11th November, 2024
As a business owner gearing up for the busiest months of the year, efficient payroll management is crucial.
With October to December traditionally being the peak season for retailers, wholesalers, and tradespeople, now is the time to ensure your payroll system is robust and ready to handle increased demand.
Getting payroll right becomes even more crucial during the busy season when your team is working overtime, picking up extra shifts, and juggling different penalty rates.
The last thing you want during your busiest period is frustrated staff chasing up missing hours or incorrect payments – it’s a distraction you can’t afford when everyone needs to be focused on handling the holiday rush.
Plus, with temporary seasonal staff in the mix, there are more opportunities for payroll hiccups if your processes aren’t solid.
That’s why having streamlined payroll systems is a game-changer during peak times.
Good digital HR tools like MYOB’s can help you with rostering and time sheets, setting up pay items and payroll categories, and automating superannuation calculations and payments.
They also help you stay on top of tax and other compliance when things get hectic – because no one wants to discover they’ve accidentally breached workplace laws during their busiest period.
And let’s be honest, when your team knows they’ll be paid correctly and on time, they’re more likely to say yes to those extra shifts you desperately need covered during the seasonal rush!
Investing in a comprehensive accounting system with strong payroll features can make a big difference in your business operations.
Here are some key factors to consider:
Cloud-based systems offer flexibility and accessibility, allowing you to manage payroll from anywhere.
This is particularly handy during busy periods when you might need to process payments outside of regular office hours or when you’re working between different sites.
Look for systems that integrate seamlessly with other business tools you use, such as accounting software or employee benefit systems.
This integration can streamline your processes further and help reduce data entry errors.
Choose a system that automatically calculates taxes, superannuation, and other deductions based on current Australian regulations.
This feature can save a heap of time and ensure compliance, too.
Robust reporting capabilities are essential for tracking labour costs and analysing trends.
They’re also vital for making informed business decisions relating to employee hours and other factors during the peak season when cashflow may be tricky to manage.
Ensure you pick a system that’s going to be able to handle your business growth and fluctuating employee numbers during busy periods.
Some software solutions are much more scalable than others.
MYOB, for instance, has different plans available for different business needs, so you can move between plans if your growth requires it.
Once you’ve chosen your system, follow these steps to prepare for the busy season:
Review and update employee information
Ensure all employee details, including tax file numbers and superannuation fund details, are up-to-date.
You’ll need to get new seasonal workers’ information in the system ASAP. With MYOB’s solution, though, this is easier than ever.
Beth Dowsett, a Product Marketing Manager for SMEs at MYOB, says, “With our digital onboarding system through Flare, getting new team members set up is so much smoother since they handle their own paperwork online.
“One of the best parts is how everything gets collected in one go – from tax file numbers to super choices and bank details. Plus, you get confirmation that they’ve seen their Fair Work documentation, all stored digitally.
“When team members input their own information directly, it’s a win-win. It frees up your time and cuts down on those pesky mistakes that often happen with paper forms.”
Ensure all relevant staff members are trained on your payroll system.
It’s helpful to put some standard operating procedures in place for employees to read if need be, too, especially since you’re likely to be flat-out yourself during the lead-up to Christmas.
Automate as many processes as possible, such as leave accruals and superannuation payments.
In MYOB, for example, you can let the software do the work of keeping track of your employees’ leave balance via “leave pay items” and calculate the payment of leave via “wage pay items”.
It also pays to use Single Touch Payroll (STP), a tool that provides an easy way to report payroll info to the Australian Tax Office (ATO).
STP automates payroll documentation, ensures compliance, and takes the hassle out of reporting employee payroll data to the ATO.
It streamlines the reporting process by reducing unnecessary and duplicate reporting to the ATO and automatically sending out salary, tax, PAYG, superannuation, and other key details to the tax office.
This, in turn, simplifies annual tax reporting and means your employees can access their up-to-date payroll information through the online MyGov service that the ATO uses.
Time tracking technology can be another huge time-saver in your business.
“Instead of messing around with manual clock-ins or paper timesheets, switch to an online system that talks directly to your payroll software,” Beth suggests.
“Team members can simply grab their phones, open the MYOB Team app, and track everything – shifts, breaks, you name it. Then managers can quickly review and approve it all with a few taps.”
Investing time now to streamline your payroll processes will pay dividends when the busy season hits.
With the right accounting system and proper setup, you can ensure accurate, timely payroll processing, freeing you to focus on driving sales and managing the increased demand during your peak business period.
As you prepare for the bustling months ahead, make payroll efficiency a priority in your business strategy.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
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https://www.myob.com/au/legal/spring-offer
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