At what point is payroll software worthwhile?
If you have two or three more employees during the course of any 12-month period, you should consider purchasing accounting software that includes payroll. The biggest timesaver of all, payroll software means you no longer have to spend hours each week and every month calculating tax, adding up super or working out holiday pay. Instead, you can do an entire pay run in just a few minutes.
Of course, payroll software isn’t just about saving time — it’s also about giving you control over what is usually the single biggest overhead in your business. Payroll reports let you see how much employees really cost per hour, including super, holiday pay and everything else. You can see where the true profitability in your business lies by allocating employment costs to individual jobs, projects or cost centres. What’s more, you can monitor your wages costs month –to month and year –to year, and ensure they don’t creep out of control.
If you’re using MYOB software, note that payroll is included in MYOB Accounting Plus, MYOB Premier and MYOB AccountEdge.
The contents from this page are taken from the MYOB Payroll eBook series, by Veechi Curtis, available online for only $9.95 each.
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