Accounting Blog for Business
Posted by Gillian Vitug
Sep 13, 2016 7:04:11 PM
What are you looking for in terms of finding the best payroll software for your business? Of course, there should be extra value aside from just automating salary calculations. Ultimately, it should make your life easier and worry-free, eliminating all the possible mistakes (and headaches) that manual processing brings, and taken up a notch by some innovative features.
Based on our experience in handling payroll for Australian businesses, here are the best payroll software that we highly recommend:
Clean, modern, simplicity of use. These are the best three features to describe Xero payroll accounting software. Currently, its payroll tool is only available in Australia, New Zealand, 24 states in the USA, and in the UK, however, with Xero’s rapid growth, it is beyond doubt that their payroll feature will be spreading out for the rest of the world to use.
If you are already utilising Xero as your accounting software, then making use of its payroll feature will be a breeze. If you haven’t, learn how to migrate your current accounting system to Xero Accounting Software here.
The Xero Payroll Tool is available for premium users and can be used for a maximum of 200 employees (rates apply). Xero streamlines all your payroll activities, letting you do everything in one place:
- The built-in timesheets feature tracks your employees’ hours and reflects on your payroll for automated calculations and reports.
- All payroll information are updated into your accounts.
- No need to self-install updates, PAYG and superannuation changes are automatically updated so you can always be sure that all your payroll calculations are accurate and up-to-date.
- Pressing a button is all it takes to pay Super on behalf of your employees.
- Filing tax declarations and submitting payment summary reports to the ATO can be done online through your software.
- Employees can submit timesheets, apply for leaves, view leave approvals, view and download their payslips and PAYG payment summaries through the Xero Me App or by logging in to Xero. But initially, you’d have to ‘invite’ them through the software so that they may make use of all these features.
A simple, fuss-free payroll software system, MYOB can be your partner in processing payroll for a small or medium business. MYOB allows you to process pay for an unlimited number of employees and comes free with an ‘Account Right’ Subscription. Though not as feature-rich as Xero, MYOB still covers the basics that you need to facilitate pay runs accurately and efficiently:
- Helps you fulfill all your basic employer obligations: Superannuation, PAYG, and Payroll Tax. Changes on these rates are also automatically updated so you can be sure that all wages are calculated accurately all the time.
- Automatic journal entry and matched expense with your bank feeds.
- Automatic calculation of leave accruals, with an option to pay leaves in advance.
- Allows you to set user controls as to who can record and authorise payments, with a secure process of authorising payments.
- Meets industry best practice in terms of compliance and security.
- Print and email payslips.
- Employees can access real-time timesheets for time tracking on certain jobs, and employers can send these as invoices to their clients with time billing.
3. Payroll Metrics
Backed with 22 years of payroll software development in Australia, Payroll Metrics has developed a new generation payroll and workforce management software guaranteed to improve business efficiency and reduce operating costs. For those companies who want to be at the forefront of the industry, Payroll Metrics is the best choice to manage payroll processes in a progressive level. From its comprehensive set of features, here are the highlights:
- Provides smart reports to ensure that there are no errors or underpayments.
- The pay adjustment module automatically dispatches a one-time EFT deposit when transaction is authorised.
- Control Measure - When the payroll cycle is finalised, the software obtains request from the payroll authoriser, then creates a record of the authorisation made to complete the cycle.
- Upon authorisation, all deductions and superannuation contributions are dispatched for payments, employee salaries are dispatched as EFT to Australian banks, and the general ledger is updated. Also, payroll reports and pay slips are generated, catalogued, and distributed.
- Process metrics are also updated so your business KPIs can be monitored.
- Managers and Employees are given access (with user access levels) to manage their employment data, bank accounts, earnings, pay slips, adjustments, timesheets, leaves. Managers can get an overview of their team’s leave plan as well.
- Online dispatching of payment summaries and TFN declarations to the ATO.
- Advanced features on Position Management and End-of-Year Reports.
Managing payroll requires too much of your resources, most especially time—something you can never get back. D&V’s Payroll Specialists can help you not only to save time for other business activities, but also give you that peace of mind that your payroll is well-managed and truthful ‘til the last cent.
Whether you want payroll software for small business employees or an enterprise-level solution for thousands of workers, D&V Philippines can help set up and manage a payroll system that suits your business needs. Get in touch with us now to learn more!
Topics: Payroll Services