Why legal firms should not be getting their admin to do their payroll

As a business owner, you have many responsibilities. Among them is managing your employees’ payroll and ensuring that they receive the proper compensation for their hard work. However, not all businesses have the luxury of having a dedicated payroll department or an experienced accountant on staff. Often, businesses delegate this task to their administrative team.

In this blog, we want to explain why it’s important not to have your administrative team process your payroll. First off, it’s crucial to keep in mind that payroll is not just a matter of putting some figures into a box. Payroll is the law. It’s employment law, and there are many layers to this process. It involves understanding award rates, legislation, different categories of income, deductions, reimbursements, tax, superannuation, and much more.

It’s understandable to think that payroll is a simple task. However, most payroll mistakes aren’t realized straight away. These mistakes can have costly consequences, such as losing your employees. Your employees are your biggest asset in your business. And if you pay them wrong, they will get upset. Moreover, some mistakes are realized months, even years down the track.

Most of us know that the ATO is getting greater visibility over your wage and payroll each time you lodge. The introduction of Single Touch Payroll has changed how payroll is processed. Every time you process your payroll, whether that’s weekly, fortnightly, or monthly, that information is sent to the ATO straight away. Their computers are then analyzing this data and checking if you’re taxing your employees correctly. This means that it’s crucial to ensure that these lodgements are correct and that payroll is processed accurately.

That’s where a professional bookkeeper’s services come in. Having a professional bookkeeper process your payroll each week or each fortnight will save you time and money in the long term. But, not every bookkeeper is experienced with payroll. So make sure you do your research and chat with someone who runs a bookkeeping business. They’ll have the expertise and knowledge to process your payroll accurately and efficiently.

At The Modern Way Advisory, we understand how complex payroll can be and the implications of getting it wrong. Our team of experienced bookkeepers is here to assist you in processing your payroll accurately. We’ll help you create systems that make your payroll each week, ensuring your business operations run smoothly. With our services, you can have peace of mind knowing that your employees are looked after and paid correctly, per the law, legislation, and award rate.

In conclusion, payroll is essential to your business, and it’s crucial to ensuring it’s done right. Don’t leave this task to chance or delegate it to an unqualified team. Give us a call or send us an email, and we’ll have a chat about your payroll system needs, ensuring you have the most efficient payroll system in place. Moreover, you’ll be able to sleep soundly, knowing your employees are well taken care of and paid correctly.

If you found this blog insightful, make sure to check out our other posts for more informative content. We’re not just number crunchers; we’re your partners in success, offering a streamlined and stress-free approach to accounting. At The Modern Way Advisory, we want to help you make smart decisions for your business and make financial management a breeze. Let’s sit and have a coffee, and chat about your books.