Looking for:

Does xero payroll pay employees automatically – does xero payroll pay employees automatically. Can I pay employees wages and super directly through Xero

Click here to Download

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Payroll processes are evolving all the time. Over the years businesses have moved to new payment systems. Historically, employees have been paid with:. So the obvious next stage is to automate the online direct payment of your employees. Modern businesses use software to connect to their bank accounts.

Then they can set up automated payments for their employees — and do other useful things too. Your bank account is an integral part of your business. You make and receive payments every day. So it makes sense for your bank account to be closely tied to your business software. Modern accounting software can link to the internet banking facilities of most major banks. This lets you manage all aspects of your money, without even entering a bank branch.

For example, good accounting software can take a bank feed from your bank. A bank feed is a way for you to see your bank transactions when you log in to your accounting software. It’s a quick way to match bank transactions and reconcile your accounts almost effortlessly. You can also make faster payments to your employees, without having to enter all the details manually. Online payroll is good for your employees — and good for your business.

Online banking is covered by strict regulations and tight security. Bank account holders need to know that their money is safe at all times. So banks and accounting software companies work hard to ensure that online payroll is secure. This is how accounting software makes simple and secure online payroll payments:. It’s simple to get automatic bank feeds from your bank once you connect it to your accounting system. Your bank statement lines are fed into the accounting software so that you can match them and then reconcile them with your records.

Your accounts will be updated automatically with all your recent banking transactions. Quality accounting software will let you have direct feeds from most major banks. You may need to sign a form giving the company authorisation first. You may also have to pay a small fee to the bank. But it’s worth the cost, because of the advantages it brings. Simpler payroll is just one of the benefits of linking your accounting software to your bank.

Being able to access bank feeds containing updated information gives you lots of flexibility. Some of the other advantages include:. Anything that simplifies accounts reconciliation and payroll payments is good for your business.

If you want to connect to your bank to get the benefits of automated payments and feeds, you’ll need the right software. Accounting software packages work in different ways — and with different banks. Make sure you choose the software that’s going to work best for you. It should have these features:. Some banks have a traditional, old-fashioned approach to business banking. Others are more modern and proactive and have adapted to the world of cloud-based applications.

Here are some things to look for in an ideal banking partner:. Support for your chosen accounting software. Simple sign-up process, where they walk you through each step. Comprehensive and easy-to-use online banking tools. You should be able to access your accounts via a web browser and also smartphone and tablet apps. Ability to connect to your accounting software.

Ability to upload payment data files, if you choose that method of online payroll. A local presence. If anything goes wrong, it can be frustrating trying to resolve it via a telephone call to someone halfway around the world. A local branch lets you deal with any issues face-to-face. It always pays to shop around. A good bank will stay with you for the life of your business — so this is not a decision you should rush. Once you’ve chosen the accounting software and bank account that best suits your business, do some testing.

Don’t try to do live payroll payments immediately. Take the time to understand how the process works. Test your bank feed — check how well it integrates into your accounting software. Make sure the numbers make sense. Then you can move to online payroll. Start with some test payments to make sure everything is working as it should.

For example, you could pay a small amount to yourself or one employee. This would be a great first test as you can reverse the transaction and easily get the money returned. It’s important that you are able to trust the connection with your bank. Any errors might be hard to fix later. So check the numbers regularly in the early stages. Make sure the automated processes are doing what they should. Integrating your accounting software with your bank can make life simpler for you.

As well as making your financial information available in real-time, it can make payroll faster. It also reduces the risk of human error, and the time and effort required to keep your accounts up to date.

With a little work up front, you can improve the efficiency of your payroll operations. This will help keep your employees happy — and that’s good for business. Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content. Access all Xero features for 30 days, then decide which plan best suits your business.

Guides Online payroll. Payroll doesn’t stand still. Linking your business to your bank. How does it work? Your accounting software creates a payment file containing payment instructions in a form that your bank understands Log in to your online banking and upload the file Then simply confirm that you want to make the payments — and off they go. Connect to your account. A bank connection makes it easier to do business. Choosing the right software. Support for bank feeds and account reconciliation: Ideally this should be automated, so you don’t have to manually download the data from your bank account.

Support for payment data files: It should be possible to create standard format payment data files that you can upload to your bank. Accessibility: With online or cloud-based software you can access your accounts securely, whether you’re in the office or elsewhere.

It means you’re not tied to one computer when you want to manage your online payroll. Ease of use: Accounting can sometimes be complicated, but your accounting software should make life as simple as possible for you. Payroll features: You can’t pay your employees automatically if your accounting software can’t handle online payroll operations.

Scalability: As your business grows, so will your payroll — because you’ll have more employees. You need to make sure your accounting software can handle this growth.

Low maintenance: You won’t want to have to keep applying upgrades and patches to your accounting software. Ideally it should be cloud-based — that usually means the upgrades and backups happen automatically.

Better online banking — six aspects to look for. Test and test, then test again. Bank integration simplifies payroll. Disclaimer Xero does not provide accounting, tax, business or legal advice. Start using Xero for free. Email address.

 
 

 

Process a pay run using Pay Run – Xero Central – What’s next?

 
Check that your employee email addresses are correct. Click the Pay Template tab, where you can set and adjust their earnings, deductions, super, and reimbursements. In the Payroll menu, hit Pay employees. We can help you understand Xero and cloud accounting , so you can streamline your business finances. Optional Add additional benefits or deductions to any employee by adding a pay item to a draft pay run.

 
 

By |2022-09-09T23:24:13+00:00September 9th, 2022|dsdds|

Share This Post With Others!