Talking Cents

Tips for an effective payroll system, by your small business accountant in Sydney

Implementing the proper payroll method and system for your business is essential to ensure there are no mistakes with paying your employees, their tax and your own tax - especially when the next financial year comes around. As your small business accountant in Sydney we find it fit to use these simple tips to ensure your payroll is up to scratch.

As a business accountant in Sydney we manage a range of different small businesses and their payroll systems. Here are some tips for implementing effective payroll:

• Make sure you always prepare and check your employees’ important details (TFN, name, address, employment, DOB and bank account details)
• Check legal and regulatory changes
• Standardise your pay day
• Don’t be afraid to let your small business accountant in Zetland take control of your payroll
• Always review and update your payroll (weekly, fortnightly or monthly)

Being in full control of your payroll is essential if you want to keep your employees and the ATO happy! As small business accountants, we have seen too many businesses implement the wrong type of payroll system, which caused them grief in the long run. We recommend using the Xero system, it is simple and easy to use!

Feel free to get in contact with our small business accountants in Sydney if you have any questions or check out services!