Some companies pay their contractors through accounts payable rather than through payroll. However, if they are labour related it could be useful to include contractor payments with employees so reports can reflect all labour costs. CloudPayroll offers several features to streamline the process of managing the differing payments to employees and contractors to keep it simple:
1. Easy setup and management
Adding contractors: As with adding employee’s, contractors can be easily added to the payroll in CloudPayroll. This process includes entering details needed to make payment, payment information, the contractors ABN and if applicable superannuation details.
2. Comprehensive Reporting
Labour reports: CloudPayroll includes both employees and contractors in payroll reports giving a complete view of labour costs. This aids in budgeting, financial planning and compliance reporting for our clients.
Taxable payments annual report: The TPAR is included in CloudPayroll’s 50+ suite of reports.
3. Compliance
Superannuation: For contractors deemed to be employees for superannuation purposes, CloudPayroll ensures that superannuation contributions are calculated with the option for CloudPayroll to manage payment.
PAYG management: If there is a voluntary agreement with the contractor to withhold tax from each payment, this can be easily set up and reported on.
4. Contractor portal access
Employee Kiosk: Contractors can be given access to the CloudPayroll Employee Kiosk where they can view their Recipient Created Tax Invoice or Remittance Advice. This helps contractors track their earnings and manage their finances effectively.
CloudPayroll simplifies the process of paying employees and contractors by providing tools to manage and pay both employees and contractors efficiently.
With easy setup, comprehensive reporting and streamlined payment processes, CloudPayroll helps businesses focus on what they do best, while ensuring all worker-related payment obligations are met. Whether you require a payroll solution to handle employees, contractors or a mix of both CloudPayroll can optimise your payroll processes.
Interested to know more? Contact CloudPayroll to arrange a free demo sales@cloudpayroll.com.au or (02) 9042 2689 or (03) 9670 0422.
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