Why Payroll Management Is Important?
Payroll management is an integral part of a company's daily operations
. Just imagine the reverberating effects of employees missing their pay. That is why it is crucial for a business to complete payroll on a consistent basis without delay. The importance of payroll does not only affect the morale of employees, it also correlates with the financial stability of a company.Importance of payroll management
Compensation
Nothing can quite compare to being properly compensated for a job-well done. An employee can feel his net worth in a company through his total compensation built into the payroll. This includes his basic pay, benefits and bonuses. Also, employees who receive health insurance and pension benefits feel they have a higher worth and will most likely deliver more than what is expected of them.
Morale
A payroll has deep impacts on the morale of employees. If a payroll is late, employees start to question the financial integrity of the company. If they feel that they are not secured in a company, employees will then start under performing and would care less about their job. Thus, it is crucial that a payroll is always carried out in an accurate and timely manner.
Lower Tax Bills
If done right, payroll can lower state and federal taxes especially for a small business. It is imperative that employees file their withholding tax showing their earnings and taxes withheld for a year. ATO requires withholding tax on employment income under a system known as pay-as-you-go (PAYG).
Manual vs. outsourcing
Doing payroll is a time consuming task and costly too! In today's business landscape where every minute counts and every penny is all accounted for, organisations must consider upgrading their manual payroll management.
Deciding to upgrade, say for example through outsourcing, businesses can benefit from lower expenditures. Outsourcing can also give them the opportunity to free-up resources and allow them to focus on their core services.
On the other hand, since businesses are working with professionals who have years of experience in handling payroll and providing the same services, they will benefit from personal attention that only a regional professional service can provide. Aside from that, they can also accomplish the following tasks on a timely, accurate and confidential way:
Calculate all time sheets
Complete reconcilliation of your payroll
Arrange electronic transfer of all wages
Produce pay slips for all employees
Reconcile all tax and statutory allowances
Produce employee payment summaries
Moreover, in outsourcing, you do not have to worry about paying salary and benefits for your in-house staff. You get a more personalised job, more professional services, guaranteed flawless and accurate payroll every time in just an affordable and one-time fixed rate.
To know more about the benefits you can get in outsourcing your payroll needs, call one of the leading professional payroll service and solutions provider in Australia, Reliable Payroll Services at 0414 254 328 at http://www.reliablepayroll.com.au
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