If you are the owner or manager of a small business or the person in charge of payroll at any company in Australia, then you likely already are familiar with the requirements of the Single Touch Payroll system. Legislation that enacted the STP system was first passed some time ago and all businesses are due to comply with the new rules at this point.
While you may have already sorted out how you are reporting your payroll information to the Australian Taxation Office under this new system, the easiest way to complete this task by far is to use STP software. With many different options to choose from, this useful payroll tool will allow you to complete your reporting requirements with ease and with more automation than ever before.
If you are still not sold on the idea, then let’s look a little more closely at some of the specific benefits that single touch payroll software will bring to your business.
Single touch payroll software will allow you to complete the process of reporting your information to the Australian Taxation Office easier than ever before. Designed specifically to be compatible with the ATO reporting requirements, you simply need to learn the basic interface of the software of your choice and then enter your payroll data as appropriate. You will also be able to learn of any errors or omissions you have in your reporting information thanks to the intelligent design of the software itself.
Single touch payroll software is one small part of the larger trend towards more comprehensive digitization for businesses throughout Australia. By using such software, you will be providing yourself with opportunities for more powerful data collection and insight-generation than other eras of businesspeople were not accustomed to.
You can also be sure that the time savings that result from the use of such software are sure to be picked up on by your competitors. If you delay in digitizing some aspects of your business due to stubbornness or a lack of incentive, then you run the risk of being left behind.
Thanks to a market request by the Australian Taxation Office, it is mandated that single touch payroll software must be affordable (less than ten dollars per month, in fact) and must not require an employer to maintain the software. This makes trying out single touch payroll software for yourself an easy thing to do. There is no need to commit to any one company or software provider until you find one that works for you. Furthermore, thanks to the low cost, you will not need to break the bank only to comply with the new STP legislation.
Thankfully, STP software is available in a variety of formats to suit the diverse needs of different businesses. If you prefer to handle your payroll on your smartphone, for example, you can find professional and effective STP software that works as a mobile app. If that does not suit your needs, then you can also look for web-based, desktop, and cloud-based options. With so much versatility, you are sure to find a software package that works for you.
With so many benefits that make the STP reporting process that much easier, it is important to find a software package that works well with the demands of your business. Make sure to try out a few different options before signing on with any one provider. This way, you will make the task of reporting your payroll information less complicated for yourself or your accountant going forward.