Running your own business can be rewarding, complicated, fulfilling and painful. Many emotions all rolled into one. This is more so when it is something that you are passionate about. However, unless the business you are running is a payroll business like Payroll HQ, processing payroll would be the unsatisfactory chore each week, fortnight or month.
Strangely, this is why you have employees.
Running your own payroll can be laden with pitfalls in doing the work or worse, doing it wrong.
Here are a few to watch out for
Google “Fair Work fines and penalties” and you will find endless pages of fines and penalties being issued by fair Work. Month after month, there are many small businesses that do not make the headlines, are being caught out. Fair Work is not the only one to be worried about. You could be subject to audits from the ATO, SRO or OSR and Workcover.
This year, we have seen Fair Work issue penalties personally to Directors and Business Owners.
Are you the only one that knows how to do the payroll. Taking holidays. Oh wait, I need to take my laptop. What if something unexpected happens to you? Who will pay your employees?
Many small businesses are still running software that is many years old. The software is probably sitting on a standalone PC or Laptop. Backing Up is time consuming and arduous. Also, with today’s methods, the security is low and you are best at looking at a good cloud solution that will keep you employee’s data safe and secure.
Payroll entry can be complicated. If your employees are under a modern award, there may be various penalties and overtime that need to be considered. Don’t spend your time watching when your employees come in and out. There are affordable devices on offer that provide great accuracy.
Up to date
“I didn’t know” is just not good enough. If you employ, you must know and you must keep up to date. Many audits reveal an issue of software being implemented correctly many years ago and not updated with future changes.
If you are worried about any of these, maybe it is time that you seek a professional such as Payroll HQ to assist.