3rd June, 2015
Running a new business is no easy task, and it becomes even more complicated when the first employee is brought on board.
Paying staff brings a host of new responsibilities, including proper record keeping and tracking various superannuation accounts.
For new employers, paying staff can be a hassle. But it shouldn’t be. We’ve put together a handy checklist for new employers to make paying staff easy:
First thing’s first – do you actually have everything you need to start paying people?
To pay your employees you’ll need access to their Tax File Number. Make sure you have all the information in order, including their bank details – it can’t hurt asking your employees to check their details again. You don’t want pay going into the wrong accounts.
Reconciling your accounts takes a few steps, but it’s nothing that should be overwhelming. Here’s a handy guide:
Prepare your payroll payment register summary YTD report, along with your payroll entitlement balance summary and detail report.
PAYG tax is an imperative part of the payroll process. Make sure you don’t miss out on an important step:
Preparing payment summaries for your employees is one of the most important tasks of the year. You should make sure all of the relevant information is recorded and provided:
Preparing payroll shouldn’t be a hassle – refer back to the checklist if you ever find yourself in a bind.
Want another resource for keeping track of your payroll responsibilities? Download our handy payroll guide for new employers here. If you don’t have MYOB online accounting software, there’s an online accounting solution for every stage of your business.