STP and MYOB: two acronyms that should be familiar to any small business owner.
Both of these things can make your small business bookkeeping considerably easier, and dramatically reduce the amount of time you spend going over the books.
And as of 1st July, 2019, it’s mandatory for almost all employers!
Only just getting started with your business?
If so, our cloud bookkeepers in Melbourne suggest reading on to learn how single touch payroll and MYOB can make your life a whole lot easier.
Single Touch Payroll (STP), explained
In the past, the only way to report your pay runs, PAYG tax, and mandatory super contributions was by manually adding up the totals and including it in your BAS or IAS forms.
Depending on how your bookkeeping system is set up, this is a process that can take up a considerable amount of time – especially if your accounts are messy!
That’s something that Single Touch Payroll aims to fix.
Essentially, STP automatically sends all pay-related information directly to the ATO every time you process a pay run. Payments, tax, super contributions… all of this information is automatically sent to the ATO.
That means you no longer need to send all of this information manually!
Of course, this isn’t the only reason STP exists:
- STP allows the ATO to more accurately track your wage expenses, super contributions, and calculate your tax burden
- It gives you access to schemes like JobKeeper
- STP helps the ATO crack down on tax evasion and other schemes
Why you need Single Touch Payroll
STP helps you save time
Essentially, STP automates the reporting part of your payroll system. No need to fill out a report to send to the ATO – instead, STP does it automatically.
And directly translates into saved time – something that’s in short supply as a business owner.
Sure, it may not take that much time to do manually – as a small business owner however, we’re sure you understand that every minute of free time you can get is precious!
STP can help you avoid errors
Whether it’s a case of small screens or simply being too distracted while entering data, human error is always going to be a problem when manual data entry is involved.
By automating your payroll reporting, STP removes the human element, dramatically reducing the chances of errors or mistakes.
No more late filing
As with anything that relies on you to file, it isn’t uncommon for IAS and BAS lodgements to be late.
Thankfully, in most cases the consequences aren’t severe – of course, that doesn’t mean that you can afford to be late when it comes to lodging your forms and statements!
Once again, automating your payroll with STP means that you don’t have to worry about accidentally missing a due date!
It’s a legal requirement
And that means that there’s no getting around it!
If you haven’t implemented STP yet at your business, we recommend urgently getting the help you need to set it up properly.
The question is “how?” After all, there are so many different STP platforms out there – how do you know which one’s the best for your business?
If you’re struggling, our cloud bookkeepers in Melbourne have a suggestion…
How MYOB comes into the picture
Of course, STP is only half of today’s subject – we’re also here to talk about MYOB.
We’ve said it before, and we’ll say it again: when it comes to small business bookkeeping (and even bookkeeping for larger businesses) MYOB is is the perfect solution:
- Automate large parts of your bookkeeping
- Access and edit your records from anywhere
- Flexible packages depending on your business’ requirements
But how does STP come into the picture?
Simple: in addition to the other benefits that MYOB brings to the table, it also includes in-built Single Touch Payroll functions.
Each MYOB Essentials package includes Single Touch Payroll – there’s even a stripped-down version that only includes STP if that’s all you’re looking for.
Exactly what it says on the tin. With STP for up to 4 employees, this basic package is the perfect solution for small businesses that simply want STP and nothing else.
If you’re happy with your current way of doing things and simply want to bring STP into your business, this is the package for you!
Designed for sole traders and small businesses, this package features STP for one employee.
It isn’t just STP that you’re getting – you’ll also gain access to MYOB’s other powerful features, including invoicing, expense tracking and more.
Accounting and Payroll
All the features of MYOB Accounting, now with payroll (and therefore, STP) for an unlimited number of employees.
If you employ a larger number of staff, this package is just what small and medium businesses like yours need to keep up with their STP requirements!
How Maximum Business Solutions’ cloud bookkeepers can help
MYOB set up
Fortunately, MYOB Essentials is easy to set up – with a bit of time, any business owner can migrate their bookkeeping to the cloud.
The problem is that not everyone has that time!
That’s where we come in. Our cloud bookkeepers have helped countless businesses make the leap to cloud bookkeeping and STP, transferring their records over and ensuring nothing’s lost – we’re more than happy to do the same for yours.
Not only that, but we can also help you figure out which plug-ins, add-ons, and extensions you’ll need to add to your MYOB bookkeeping to get the most out of it.
MYOB and cloud bookkeeping training
As with any new system, it can take a while for people to get used to how things work. Our cloud bookkeepers can help.
Our MYOB bookkeepers can run you and your team through your new MYOB cloud bookkeeping system, including its Single Touch Payroll functions.
Training sessions can be conducted either face-to-face or remotely via teleconferencing – it’s up to you!
Cleaning up your accounts
In order to upgrade to MYOB Essentials, it’s important that your bookkeeping is in order first.
While it may be a small issue now, over time it could lead to errors down the line, resulting in poor or unclear business decisions.
You’re already upgrading your bookkeeping – why not take the opportunity to get any problems with your records and accounts fixed while you’re at it?
Our small business bookkeepers specialise in cleaning up your accounts in preparation for a coming upgrade, allowing you to continue confident that you’re making the right captain’s calls.
Take small business bookkeeping to the next level with our MYOB bookkeepers
You want to take your small business bookkeeping to the cloud – and you need some help!
If you’ve decided that MYOB Essentials offers the best functionality for your business, you’ll need a cloud bookkeeper that specialises in setting up MYOB.
And that’s exactly what Maximum Business Solutions does.
As MYOB Partners, our bookkeepers are qualified to help you bring MYOB and STP into your business.
We’ve helped countless small and medium businesses in Melbourne make their bookkeeping and payruns faster, simpler and easier with the power of cloud bookkeeping and STP.
Is your business next?