Improve efficiencies with small business accounts software

Payroll is a short word for a complex subject. It involves both personal and business taxation, wages, superannuation, holiday pay, issuing pay slips and keeping accurate records, so the right small business accounts software not only ensures people get paid the right amount on time, but also deliver reports to management on issues critical to business performance.

The fundamentals of accounts software

The most basic functions of payroll and small business accounts software include: 

• Calculating and paying wages
• Applying deductions for tax, super and other entitlements
• Issuing pay slips and storing pay histories
• satisfying financial reporting standards
• Compiling wage information and reports for management.

Compliance and small business accounts software

The most important thing an SME needs to remember is that wages, taxes and entitlements are legally mandated. In other words, getting them wrong can be costly.

"To give an example, Sage MicroPay, the payroll and small business accounts software we use, complies with all the requirements of Australian payroll systems," says Stephen Coldwell, director of Acute Solutions.

"Regular updates take into account changes to superannuation and it automatically handles tax, leave accrual and other entitlements, including unique entitlements as they apply to particular staff members."

Customising accounts software

Stephen stresses the importance of finding a payroll and small business accounts software package that offers a high degree of customisation for your business.

For example, a growing media company has different wage structures. It pays commissions to some staff, but not others. It pays the award to some departments, while paying negotiated salaries to others. A good payroll and small business accounts system should be able to accommodate these complexities.

Flexible accounts software

The right small business accounts software package should also be flexible, says Stephen.

"It should be able to cope with a situation, for example, where a staff member needs to be costed to various cost centres within an organisation or even different companies within an organisational group."

Not being able to foresee these complexities is natural. But not being able to account for them is potentially costly.

Off the shelf accounts software

Small businesses and start-ups might not need a fully tailored payroll or small business accounts software solution. If not, consider the numerous cost-effective small business accounts software products available off the shelf, many of which include payroll functions. These include:

• MYOB Exo Payroll: Manages payroll. Regular updates ensure compliance. Offers templates for regular pay and a range of reporting options.
• MYOB Powerpay: Standalone payroll product that allows you to process payroll, manage tax, super and other entitlements. 
• MYOB AccountingPlus: Fully integrated accounting software including a payroll function. Pay staff directly from program, preview payments before making them. 
• Quickbooks Plus: Offers full payroll function, including superannuation management and easy access to payroll histories.
• Sage Micropay: Designed for Australian SMEs, it features one-click access to award and tax updates, pay slips, group certificates and payroll expenditure summaries.

Buy yourself time and peace of mind

Payroll and small business accounts software helps you meet your wage obligations to both staff and the Tax Office with ease.

Phone a supplier of payroll and small business accounts software to discover how the right product can boost productivity while delivering better information to management.