Small Business Payroll Management Services.
Finsync takes the headaches and hassles out of employee payments through payroll outsourcing. As part of our bookkeeping service, Finsync will manage all your payroll needs and make sure you’re meeting your the obligations and compliance requirements in Australia as an employer.
Inaccuracies in employee payments, such as missed overtime, holiday pay, allowances, and incorrect taxation payments can be a great cause of distress to your employees. Finsync believes that happy employees are productive employees which then resonates with your customers, products, and services.
As your Bookkeeper, Finsync will ensure that your employees are paid on time and correctly, whilst maintaining your obligation to the Australian Taxation Office. Failure to comply with payroll obligations and the timeliness of payments can result in fines to you and your business.
Employee Set-up & Maintenance
Onboarding new employees and registering them with the ATO can now be completed electronically, which assists in the streamlining and overhead for new starters. Finsync as your payroll manager can reduce rework and errors associated with this. Ensuring that you are correctly paying employees under a current award and making sure they are also being paid entitlements.
Superannuation
Managing payment and reconciliation of employer superannuation contributions. Some employees may be looking to contribute more into their superannuation, above and beyond the Superannuation Guarantee which will increase each year over the next few years from 10% currently to 12% in 2025. Businesses are also obligated to make payments for employee superannuation on a timely basis, additional fees and surcharges apply if you do not make your superannuation payments on time.
Expense Reimbursement
If your employees purchase business items on your behalf, your Bookkeeper will ensure that expenses are applied correctly, and employees are reimbursed accordingly. In managing this process Finsync ensures that there is a robust approval process between you companies and your employees to ensure expenses are agreed and approved prior to payment.
Single Touch Payroll (STP)
Finsync as your Bookkeeper and payroll manager can register and process your payroll in line with the ATO Single Touch Payroll system. Operating since 2018 STP enables bookkeepers to report directly to the ATO information about employee payroll via software platforms such as Xero and MYOB.
Phase 2 of STP commences early 2022 and will include closely-held employees, including wages, salaries, and director fees for payments made to trust beneficiaries, directors & shareholders of a company, and family members of a family business. Distributions, dividends, and repayment of loans from a business are not included in STP Phase 2.
Salary Packaging
Salary packaging provides a benefit to your employees and you as the employer. Finsync can work with your current supplier or work with you to identify a specialist to assist with salary packaging for employees.
Employee Self Service
Managing timesheets, leave requests, authorising leave without pay can be tracked using Xero or a program specific to your industry. Finsync’s role as Bookkeeper and Payroll Manager is to provide you with integrations that enable you to manage employees quickly and efficiently.
Technology & Integration
Like Finsync’s bookkeeping services, our Payroll Management Service Serves heavily rely relies on technology and critical partner integrations. Finsync’s Payroll Management services utilise Xero and technologies to manage employee start and finish times, overtime approval, annual leave, and sick leave. Employee expense management and reimbursement technologies ensure that you can approve employee expenses and keep track of costs before a timely reimbursement to the employee.
