Effective payroll synchronization and overall efficiency are the two primary factors of any business, as emphasized by Tracy Angwin, Managing Director of Australian Payroll Association.
Tracy Angwin believes that payroll compliance can directly affect the financial stability of any business, no matter the size. With a reliable payroll data, the business team can handle accounting solutions with relative ease.
Ms. Angwin also believes that small businesses are subject to the same payroll legislation and policies with big businesses. Angwin, however, added that in-house expertise is needed to deal with the increasingly complex payroll systems in Australia.
“Non-compliant payroll has far-ranging effects, and not just on the employees affected. The Fair Work Commission is the most highly resourced industrial umpire Australia has ever seen. They set many of the regulations around employment and payroll and are charged with policing them,” Angwin mentioned. “Billing a small business makes no difference to them when they are prosecuting employers and dishing out fines.”
Ms. Angwin also revealed that a fruit and veg store received a fine of $160,000 for incorrectly employing workers as contractors; they should be listed as employees instead.
“The types of topics I’ll be covering include superannuation, motor vehicle allowances, terminations, employee vs. contractor, and the options you have in carrying out your payroll obligations. I’ll also be discussing Fair Work compliance and the most common things that small businesses get wrong,” Angwin said.
Using payroll software programs can also ensure that the accounting process of any business will become smooth. This is one of the reasons why accounting professionals recommend business owners to purchase automated payroll software programs.