Small Business Tips

Comparing The Top Payroll Solutions

What is Payroll?

Payroll is the total amount that a business must pay to its employees for a set period of time or on a specific date. Each payment can differ due to variables such as overtime, sick leave, income tax and insurance policies. These variables are often subject to state and federal laws, which constantly change every year, making payroll a headache for many employers. At the start of each financial year, the Australian Budget enacts a number of changes that affect the calculation of payroll for Australian employees. For example, the 2015 Federal Budget set a $2,550 combined cap on Meal Entertainment and Holiday Accommodation benefits for employees working in public health or not-for-profit companies.

Errors in payroll can lead to employee dissatisfaction and be very costly for the business to fix. Tracking the holidays and sick days of employees is a task fraught with potential for mistakes too. In order to minimise such risk, small and medium-sized enterprises (SME) tend to outsource payroll. Examples of top payroll solutions include KeyPay (AU), ePayroll (AU), Sage WageEasy (UK) and Attache (ANZ).

Things to expect from the Plus editions of top payroll solutions:

Built-in award interpretation: A fundamental feature of payroll solutions. Payments are calculated automatically whilst complying with the latest modern awards and legislation.
Cloud software: The current trend is heading towards cloud payroll functions. Payroll data is backed up many times per day to multiple data centres via the internet, meaning access is ubiquitous and on-demand.
Compatibility with existing accounting software: Payroll journals can be exported into existing accounting software seamlessly and accurately.
Employee self-service: Through a central database of employee information, time consuming and paper based systems can be streamlined. Employees can access personal information including online pay slip and leave accruals.
Pricing: Subscriptions are paid on a monthly basis. Packages depend on employee volume.

Comparing top payroll solutions:

KeyPay: A powerful and popular software that can process hundreds of payrolls in minutes.

 

Standard

Plus

Per employee

$4/month

$6/month


ePayroll: Simple to use due to an intuitive user interface. ePayroll prioritises on confidentiality and security of information.

 

Basic

Plus

1-5 employees

$19.95/month

$24.95/month

6-10 employees

$24.95/month

$39.95/month

 
Sage WageEasy: It promises to offer simplicity and efficiency through its logical design. Users do not need to be a payroll expert as there is extensive software training and 24/7 online support. Pay slips from casual arrangements to 24 hour-a-day operations can be calculated with ease.

Business with over 10 employees

$777 (incl. GST) startup
$77 for every extra employee
$600 Annual maintenance/support fee per year

 
Attaché: Attaché was founded in 1981 and developed in Australia. It offers easy compliance, fast processing, and built-in dashboards for a complete view of all employees. There is also a large network of consultants spread across local areas in Australia who are available to provide assistance.

Up to 10 employees

$30/month

The current lite and standard editions of Financials for Office 365 provide the capability to import a journal of payroll transactions from external payroll systems listed above.

Talk to us today to learn more about payroll for your business and how we can help.