their roster or work hours with more certainty.

When you are using payroll software, it can be easy to take a "set it and forget it" approach.

While payroll software is extremely reliable and errors are rare, mistakes can happen due to incorrect inputs, changes in employee circumstances, or a range of other issues that can impact payroll.

It's good to get into the habit of checking in regularly to ensure that your payroll is accurate and that everything is above board.

Aim to take a look at your payroll at least once a week to ensure everything is being entered correctly and that your systems are running as intended.

Payroll might not be the most glamorous task, but it is crucial for your business to operate efficiently, to maintain staff morale, and to ensure you stay tax compliant.

As we move into the new financial year, use this time as an opportunity to streamline and improve your payroll processes.

With the right approach, you can make sure that your payroll systems are robust and capable moving forward, helping you to remain not just compliant, but also in total control of your finances.