Accounting Blog for Business
Posted by Janis Narvas
May 16, 2017 1:40:18 PM
Calculating your employees’ take-home pay can be overwhelming for any new business in Australia. Having a payroll hours calculator can prove useful; however, there are many other aspects of payroll management that you will have to examine.
What Things Do You Need to Consider?
What makes payroll confusing for startups and other small businesses is the amount of information that you have to process. Indeed, for those who are unfamiliar with payroll management, it can be intimidating to think of the deadlines that you have to follow; or whether you should automate your payroll or not (and if so, which payroll software should you use).
In addition, you will need to have a strategy on how you can prevent certain employee habits and behaviours that bog down the payroll process. Most importantly, you need to keep abreast of industry trends and news to learn how you can protect your business from payroll fraud.
Payroll Hours Calculator and Timesheet Template
The Internet is replete with different calculators and templates that you can use in payroll processing. Here are a few online resources that you can use:
- Google Sheets Template for calculating work hours
- Basic net pay calculator
- Simple tax calculator
- The Australian Taxation Office (ATO)’s guide on individual income tax rates
- Pay and Conditions Tool for pay rates and shift calculations
Towards a Smarter and More Efficient Payroll
As you scale your business, payroll processing may take up too much of your time. If your team has been growing steadily, you will find that calculating your team’s payroll can require more than a simple payroll hours calculator.
Naturally, you will have to make an upgrade. In time, you may find that you will have to hire someone who is knowledgeable in compensation and payroll.
Not only will this reduce the likelihood of committing errors, it will also increase your operational efficiency. To learn more about which payroll setup is best for your business, read about the differences between in-house and outsourced payroll here.
Learn More about Payroll Outsourcing
Alternatively, if you want to find out if outsourcing your payroll process is suitable for your business, download our eBook Australian Payroll Made Easy and learn more about payroll management options that are available for you.