Talking Cents

Basic payroll accounting procedures, by your small business accountants in Sydney

We know that we’ve touched bases on the topic of payroll before, but it essential for you to understand every basic procedure that goes into it. Our small business accountants in Sydney want to ensure that your business is ready for tax time and that you avoid any possible fines that may come your way.

Payroll is not only about calculating money, it also is based around the employment benefits that each employee is entitled to, such as holiday leave, sick leave, superannuation and more. As business accountants, here is our way of getting you familiar with the following procedures:

• Time reporting: timely account reporting will allow for you to document the collection of daily, weekly and monthly time worked for each employee. This way your job in the long run is easier
• Pay computing: moving your payroll system to an automated platform that can calculate how much money is owed to each employee will get rid of human errors
• Tax: As the employer or owner of a business, it is your responsibility to submit and take tax out of your employees pay
• Benefits and paid leave: when you offer contract that includes paid benefits and vacations, these are infringements that you should always take into consideration during your payroll
• Pay distribution: The final task is to distribute the pay to your employee, make sure all details are correct and in order

Our small business accountant in Zetland finds it extremely important to understand these basic procedures to benefit your business.

As always, feel free to get in contact with our small business accountants in Sydney with any enquires you may have or you can check out our services here.