It is generally agreed that managing payroll is not just overwhelming, but it is also a time-consuming task due to a number of reasons which among others include tax calculations, deduction of advances or additions of allowances, overtime, unpaid leave, bonuses and even time-clocking. It is due to these reasons that payroll solutions have become critical elements towards the effective management of an organisation from an HR perspective especially in countries such as Australia that have rigid and complex taxation systems.
Although there are numerous providers of payroll solutions in Australia, not all of them are able to ‘fit the bill’ of the Australian payroll structure while others may not be as user friendly as one would expect. Because of these two reasons, when it comes to choosing the right payroll system for your organisation, your primary focus should be on the level of flexibility the system allows apart from its integration/ merging capabilities with the other programs. This is important as it would enhance the accounting component of the organisation. Other important characteristics that payroll solutions should possess within the context of Australia are report generation capabilities. In essence, a good payroll solution system that is also user friendly should be able to perform the below-mentioned tasks.
- Capable of handling multiple company transactions
- Be able to factor bonuses, commissions and advance payments into year-end financial statements
- Capable of generating a wide variety of management and operations related reports that support the functions of other departments
- Highly accurate within the scope of tax accounting
- Suited for maintaining employees’ profiles
- Generate individual reports (payslips, yearly income statements, total deductions, tax deductions etc.)
One notable provider of payroll solutions Australia is BoardRoom based on the fact that the system does not only cater to all of the above but has a lot more to offer. These ‘extras’ include ‘high-end’ features such as single touch payroll compliance services, an inbuilt clearinghouse, a comprehensive tool to build unique and specific reports and even an employee self-service portal that is accessible via an intelligently designed mobile application for both iOS and Android.
The fact that employees have access to the details of their own salary at anytime from anywhere would also indirectly contribute and enhance the level of satisfaction that they derive from their employment. It has been acknowledged that within the scope of any given organisation, employees are indeed the most prized assets that they own simply because it is through people that everything gets done. One way or another, at the end of every production line there is a person flicking switches, at the bottom of all formal automated documents there is a person’s signature and behind any business process a person is monitoring. Hence, it becomes important for employers to pay attention to all the reasons that motivate these individuals to come to work each day. Among the main reasons people go to work from this context is the compensation and benefits packages that are offered to them. It is therefore crucial for organisations to have a payroll system that allows the proper maintenance of records pertaining to the employee’s contributions to the objectives of the company.