How a Payroll Accountant can Help your Business

Running any business is a full-time job. Not only do you have to worry about managing staff and stock and servicing your customers, but you also have to find the time and learn the skills required to handle the administration side of things.

One of the most crucial administration rolls you have as a Gold Coast business owner is ensuring your valued staff are paid correctly and paid on time. This task is referred to as payroll, and it can be a stressful process for many; particularly if you have many staff members with varying rosters. However, it needn’t be; not with the help of a payroll accountant on the Gold Coast.

If you’re struggling to stay on top of your payroll duties, then a payroll accountant may be the perfect solution.

Continue reading to discover all the ways an outsourced payroll accountant on the Gold Coast can be beneficial to your business.

Save You Time and Boost Productivity

The biggest benefit payroll accountants provide Gold Coast business owners is the gift of time. Performing payroll tasks, ensuring continued compliance, and making regular adjustments for absentees, holiday leave etc. is time-consuming. It’s also stressful. The time and stress can pull you away from performing more productive duties that could increase profit.

By outsourcing your payroll duties to a Grow Advisory Group payroll accountant, you will undoubtedly free up a lot more time, and have a clearer mind, enabling you to be more pro-active and productive.

Set up Single Touch Payroll Software

If you’re worried about handing control over to a payroll accountant and want to do payroll yourself but need help setting it up or streamlining the process, a payroll accountant can help.

One of the best ways to manage payroll in-house is to set up Single Touch Payroll in software such as MYOB, Xero or QuickBooks. Employers should also understand how finalisation affects PAYG payment summaries and STP income statements at the end of the financial year.

If you’re a new business, we can set up everything you need to manage this yourself, and if you’re an existing business, we can review your setup and migrate you to a better platform if need be.

Stay Compliant and Avoid Penalties

There are significant penalties if you have not set up STP correctly or unknowingly make a mistake in relation to employee entitlements and rates. Payroll mistakes can involve employee rates, leave, entitlements, super and other obligations. In particular, missed or late super and the resulting SGC requirements can create additional calculations, reporting obligations and penalties beyond simply paying the outstanding contribution.

Gold Coast payroll accountants, such as the Grow Advisory Group team, stay up-to-day with the ever-changing legislation and have advanced experience with accountant software. Only last month, in the annual wage review, new minimum wages in the retail, accommodation, food services and a range of other industries increase by 1.75%.

Are you paying your employees correctly? We can review your setup and ensure compliance.

Learn more about your payroll obligations from the Fair Work Ombudsman.

Gain Peace of Mind and Retain Staff

Don’t lose sleep worrying over payroll compliance issues. By partnering with a payroll accountant, you can gain peace of mind knowing you’re 100% compliant with Modern Awards, Timesheets and Pay Conditions.

When you’re compliant, your staff are getting paid correctly. When your staff are paid correctly, they will stay with you long term.

Conclusion

There are many balls to juggle as a business owner. Payroll is just one of them, but it holds the most weight. As a business owner, you must ensure your staff are paid correctly and on time. This is easier said than done.

It’s easy to make mistakes and become non-compliant when you lack time and don’t fully understand the complex legislation. A Payroll accountant can help you put time back into your business and provide the confidence of compliant payroll.

The beauty of bookkeeping is that you don’t have to do it all yourself. Pay role is just one of the services you can outsource to Grow Advisory Group. Our blog post, Bookkeeping: What To Do In-house & What to Outsource, will help determine if other duties may be better for our professional Gold Coast bookkeepers.

Grow Advisory Group can help whether you need a little help or a lot of help with payroll.

Contact us today to get started.