One of the many things that had sprouted from the Internet of Things (IOT) is cloud accounting. Cloud Accounting allows business owners the ability to operate their business remotely, generate business reports and capacity to share access to all their accounting data with their accountants.
One of the many features of cloud accounting software is managing and process all aspects of your payroll. The following payroll features in Xero and MYOB will allow you as the business owner to focus what is important to you, your business, and reduce time in bookkeeping.
Both Xero and MYOB Essential allows you to invite your employees to enter their own timesheet and submit leave. In doing so, this reduces the need for time sheets to be physically totalled and hours to be entered in by you.
Further benefits to inviting your own employees to enter their timesheet, they can also applying for leave. Once you approve this application for leave, the leave pay will automatically be processed by Xero and MYOB Essential, when the times come to pay it.
Accounting software like MYOB and Xero allow for bulk payment to be processed via uploading an ABA file within your NetBank account. This means long gone are the days where you had to transfer each employee wages individually. In doing so, this can result in reducing time to process the pay in NetBank, lessen the error of sending to the wrong bank account or error in amounts being sent.
To enable ABA file to be created in MYOB and Xero, ensure that all employees bank details are entered correctly. To create an ABA file
Many small businesses will be using the ATO Clearing House to process their employee’s superannuation payment. To use the ATO Clearing House, the business must:
- Have 19 or fewer employees, or;
- Turnover less than $10 million annually.
Luckily cloud accounting software like MYOB and Xero utilises their own Clearing House and can be used by any business with:
- Payroll function within their subscription.
- No minimum and maximum requirements.
By utilising MYOB and Xero to meet your SGC obligations, this reduces less paperwork required, as the amount payable is linked to the Payroll processed.
If you feel that your business can take advantage of these handy tips and need assistance to set this up, feel free to contact us at Gartly & Associates on 03 9597 9966