As a new method of tax reporting and superannuation, Single Touch Payroll or STP renders a paradigm shift on the attitudes towards payroll information. Legislated by the Australian Government, STP obliges businesses with 20 or more employees to submit reports to Australian Taxation Office (ATO) per pay cycles.
Moving to the legislated STP can be scary. MYOB aims to help employers achieve this smooth transition from setting up the software up to reports submission. The MYOB AccountRight and Essentials services are STP-ready and can be easily administered. Sailing into your new STP by MYOB should ease tax reporting through MYOB’s straightforward method
MYOB’s digital cloud platform achieves what it sets to deliver. If you are adamant with their solutions, here are the top 5 benefits guaranteed for STP compliance when migrating with MYOB.
Error-free payroll
With MYOB, information such as salary, pay as you go (PAYG) withholding, and super are calculated in the software so less human error is expected. Employers have the option to automate their processes for better results in payroll reporting. With raw data on employee details automated, employers are relieved of possible errors arising from wrong tax returns or overpayment.
In STP reporting, business owners can have the option of contracting a separate third-party to comply with ATO. But with MYOB products, payroll methods are aligned with STP so reports are declared and designed for fast reporting.
Cost control
Setting up an added workflow with business reporting is not without cost. Often, advancing to automation turns up to be a big investment that a company might reconsider. But what considerations? MYOB offers solutions that should lead businesses into the good side of their books. By cutting off the need to prepare payment summaries, MYOB sheds the extra time and effort in doing pesky statements.
The software charges a measly amount of $5 a month and operates in a cloud-based platform, meaning shortened admin time. With a fully integrated payroll system and STP rules embedded on MYOB, SMEs should expect time savings of up to 25%. Subscribers to MYOB will also be entitled to a rich catalogue of free resources to browse to stay in touch with improvements in reporting.
Easy Compliance
The success of STP reporting is inclined with the streamlined operations in payroll. As a solution, MYOB installed a ‘buffering process’ feature on their products. This function ensures that pay as you go (PAYG) withholding and super information are submitted to ATO per pay cycle. MYOB sends the file for submission in a queue during failed attempts, until the report is successfully sent to ATO. This function targets a cost-efficient way of STP reporting while staying compliant on ATO ways.
Keeping the accounting data intact and updated will boost compliance with STP. With this, MYOB consolidates necessary information about employees’ salaries, leave balances, and superannuation in its cloud system. Thus consolidated records can be tailored easily for STP needs.
Intuitive Design
Multi-faced industries and SMEs have only one approach with accounting software, and it is adjusting to users’ knowledge. Employers want to make decisions fast as it is tantamount to the vitality of their business. Cracking down the code, MYOB sets up pay runs with few clicks while following ATO guidelines. The dashboard can easily sit with owners who have no IT or accounting background. A user can navigate with pay run in an instant and enable ATO to fill in minutes. MYOB envisions a format where users can understand at a glance what they get and direct them to their goals.
MYOB carefully integrates user interface approaches with its in-house products to deliver clear and direct design to users. Now the context on specific goals is easy to understand and specifically appeals to a better aesthetic.
Better data access
Employers will also have their accurate and real-time accounting data at their disposal with an internet cloud system enabled in MYOB. With auto-populating payment present, employers have quick access to tax returns and super balances. This smart feature saves admin time of importing and exporting data from the software. Rosters, timesheets, and leave balances are keyed and secured in the software until it is ready for business reports.
Conclusion
MYOB addresses issues in STP reporting with clear sight. Businesses are in a good position of staying compliant with the new initiative and attain better automation. Save the headache of tax duties with software that shapes according to your business needs. Eliminate guesswork and start running your objectives in MYOB’s hand.