Streamlining The Process of Payroll

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Streamlining The Process of Payroll
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• 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.

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• 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.

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• 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

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• 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.

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• 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.

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• 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

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• 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

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

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• 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.

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• 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.