If your business has employees, one of the most important tasks is to ensure they are paid in a timely and accurate fashion. Maintaining accurate payroll information is critical for small businesses. However, meeting the compliance obligations can be a huge administrative burden. Online payroll reduces the risks involved in paying employees and keeps you on the right side of government requirements.
Online Payroll Benefits
Some of the main advantages of using online payroll include:
Speed. You can access information or perform calculations quickly. Once setup, you can process payroll from anywhere, at anytime, with a few simple clicks.
Accuracy. If you’re managing payroll tasks manually, you’re opening your business to human error. Online payroll does the calculating automatically for you, which keeps mistakes to a minimum and makes sure you’re paying your employees and taxes correctly.
Flexibility. You can manage payroll yourself without the need to hire a third-party service. This cuts down costs and gives you more time to run your business.
Collaboration. Online payroll allows you to easily collaborate with employees and your accountant. If you don’t want to manage payroll yourself as a business owner, you can invite your accountant, bookkeeper or payroll specialist to access payroll and process on your behalf. Online payroll also allows employees to self-service their information and submit requests for time off without seeing the rest of the business financials or payroll information.
Convenience. Now you can break away from your desk and manage payroll anywhere, anytime on any web-enabled device. You can also access information and view history whenever you need it.
Compliance. A major risk for business owners is keeping up with ever-changing government regulations. With online payroll, you don’t need to worry about missing any tax or reporting changes. Updates are automatically applied to ensure you’re compliant without downloading and installing updates.
Payroll in Xero
We’re committed to making the lives of business owners easier by providing beautiful, flexible, smart and connected online accounting and payroll software.
Payroll in Xero currently processes billions of dollars of payroll every year in Australia and the United States. We’re committed to bringing this nationwide across the US as quickly as we can. We’re also really excited to make this available to businesses in New Zealand and the United Kingdom in time for the upcoming new financial year.
Over the next few weeks, you’ll see lots of information about New Zealand and UK Payroll in Xero. And if you’re joining us for Xerocon in London next week, you’ll be the first to see this in action.
We can’t wait to show you what we’ve been building.