Historically, payroll is one of the areas most business owners have trouble with – there are many laws to be abided by and the whole payroll process can be extremely time consuming and often open to errors.
With Xero, it’s easy to process payroll, pay superannuation and stay compliant – plus, your payroll information streams directly into your financial accounts and this limits the need for manual data entry thus reducing the probability of errors.
Some of the great things I love about Payroll in Xero include:
- changes to tax tables and superannuation rates are automatically updated so you don’t need to install any software upgrades
- you can pay superannuation for your employees at the click of a button
- filing employee TFN declarations and payment summaries is so easy
- multiple pay calendars are available (i.e.: weekly, fortnightly and monthly), and it’s easy to add an unscheduled pay run if required
- deductions, reimbursements and various leave types can all be accounted for
- timesheets are available and can be prepared by the employer or the employee
Have I sold you on Xero yet? Make sure you read the previous posts on Xero…plus there’s more to come!