Payroll errors are costly, damaging the company's reputation and brand and leaving you with disgruntled employees.
Payroll errors can have devastating consequences, especially if they go undetected for a long time. The complexity of payroll increases as your business grows, increasing your risk of errors.
It's essential that you have the right payroll systems and processes in place - especially if you're a fast-growing business.
You may want to consider upgrading your payroll software if you are experiencing the following challenges:
Have trouble keeping up with compliance requirements?
Maintaining payroll compliance is one of the biggest challenges facing growing businesses. Getting it wrong can have dire consequences.
Some awards change every year, often with little room for interpretation, making it hard to keep up and ensure compliance - not many payroll solutions help with award interpretation due to the complexity.
With the introduction of STP (Single Touch Payroll) as an employer, you are obligated to report to the ATO for compliance.
Your payroll processing and compliance become significantly more complex as your employee headcount increases, especially if your payroll software doesn't help automate compliance.
Do you have visibility of your payroll?
A business's highest cost is payroll, so visibility is crucial. As a business grows, its payroll solution needs to be able to provide visibility to the business leadership team to track and control payroll costs effectively.
With a more advanced payroll solution, analytics and reporting that may take a considerable time for current payroll software to generate may only take a few minutes and be available in real-time.
Are you having problems with your payroll software?
Your current payroll software solution may have worked without a hitch for the size of your business, but as you grow, the software may no longer suit your workforce management. There are more compliance obligations to process, reports to generate, and employees to pay with each pay run, amongst other demands. You're likely experiencing technical difficulties like freezing or incorrect processing of pay runs, which places your business at risk of non-compliance and under or overpayment of staff.
With your company's growth, your way of working might have changed, as most growing companies now adopt hybrid working and remote work models. Your software solutions must be online and available in real-time for your payroll staff to be effective.
Is your business being held back by manual, paper-based processes?
As your employee headcount grows, manual payroll processes are no longer viable. Besides being time-consuming, this leads to human error, putting your business at risk for non-compliance and inaccurate payments.
Upgrading to a more robust, scalable, and automated payroll solution like Access payroll solutions can help you eliminate manual processes and ensure payroll accuracy. For instance, Access Definitiv comes with employee onboarding, self-service for employees, timesheet recording and reporting for easy recording and approval. Award interpretation software and comprehensive reporting. This all-in-one solution is also scalable for your growing business and tailored to suit your business needs.
Are you struggling to recruit the right payroll officer?
Payroll staff are hard to find, even more so if you are not using a recognised payroll software solution. Your payroll processes may run smoothly, but what if your payroll officer resigns? Using an established, intuitive payroll solution like the solutions offered by Access payroll means you have two options. You can find qualified payroll staff and keep payroll in-house with support from payroll experts. Or you can outsource payroll to a payroll provider with over 20 years of experience.