Minimise Compliancy Risks by Outsourcing your Payroll

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Minimise Compliancy Risks by Outsourcing your Payroll

Payroll compliance issues are no joke and being caught out can cost you a considerable amount in fines and back pay. Outsourcing your payroll to a company such as PaysOnline means that you will have access to the correct tools and knowledge to help you fulfil your obligations as an employer. Many business owners may try to reduce the fees associated with book keeping, however, having your books maintained by a trained professional may save you a considerable amount in the future.

Accountants Daily recently spoke to Laurus Bookkeeping director Cassandra Scott. Scott said she has seen marketing by certain software providers which seem to target clients perpetuating that bookkeeping “can be done over a cup of coffee or on your smartphone”.  

She goes on to state that, “One of the big things we’re seeing is clients trying to reduce fees on bookkeeping support services and often that’s coming off the back of comments by software providers that it is easy and you can do it yourself,” said Ms Scott. 

Ms Scott believes that many business owners starting out have the perception that it is quite easy to do their own bookkeeping and states that, “we’ve got the compliance environment which is becoming more stringent – you’re increasing the industries now covered by Taxable Payments Annual Reports (TPAR), you’re looking at the Single Touch Payroll (STP) regime, and it is becoming more and more complex for businesses.  

“There is a real dichotomy there between the software providers saying it is easy, but the compliance drivers are saying it is actually getting more difficult.” 

It is important to also take note of the recent examples of payroll non-compliance that have been cropping up in the media, including Lush’s $2 million payroll error, as an example of why bookkeeping should not be taken lightly.  

“There is a real mixed message going out there at the moment between the compliance authorities and the Australian Taxation Office (ATO) and the Fair Work Ombudsman, and the message that is being pushed out to the client base through the software providers,” said Ms Scott. 

“Businesses thinking it is very easy because the software providers tell them it is easy will be potentially caught out with those sorts of compliance requirements, 

“It’s like somebody going around saying, ‘Here’s a pair of scissors; it is really easy to use and you can now go out and cut somebody’s hair now.”

By outsourcing your payroll to PaysOnline you will have access to the expert guidance required to maintain your payroll compliance. Don’t risk being caught out – contact PaysOnline today for a managed and compliant payroll solution.

Source: Accountants Daily

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