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Is it time to review your current payroll system?

February 2018

Is it time to review your current payroll system?

Single Touch Payroll (STP) is on its way, we ask you as a medical professional - have you started to prepare your practice for success?

Tax File Declarations, Payment Summaries and Employer Reconciliation Summaries (EMPDUPE) will be a thing of the past with the commencement of STP.

STP will commence from 1 July 2018 for practices with 20 or more employees, completely changing the way practices report payroll information to the ATO.

So, what is Single Touch Payroll?

STP will make it mandatory for practices to report payments such as salaries and wages, PAYG withholding and superannuation contributions directly to the Australian Taxation Office from their payroll software at the same time they pay employees.

Is it time to review your current payroll system?

Having the right software system in place is integral to the overall working of your practice, therefore it is important to ensure your current solution meets the needs of your practice.

All software vendors have indicated they will be releasing STP compliant products in the first half of 2018, with many already making changes to their products.

If you think your current payroll system isn’t right for your practice, your software should address the following key points:

  1. Compliant
    1. Is your payroll vendor committed to keeping up to date with the ATO’s changes each year
  2. Secure
    1. Multi layers security with users connected to pre-defined roles or able to create a customized role for a specific user
  3. Scalable
    1. Whether its 20 employees or 1,000 the process should be just as simple
    2. Ability to add additional functionality like Employee Self Service portals, Human Resource and Work Health and Safety
  4. Simple Pay run
    1. Wizard based
    2. Date driven with no month end roll
    3. User friendly
  5. Report
    1. Combination of paper based, spreadsheet, pivot and data sheet style reports
    2. Build custom reports
  6. Intuitive
    1. Alert you when exceptions occur
    2. Remind you when skills expire
    3. Auto e-mail actions

Read more in our fact sheet below on who will be impacted, and how you can prepare your workplace for the introduction of Single Touch Payroll.

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 Fact sheet

If you believe your system is not up to scratch or would like to consider an alternative, we can help! Talk to one of our software specialists today on 1800 988 522.

 

Topics: medical accounting, Single Touch Payroll, STP, Wages, Payroll, doctor

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