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Is your payroll software keeping up with your growing business?

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Getting payroll right is one of the most critical responsibilities of a growing business.

Even the smallest payroll errors can have disastrous consequences, especially if they remain undetected for years. And the risk of error significantly increases as your business grows and its payroll becomes more complex.

This year we’ve seen several high profile cases of Australian companies that have fallen victim to payroll errors.

The retail group that owns Rebel Sport and Supercheap Auto was found to have underpaid staff $32 million over six years by not applying overtime rates properly. And nearly 4,000 Beaurepairs employees were underpaid close to $2 million due to the company failing to update its payroll system in response to changes to the industry award.

Ensuring you have the right payroll systems and processes in place is critical – especially if you’re a fast-growing business that has outgrown its payroll software.

If you can identify with the following challenges, it may be time for your growing business to consider upgrading its payroll software:

1. Are you struggling to keep up with compliance requirements?

Staying on top of payroll compliance is one of the biggest challenges growing businesses face. If you get it wrong, it can have dire consequences.

Some awards change every year, often with little room for interpretation. There are many variables to consider when working out employee super contributions. And new obligations like Single Touch Payroll add another layer of compliance your payroll team must navigate.

Add a growing employee headcount to your business’s myriad compliance obligations, and your payroll suddenly becomes significantly more complex, especially if your payroll software doesn’t help automate compliance.

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2. Do you have visibility of your payroll?

The biggest cost in an organisation is payroll, so it’s critical your business has visibility of it.

When a business starts growing, its payroll solution may not provide the visibility the business’s leadership needs to effectively track and control payroll costs.

Analytics and reporting that may take considerable time for current payroll software to generate may only take a few minutes with a more advanced payroll solution.

3. Are you experiencing technical issues with your payroll software?

Your current payroll software may have worked without a hitch prior to your business’s growth. However with a growing payroll, it may not be able to cope with the increased volume of work.

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 as well as under or overpayment of staff.

4. Are you being held back by manual, paper-based processes?

With your employee headcount growing, performing manual payroll processes is no longer sustainable. Not only are they time-consuming, but they also result in human error, which places your business at risk of non-compliance and inaccurate payments.

Upgrading to a more robust, scalable, and automated payroll solution like Sage MicrOpay can help you eliminate manual processes and ensure payroll accuracy. For instance, Sage MicrOpay offers an employee self-service feature which allows your employees to enter their own details into your payroll system, including their Tax Declaration and Super forms.

5. Is it difficult to recruit the right payroll officer?

If you’re using lesser known payroll software, you may find it hard to find suitable payroll staff.

Your payroll processes may currently run smoothly. But what if your payroll officer resigns? Finding a new one with experience in your payroll software could prove challenging.

Using a well-known and established payroll solution like Sage MicrOpay means it’s easy to find qualified payroll staff. A 2019 Australian Payroll Association survey recently named Sage MicrOpay as the number one payroll solution in Australia, used by 21% of respondents.

Sage MicrOpay was also one of the first solutions certified by the ATO as Single Touch Payroll compliant, and we’ve received plenty of feedback on how the solution makes STP easy for our customers.

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Effective 1 June 2021, Sage’s accountant and payroll solutions in Australia will be sold to The Access Group.  If you would like to continue to receive valuable content such as this to optimise your practice or business, please subscribe to The Access Group newsletter.