The whole procedure of payroll management consumes a huge amount of time. And as an owner of a small business in Perth or anywhere else in Australia, you will find it hard to keep up with every task you need to get done. At the same time, you have to maintain consistency and accuracy with payroll because the distribution of paychecks will directly impact the employees’ performance and satisfaction.
What Is Payroll Management?
The process of payroll management refers to managing the financial records of a company’s employees. The details include the employees’ salaries, bonuses, incentives, net deductions, and net payment. As an employer, it will be your legal responsibility to keep and maintain these records. If you cannot comply with the Income Tax Laws related to the employee financial records, you may face legal consequences.
Why Is It Ideal To Hire A Bookkeeper?
The payroll process is long and involves reconciliation, payroll taxes, retirement plans, contributions to healthcare savings accounts, over time, etc. And as payroll is a full-time job, you may find it challenging to look after all the operations of your business. That is why we always recommend hiring a bookkeeping service for your Perth-based business.
However, you may not afford to recruit a full-time bookkeeper in your company. In that case, you may think of having payroll outsourcing services. Luckily, there is a top-ranked company that provides excellent services in payroll management, and that too at a meagre rate. We will discuss the other benefits of hiring a professional bookkeeper in more detail later in this post.
What Is Do-It-Yourself Payroll?
Some companies do choose to handle payroll processes independently, but it is necessary to have a strong team who can help you with the paychecks. If the team works well, it will be fine, but if it does not, plenty of errors like late paychecks, missing hours, and other mistakes will lead to frustration among the employees. These problems together can result in bigger consequences, which can be harmful to your business.
When handling payroll, you can think of the benefits of taking help from a payroll service. It is found that business owners who hire a payroll service can save more money compared to what they would have paid to an in-house accountant.
What Services Does A Bookkeeper Offer In Payroll Management?
Professional Bookkeepers Perth helps numerous small businesses streamlining their administration operations more effectively. In addition to payroll services, a bookkeeper can also give essential accounts payable and receivable services, cloud-based accounting reporting services, help in budget preparation, forecasting, and give valuable suggestions regarding your company’s finance.
If you join hands with the best-ranked outsourcing services, you will get part-time bookkeeping services with a full-time presence. It will allow you to spend more time taking care of your business. Different payroll services that a bookkeeper generally provides include:
- Accurate Compensation Calculations
A business usually employs different types of employees. It can have both salaried, permanent or full-time employees and contractual or part-time employees. The payment can also be monthly or hourly with overtime. Whatever be the system, a bookkeeper can give the proper help. They will adequately calculate the wages of the employees using the calculation system you like. You can also think of timekeeping alternatives, which will automate the hourly records.
- Calculation Of Payroll Tax
As the company owner, you know the importance of payroll tax payments. A professional bookkeeper will calculate the taxation amount accurately and transfer timely payments.
- Contributions Management
There are several benefits enjoyed by employees, which include healthcare savings contribution, retirement contribution, and childcare savings contribution. When you choose a professional bookkeeping service, they will want to make sure that all the contributions get processed accurately and smoothly.
- Administration Of Special Circumstances
Particular circumstances like wage garnishments also need to be appropriately administered. A professional bookkeeping service will make sure that the process is done smoothly and correctly.
- Automated Reporting
Automated reporting functions simplify and fasten the whole process of reconciliation. As a professional bookkeeping service, they will comprehensively review every pay cycle to see if the given out payments match the amounts mentioned on the ledger.
- 24*7 Cloud-Based Access
It is one of the most significant benefits you can get when choosing a professional payroll service. You can have 24*7 access to the company’s financial information and payroll to know when, where and how the data can be suitable for you. You can also check payroll using your smartphone.
What Are The Benefits Of Payroll Service?
You will find a considerable number of benefits to enjoy when you choose to use a payroll service. Those benefits are as follows.
- First of all, an outsourcing service will enhance the accuracy of the payroll distribution, especially if you join hands with a reputed and trusted company with years of experience in payroll processing and bookkeeping.
- Secondly, as a professional bookkeeper will do the work, you will not have to worry about the details of the process, like calculations and distributions. You will have more free time in your office and focus on the other important engagements. As an owner, you will indeed have to deal with many people like clients, customers, or partners, and it will need lots of attention.
- Hiring a small business bookkeeper or payroll services Perth will also decrease your stress levels. Apart from payroll administration, a financial professional can also look after other financial services like invoicing. Thus, with a stress-free mind, you can think about future ventures and subsequent business growth.
- In general, top-ranked bookkeeping companies can provide help with any financial assistance or bookkeeping needed to run a small business. An experienced bookkeeper will always discuss with you and then offer need-specific services.
As payroll management is one of the most vital parts of a business system and needs to be done carefully, you should choose the top-ranked payroll services company in Perth. They will also offer a free consultation before beginning the work.