Streamlining The Process of Payroll - PowerPoint PPT Presentation

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Streamlining The Process of Payroll

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Streamline payroll and simplify the process of payroll through the automation benefits cloud accounting software brings to save you time and money. – PowerPoint PPT presentation

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Title: Streamlining The Process of Payroll


1
Streamlining The Process of Payroll
2
  • We all know that paying employees on time and
    correctly directly contribute to workplace
    satisfaction. And happy employees are more likely
    to perform better which positively impacts
    customer satisfaction. As an employer, you want
    those customer service and employee satisfaction
    levels to be nice and high.

3
  • A simple way to do that is to enhance the process
    of payroll so it is streamlined and runs
    smoothly, leaving you with more time to spend on
    winning business, improving productivity and
    profit.
  • Cloud accounting, with its automation and
    user-friendly interface, replaces labour
    intensive payroll procedures with smooth,
    simplified processes.

4
  • So, lets breakdown the process of payroll first
  • Gathering employee information
  • Establishing payroll compliance
  • Recording employee hours and entitlements
    correctly
  • Making regular and fair remuneration payments
  • Record-keeping and sharing of pay slips and
    payment information
  • Regular auditing and reporting

5
  • With payroll, you must have all your ducks in a
    row and know your legal responsibilities.
  • You must pay your employees at the correct rate,
    as well as any entitlements they are eligible
    for. This includes parental leave, sick leave or
    overtime rates and can depend on things such as
    age, the state they work and the industry youre
    in.

6
  • If youre unsure, the Fair Work Ombudsman has
    created The PACT Pay Calculator . You can use
    this tool to calculate modern award pay rates for
    your employees including variables such as
    allowances, overtime and penalty rates.
  • Being across the terminology is also important.
    Not knowing your BAS from your IAS is no excuse.

7
  • The goal for payroll should be to simplify and
    streamline. You want minimal hours spent on
    manual entries and on fixing mistakes. This is
    wasted money in a business. And the legal and
    compliance elements can be a headache all on its
    own.
  • Cloud accounting lends itself to streamline the
    process of payroll through automating procedures
    around

8
  • Super contributions
  • Changes to tax tables, superannuation guarantee
    rates and levies
  • Filing employee tax file declarations and payment
    summaries with the ATO
  • Multiple pay calendars to suit your business
  • Inbuilt timesheets
  • Automated calculation and reporting of timesheets
  • Employee access to timesheets, employee payslip
    and leave balances

9
  • Connecting to other HR business processes such as
    rostering
  • Record-keeping and tax compliance

10
  • Simplifying the process of payroll through the
    automation benefits cloud accounting software
    brings to the virtual table does save you time
    and money. Here at Cornerstone we understand the
    pressure of compliance and legal requirements
    around payroll very well. We know all about cloud
    accounting and the add-on marketplace.
  • More importantly, we know the positive impact it
    can bring to the payroll process for small
    businesses.

11
  • Improved efficiencies, increased productivity,
    less payroll mistakes all add up to less
    headaches, happy employees (which means happy
    employer!) and a healthier bottom line.
  • Sounds good, doesnt it?
  • if you are tiered of manual payroll systems and
    looking to outsource payroll process to experts
    please reach out to us.
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