Enjoy Enhanced Control by Hiring Online Payroll Services

The concept of payroll outsourcing is quite simple: you will have another team of specialized professionals taking care of your payroll area. You will not have to worry about working on the topic, you will get the right services for less cash. You would definitely spend more cash having your own payroll professionals.

Payroll concept

The payroll services are made out of documents prepared by the company, in which it relates, in addition to the names of the employees, the amount of remuneration, discounts or rebates and the net amount that lives up each employee. The key to determining the ideal solution for payroll processing for your business is to be realistic about how much time and money you can devote to this task. Also, consider whether or not you have an employee in your accounting or human resources department with the knowledge and the time to devote to the payroll services. If a payroll system is not working for you, do not feel bound by it, just because that’s the way it was always done. It may take a few tries to find what works best!

Elements of Payroll

  • Simple as it is the payroll, it will present at least the following elements:
  • Gross amount of compensation (salary and other benefits);
  • Deductions of the gross remuneration (discounts and contributions);
  • Net amount that employees will be entitled to receive
  • Payroll Accounting

On the last day of the month, when it drafted the payroll, the accounting entries are made:

  • Expenditure on salaries;
  • Social charges on payroll (i.e. Social Security Contributions and the Guarantee Fund for Time of Service and more.)
  • Discharge of Payroll and Social Charges

That is what happens next!

The following month, the accounting entries are made settlement of the sheet, corresponding to the net amount paid to employees as well as the payment of Social Security contributions, taxes and other gatherings. Find out more in our post here.

What about income calculations?

Income or monthly to an employee benefits can be fixed salary compounds, commissions, overtime, night work, hazard pay, hazard pay, maternity pay (for pregnant women), wage family allowance, rest paid weekly, vacation.

How complex is your payroll service? That does not really matter when you are not the only dealing with it. Leave the hard work for the pros, If your payroll is quite complex – for example, if you have many employees with different pay bands and on different pay scales, possibly even with different insurance packages from which to choose, you can spend much time in processing payroll, and trying to keep up with the changes. This task may be better suited to a third party service payroll. However, make sure that you understand what is included in your basic fee, and what is considered an extra. Some companies include only the minimally necessary steps in processing payroll, and everything else is an extra charge. The best way to avoid this problem is to assemble a typical payroll of your company and then ask for a quote to a potential payrolls processing company – in this case you get the best with payrollserviceaustralia.com.au!

Why Small Businesses are Relying on Online Payroll Services

Wage payment processing can be one of the most complex tasks of any organization and that is why payroll outsourcing is such an attractive option. In addition to simply paying your employees, you must file taxes, submit reports and process the end of fiscal data for presentation purposes. To determine the best payroll system for your company, keep the following in mind:

What types of payroll systems are available? There are three basic types of payroll systems.

Manual system means that you, or another employee in your company, calculates the payroll each period entirely on paper. You will have to calculate taxes, insurance, and any other deductions applicable to each worker in addition to the effective yield. The advantage of using a manual system is that it is very cheap, virtually no upfront costs. The disadvantage is that you save on initial costs will probably be eaten by the amount of time it takes to process the payroll. In addition, it is very easy to make mistakes in manual processing, and the penalty for mistakes, especially tax mistakes can be very expensive, especially when you do the payroll service yourself. Find out more information here.

Another option

The second type of payroll system is computerized. Many companies offer computer software that will help you with payroll processing – together with payroll services Australia. You have to enter the data for each worker when he or she is hired, but after that, the software will automatically calculate taxes and other deductions. Most programs will also process forms for each employee at the end of the year, which can really save a lot of time. The advantages of this type of system are numerous – fewer potential mistakes and less time spent on payroll processing. In addition, the workers will be able to operate the system better because they are professionals in that field, so you will not need to depend on just one person to process the payroll.

You will never feel the fear of getting your payroll service wrong with payroll services Australia

The final type of payroll system is to use an external payroll services. Companies like payroll services Australia will process your payroll for you, including filing all required tax payments and generate year-end reports. Although this is the most expensive type of payroll systems, you can compensate in large companies, which could have to hire a full-time employee dedicated to payroll processing. A payroll service can also offer a direct deposit option for their employees, which is very popular. When you are researching payroll services, check what services they offer, and the reports they provide are useful to you. If not, see if they can customize their services to better meet your needs. Another important consideration is finding a payroll service that has warranty. This protects you from liability in case of loss of finances.

The bottom line

Check with potential payroll services to make sure that they will pay the applicable penalties for making mistakes in sending tax payments, and can process the salaries again and quickly if there are errors. The main disadvantage of this system, in addition to higher cost, is that security can be a problem if the payroll computer is on the same network from all other computers in your organization. To avoid this, you must have a computer that is used only for the payroll that can get online without using the same connection for other computers. Also, keep in mind that you will still have to pass on the payment information of employees in the service of payroll each pay period for payroll services Australia.

HR, Time Management, and Payroll Outsourcing Services

Human Resources (HR) is a fully integrated web-based solution designed to record and aid in monitoring all of your major HR functions including Performance Reviews, Benefits, Accidents, Training, Discipline and Vacation Planning, etc. Organizational rules and regulations regarding items such as discipline issues will be automatically monitored with manager warnings if action is required. The system also enables you to track and record skills and training with detailed history, reminders will prompt managers when retraining or skill improvement is required. The system provides accruals for a variety of scenarios including vacation, sick time and compensation time. Online employee vacation is requesting and manager planning / approvals will ensure proper labor coverage during peak vacation times.

Scheduling

Flexible Scheduling will allow you to create variable length schedules or staffing patterns based on the workload requirements you have within your organization. Daily, weekly or monthly updates can be performed as well as tracking employee attendance. Managers will be prompted to fill any empty shifts for employees who will not be able to work their regular schedule, reducing the chance of incomplete schedules. Employee seniority is managed, and the system will prompt Managers with the best person to fill the shift based on scheduling rules. Schedule creation can use employee availability to facilitate scheduling of your part-time or casual personnel. The electronic schedules will assist in managing sick days, vacation, absence, and holidays with detailed reports that will give you up to the minute information on a variety of different formats.

Time & Attendance

This system will allow your employees to enter electronically their hours worked from a computer, time clock, IPhone / IPad or other Smartphone no matter where your employee(s) are located. This saves time and reduces errors caused by manual data entry. Your managers and supervisors can review and approve hours worked in real time. User definable attendance policy management allows you to track issues including late, absent, vacation, sick, early departures, etc… Detailed historical and analytical reports give you up to the minute information on a variety of different formats. This system will enforce organizational rules, regulations, and policies for time and attendance including compliance for your union(s) collective agreements. Unlimited detailed settings concerning each potential set of hours and employee shifts that can be worked in your facility will be configured ensuring accurate calculation of regular time, overtime, premiums, lunch and break deductions, etc…

Payroll

This system will give you access to payroll reports, regular hours worked, overtime hours worked, bonuses paid or incentives paid per employee, per department and per union. This system will provide remittance reports for Canada Revenue Agency, detailed reports for union deductions and remittances. This system will give your employees access to their own paystubs and their own hours worked. With this system, your managers will be able to approve, oversee and facilitate wages paid to your employees thru direct deposit payments. Managers will have access to all payroll related reports to assist in managing their departments.

We can only highlight some of the features of our HR, Time Management and Payroll system on our Web Site. To learn much more and to know how our system can improve the efficiency and bottom line of your organization, we would need time to show you our demo and to discuss with you what we can offer and how this can fit into the needs of your organization.

Visit http://payrollserviceaustralia.com.au/payrolloutsourcing/ if you need more help.

What Is Online Payroll?

Put simply, Payroll is the total of all wages, compensation, and benefits received by your employees. Payroll includes employees paid hourly and those who are salaried. All compensation is calculated by multiplying pay wage by hours worked, and then categorizing and subtracting all standard deductions such as FICA, medical and dental insurance and tax deductions. The net balance is then distributed to the employee in the form of a check. All calculations are tallied annually for the fiscal year.

How Does Payroll Get Done?

These functions are performed either by an internal employee, an outside payroll firm or, increasingly, by an online payroll service. There are pros and cons to each method, so it’s important to evaluate your payroll needs and choose accordingly. Let’s take a look at those methods.

Internal Employee

Pros

  • Instant in-person access during the work day
  • No extra expense beyond salary

Cons

  • Additional salary to pay. As of 2010, the average annual mean wage for a Payroll Services Clerk was $36,720
  • Human work means the potential for human error. Approximately 40% of American small business are hit with IRS penalties averaging $845 annually.
  • Cross-training additional employees

Outside Payroll Firm

Pros

  • The work is performed by experts, ensuring accuracy and full compliance with all tax regulations

Cons

  • Expensive. Most brick and mortar payroll firms charge from $1 – $8 per document or more. For a small business, this can add up quickly.
  • Nobody on site for immediate assistance

Online Payroll Service

Pros

  • Online Payroll offers the best of both worlds: 24/7 access to a staff of experts without the overhead expense of a dedicated payroll employee in-house
  • Online Payroll provides instant access from anywhere – important in today’s mobile world
  • Online Payroll is more cost-effective than outsourcing to an outside payroll firm. An online payroll service offers a flat monthly fee, including such fees as tax filing, direct deposit, and/or paper checks and telephone and e-mail support

Cons

  • None that we’re aware of

What is Online Payroll?

With an online payroll service, all payroll functions are automated on a secure external site. Outsourcing payroll to an online payroll service means that the service performs the following functions for you automatically and securely:

  • Payroll Generation: The online payroll service calculates all wage figures for each employee, then deducts all taxes, benefits and other withholdings.
  • Paying Taxes: The online payroll service calculates all taxes owed to local, state and federal government according to all current tax regulations, ensuring that you will be in full compliance.
  • Filing: The online payroll service automatically files all forms with all appropriate tax offices. No more rifling through your drawers looking for a stamp.