The Single Touch Payroll has gained popularity in recent years but now, owners are asking different questions about it. It is easy to explain the basics of it but all the small companies must submit PAYG withholdings and super information when their payroll is processed. It is possible to do it by using single touch payroll software.

It is necessary to give confidence to your consumers about the change process, so there are five benefits of talking to them that are as follows:

·   Streamline the reporting process

Until now, owners had to withhold money from the salaries of their workers at the time it was paid and they used to pay the PYAG withholdings on a monthly or quarterly basis. STP is the government trying to align the reporting directions to payroll procedures. With its help, the organizations can submit their payroll information in which salaries, deductions, and all other things are included. There is no need to wait for a later date to take action.

·   Reduction in errors

When you will use the STP, the ATO will be able to pre-fill all the business activity statements for the employers. It will help them to reduce the risk of errors that humans can make while making the reports. As you know that a single mistake can damage your finances so you should double-check everything. There is no need to pay someone to check the reports when STP is there to help you.  It will be a win-win situation for employers and employees both.

·   Get rid of payment summaries

As the ATO will track the statistics taken from the Payroll Lodgement submissions and make them available via online services. It means that workers can access that information at any time directly via the mygov account in which year to date tax and super information will be included as well. It is beneficial for the employers because they don’t have produce and distribute the payment summaries to their workers. It will help them to save their time and money at the end of the financial year. 

·   Access the new information easily

When you start using the Single Touch Payroll, you will be able to access the tax file number and super information of the new workers at any time of need directly from mygov account. It will allow you to access the information right away without delaying the process for a long time and there is no need to chase up your employees in this regard.