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Payroll Process for an Australian Company

Payroll Process for an Australian Company

Introduction :

An Australian skincare brand offering a wide range of beauty and skincare products across far flung geographical area.

Challenge :

Having previously chosen Mindspace Outsourcing for bookkeeping, our client was drawn to Mindspace Outsourcing’s payroll outsourcing service as an effective tool.

Some major challenges faced by Client are as follows:

  • Employees’ different working days and varying rates to collating their accurate payroll infomation
  • Meeting ATO submission deadlines and keeping up with legislation.
  • Incorrect leaves adjustment and accruals.
  • Lack of knowledge in respect of termination policies and hence way out Payroll processing.

Solutions :

The organization was in quest of a solution and surveyed many products available in the market. But Mindspace Outsourcing Payroll was demonstrated and soon the product implementation took place as per their needs and budget. Quick and easy integration of Mindspace Outsourcing with statutory portals was the best feature that made an impact on the client.

Payroll Management became more transparent, hassle-free and employee-centric.

  • Our client wanted us to take the entire onus of payroll, right from processing and managing of their employees’ payroll to liaising with third party agencies such as ATO.
  • Once our client checked that everything was in order, we delivered In-depth payroll reports provided through our cloud-based accounting platform.
  • Payroll expertise & advice on hand without having to engage an in-house payroll specialist.
  • Straightforward process for notifying change in employees & monthly salary information
  • Cross check all the negative/positive variances against the leaves.
  • Rapid response to deliver prompt and factual payroll services.
  • With our client’s approbation, we could directly communicate with their employees as if we were their employees, sending them payslips and monthly reports and leaving our client free to focus on diversifying their practice.
  • Our client has access to a time and attendance system giving them full retrieve to real-time reporting for Pay run tracking.

Benefits :

  • Increased Transparency – Employees can verify the accuracy of their monthly Superannuation contribution.
  • Reduced Effort – There has been elimination of numerous forms and creation of tables to prepare payroll files. Mindspace Outsourcing Payroll system has even reduced administrative burden from the operations team.
  • Increased Productivity – Operations team can now save time and utilize it for accomplishing core operations.
  • Better Employee Engagement – This simplified process has perked up employee satisfaction and happiness.
  • Our client enjoys a predictable and cost-effective method of managing their payroll and tax compliance.
  • This is managed by Chartered Accountants – so quality is built in.
  • The data is collected and processed by our payroll team within 24 hours.