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Payroll Records: What to Keep & How Long to Keep Them

Anyone who receives a correspondence, phone call or other payment from a supplier regarding an expense already paid may need to present the receipt, be it a ticket, invoice, receipt or invoice. The same is valid when it comes to payroll service. Even though you might have a trustworthy company such as payroll service Australia does your payroll records, it is important that you – whether as a person or a company – keep proof for a while. This is important because the government or even companies might claim that you did not pay something, be it a salary or a purchase.

Keeping receipts can save you change products and even prove you do not owe anyone?

It may also be necessary to replace a defective product in the factory or within the warranty, or to use a service for which you pay preventively, such as a health insurance or car insurance. There are many vouchers and it is difficult to keep everyone for long organized. So it is good for the consumer to check that they are storing the right documents and how long to store them. There is no single rule for this, since some documents should be kept for long term and others only until the next charge.

In the case of services such as electricity, water, telephone, cable TV and credit card, providers must send an annual discharge receipt to consumers, which replace the 12 vouchers, according to Law. It is important to warn consumers that they will only be entitled to the annual discharge declaration with all the installments or monthly payments of the previous year. If any debt is subject to legal challenge, the consumer will be entitled to a declaration of discharge only the months not questioned. Click here.

Papers take up so much space, how to keep the files then?

Whether you do payroll outsourcing, or even if you do it yourself, you can also turn documents into digital files, which can be stored on your computer. This will help you have the proof that everything has been paid for and will also help you keep that extra storage space empty. Well, of course this can be a little lengthy, especially if you have a lot to scan, but it is totally worth your while.

Learn how long you should keep the invoices for income tax

The taxpayer must keep the copy of the annual Income Tax return for five years, counted from the first working day of the following year. The same holds true for bank statement returns, application receipts, medical and school receipts, and other documents that allow deductions. After this deadline, the government cannot dispute any more. Of course this information may not be well known by most people, that is why people are better off saving their papers and spreading the word. If you still have any doubts or would like to have some professional help in the matter all you have to do is talk to payroll service Australia. Check out this site: http://payrollserviceaustralia.com.au/payrolloutsourcing/

Which QuickBooks Payroll Services Are the Right for You?

QuickBooks offer payroll services to many small businesses in Australia. With security and encryption codes set the same as the banks within the country. With QuickBooks payroll, you are able to pay your employees quickly and easily.

There are three different types of QuickBooks payroll services available. That means you can choose the package that best suits the size of your business. All with discounted offers, and a free trial so you can discover how easily the payroll package can be used.

Some of the Benefits of QuickBooks Payroll Services:

  • An automated payroll service that can be accessed from your PC, tablet or smartphone. So you are able to pay your staff even while out of the office.
  • Online filing can be sent to ATO, making it easier to submit accounts at the end of your financial year.
  • Tax rates are updated and set automatically for each employee each year.
  • Pay slips can be managed easily with QuickBooks payroll services.
  • Employees and subcontractors can submit their own time sheets with restricted access to the payroll package that you choose. Then management can authorize payments with just one click.
  • Schedule payments so it is done automatically.
  • Set super rates and leave accruals for each member of staff.
  • The ability to use the payroll service for up to ten employees.

Depending on the size of your small business will determine which QuickBooks payroll services package you choose. The most standard package allows one user to access the business accounts and payroll details. Upgrading to a higher version will allow up to five users the same access.Find more here. 

The level of extras that you require with your QuickBooks payroll services will also be an important consideration when placing your order. Using QuickBooks can assist you with everyday key accounting tasks. Provide you with a faster book-keeping programme, and help with the financial management of your business.

Some of the Extras Offered with QuickBooks:

  • Create invoices for your customers.
  • Make payments online to your suppliers.
  • Manage multiple currencies if you ship overseas.
  • Track your sales.
  • Upload your bank and credit card transactions.
  • Control the companies BAS and GST obligations.
  • Create budgets.
  • Track the business inventory.
  • Compare business performance.

All of the features in QuickBooks can aid you to make the running your business more organized and efficient. You will find that paperwork, which can be easily lost, is no longer required. Payroll service are available online at any time when it may be required, leaving enough time to employees to become more efficient. That will obviously enhance the growth of the company.

Many companies have begun to use QuickBooks for their general accounts, and as a payroll service. With it easy to use format, and full customer service support you can begin to use the programme immediately.

The programme is available worldwide. Ensuring that the details are set for the country within which you live. So, if you are looking for a payroll service that is globally recognized then QuickBooks could be the perfect solution.

know more about payroll outsourcing here: http://www.casselfinancial.com/the-benefits-of-outsourcing-your-payroll/