Remaining ATO and IRD compliant with advanced payroll software
As February draws to a close and the end of the Financial Year draws nearer, many businesses around Australia and New Zealand will be looking ahead to June and the various reporting and compliance obligations they will soon be required to adhere to.
It goes without saying that ensuring compliance with any applicable ATO and IRD regulations can be one of the most time-consuming and potentially frustrating aspects of managing the payroll of a recruitment company.
When it comes time to conduct your end of Financial Year processing, the last thing you want is for inaccurate record keeping and poor processes to be slowing down proceedings and draining staff productivity.
This is compounded by the fact that ATO and IRD compliance simply cannot be rushed. Any inaccuracies or errors that are allowed to slip into reports and documentation can lead to significant problems down the line.
Fortunately, there is a simple and cost-effective way to tackle this task while saving time and maximising accuracy.
Billing and payroll software that is specifically designed for the needs of modern Australasian recruitment companies can help your organisation manage tax obligations not just in June when the end of the Financial Year rolls around, but throughout every other month of the year as well.
Advanced payroll workflow automation technology can ensure that you are managing the various ATO or IRD regulations – from PAYG to GST, FBT and FTA, and many others – automatically and with improved productivity.
With the ability to calculate tax and superannuation requirements across multiple jobs, as well as provide clear invoices and payment summaries, payroll software can ensure that you never find yourself pressured by compliance obligations ever again.
The best payroll software will also offer ID and password security to ensure that all sensitive information is kept secure, by limiting access to only those with proper clearance.