Why Single Touch Payroll is good for your business

You might feel that Single Touch Payroll might be an extra stress on your already busy small businesses.  But let’s turn that frown upside down! There are 5 good reasons why STP could turn out to be a great thing for your business.

Time Saver 1:  Payment Summaries/Group Certificates!  No one likes this job. But one of the great things about using STP ready software such as Xero is that you won’t ever have to do this job again!  Your employees will have this information available through their MyGov accounts.

Time Saver 2:  Annual PAYG Summary – another report that you will no longer have to submit!  As you will be sending information straight to the ATO each time you pay your employees, they will have this information already, and will not need you to summarise and report this at the end of each year.

Time Saver 3:  If you use an accountant or BAS agent to lodge your BAS, your payroll information will be available for them online, so less reporting information to be sent through to them.

Time Saver 4:  If you use the ATO business portal to lodge your own BAS, the payroll info will be automatically pre-filled in here for you.

Time Saver 5:  Using Xero software to handle your payroll opens up a wide range of extra features that will make running the payroll side of your business easier, saving you time.

Do you feel overwhelmed by the thought of getting Single Touch Payroll setup?  Don’t be, we can help guide you through the process quickly and painlessly. Talk to us about a free demo of Xero payroll and find out if it’s right for your business.