Single Touch Payroll (STP) has become an essential business tool in Australia, with all businesses now required to incorporate Single Touch Payroll software into their systems. Accessing STP depends on finding software that is ATO certified and well-suited to your industry and business size. Without carefully developed and designed software, your access to STP will be significantly hindered, making your payroll and tax reporting process more cumbersome rather than faster and easier.
What Is Single Touch Payroll Software?
Single Touch Payroll software enables employers to automatically send their employee’s payroll details to the Australian Tax Office as and when it has been completed with every pay cycle. STP software eliminates the need to collate and send payroll information manually at the end of each financial year. To access STP, your company needs to purchase and install ATO certified STP software. Your best bet is to ensure that the accounting software you are already using is STP enabled. Alternatively, you can employ a third-party service provider to report on your behalf.
How Does Single Touch Payroll Software Work?
Single Touch Payroll uses cloud accounting technology to automatically send your payroll information to the Australian Tax Office. This is a way for employers to streamline their tax and payroll reporting processes and cut down on potential mistakes. STP ensures that your payroll accounting data is always up to date and your end of year financial reporting is less burdensome. Employees will also have instant access to their payroll information via the myGov website, which means they don’t have to wait until the end of the financial year to assess their tax information.
How to Choose Single Touch Payroll Software
There are a wide variety of Single Touch Payroll systems available, but they aren’t all created equal. Some STP systems are economical and better suited to micro-businesses employing fewer than twenty staff members; others offer more functionality that is better suited to larger businesses. STP software packages are typically available in a variety of options depending on the needs of your business, with smaller or larger packages at varying prices.
STP software features to look out for:
- Integration with existing business software
- Integrated accounting software
- General ledger
- Easy to read reports
- Compatible with third-party software such as Microsoft Excel
- Security features
- Australian Tax Office compliant
What Makes Tencia Business Software Unique?
Arrow has built Tencia to serve a wide range of business accounting needs. Accounting is a broad term that covers a number of business concerns, and selecting business software that incorporates many of these can simplify many processes.. Tencia software offers Single Touch Payroll and functions such as creditor and debtor, a cashbook, a general ledger, sales and purchase orders, foreign currency, detailed reporting, and more.
To get a more thorough understanding of the Tencia business software package, sign up for a web demonstration with Arrow Research Corporation. The webinar will explain the Tencia interface, search features, and reporting features, amongst others.