How To Do Payroll For Your Small Business
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As your business begins to grow, it may be time to consider adding on some additional help. Bringing on your first employee is exciting and signifies that your business is successful; however, hiring staff also comes with the need to set up payroll. The basics of payroll, the setup process and suggested processing tips are important areas to consider before you bring on your first employee.
What Is Payroll?
Payroll is the processes and procedures associated with paying an employee. In exchange for hours of work, you pay your employees a wage with payroll taxes withheld (in PAYG circumstances). Payroll processing comes with additional responsibilities for business owners. Among these responsibilities are understanding the payroll process, serving as a go-to person when questions arise, and making timely payments to regulatory agencies and your employees.
How Do I Set Up Payroll?
There are additional registration processes that you must go through before your first payroll. This step-by-step process includes:
- Obtain an ABN – An Australian business number, referred to as an ABN, is a number that is used to identify your business. Sole traders aren’t required to obtain a separate number since income and loss are reported on their individual tax returns; however, it is required once you start paying employees.
- Register for any payroll taxes – Registering for payroll taxes in your local state is important for when you withhold taxes on behalf of your employees. This allows you to remit applicable taxes online and on time.
- Consider benefits – Your company can offer employees benefits, like health insurance and retirement contributions. You should have a general idea of the benefits you will offer employees before you begin the hiring process as many candidates consider benefits when looking for a job.
- Set up employees – You will need basic information about your employees such as their full names, identifying numbers, and addresses. Also, be sure you are properly differentiating between employees and contractors.
- Process your payroll – After you have finished the initial setup, it will be time to process your first payroll. This includes paying your employees, withholding taxes, and remitting taxes.
How Should I Process Payroll?
Processing payroll does not have to be done by hand anymore. In fact, it is more efficient and cost-effective to purchase a payroll processing software, such as QuickBooks. These software programs can help you withhold the proper payroll taxes and submit payroll on time, ensuring your employees don’t have to wonder when they will get paid. Additionally, mistakes are costly to fix and can lead to issues with your employees, both of which a software or tool can help minimise.
Providing for your employees goes beyond payroll processing. You should also consider business insurance such as professional indemnity and public liability. Take advantage of our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started.