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Small businesses recognise benefits of STP, Intuit research reveals

With just over two months to go until the launch of Single Touch Payroll (STP) for small businesses, new research is indicating that there are numerous benefits associated with embracing STP-enabled payroll software.  

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Small businesses recognise benefits of STP, Intuit research reveals

by QuickBooks Australia

With just over two months to go until the launch of Single Touch Payroll (STP) for small businesses, new research is indicating that there are numerous benefits associated with embracing STP-enabled payroll software.  

An impressive 69 per cent of small businesses using STP software are finding it valuable for their business, a survey of more than 500 Australian small businesses revealed.

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According to new research commissioned by Intuit Australia, and conducted by independent research agency YouGov Galaxy, STP is proving to be a time saver for 62 per cent of users.

Moreover, 34 per cent of the surveyed businesses are finding that embracing payroll software saves them more than two hours per week.

“STP is arguably the biggest compliance event since the introduction of the goods and services tax and we know that large-scale change is never easy,” says John Dunkerley, country manager of Intuit Australia.

“While our research shows there is concern and anxiety about STP amongst many small business owners, the good news for them is that the majority of early adopters of STP are seeing various business benefits as a result of this digital shift.”

The research also discovered that 30 per cent of early users of STP are able to focus more on the work that matters to their clients, while 24 per cent indicate that STP has reduced complexity and lowered stress in the workplace.

Greater transparency (29 per cent) and increased operational efficiency (25 per cent) are also commonly perceived impacts of STP on the business environment.

While not all surveyed small businesses were fans of STP, most of them (68 per cent) admitted to seeing at least one advantage, with the most popular being:

  • A check to make sure I am managing payroll properly - 35 per cent
  • Save me time - 34 per cent
  • It will create greater operational efficiencies – 26 per cent

Digital tech reduces human error

Using payroll software to manage employee wages is a key requirement of the ATO in order for small businesses to be STP-ready.

Besides being time consuming, manual methods run the risk of human error as well as the risk of records being lost, stolen or damaged, an ATO spokesperson tells the Intuit hub.

“There are some great affordable digital solutions like cloud-based accounting software and apps for small businesses that help automate record keeping for small businesses, which means they can spend more time working on their business rather than filling in spreadsheets,” the ATO spokesperson says.

Digital technology also makes complying with tax and super obligations easier.

If small businesses are lodging their own BAS, their software may be able to connect directly with their tax professional or the ATO so they can lodge directly in an authenticated environment,” the ATO adds.

For example, by using cloud accounting solution QuickBooks, business owners can increase their efficiencies across a range of business tasks, including managing cash-flow, getting paid, reconciling their bank and credit accounts and filing GST and BAS.

“What’s more, we offer person-to-person help when calling our customer support team. This in itself ought to help alleviate small business owners’ anxiety,” Mr Dunkerley discloses.

He notes that besides helping businesses individually, the digital shift has the potential to trigger an economic uplift for Australia.

“There is much to be gained for small businesses and the economy once Australia’s 2.2 million small businesses make the digital shift, with STP creating a level playing field by ensuring superannuation payments are being made on time and reduction in under-payments, thereby helping all Australian,” Mr Dunkerley states.

He encourages all small businesses to get up to speed with their compliance requirements by using the STP resources available on the ATO website and reaching out to their trusted financial advisers for more information.

“Our Intuit team is also here to help,” Mr Dunkerley advises.

Small businesses recognise benefits of STP, Intuit research reveals
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FROM THE WEB

The ato, tax
changes and
you.everything
you need to know this eofy

A joint Accountants Daily and
My Business Webcast parntered
by Intuit Quickbooks

thursday,20 june
11am aest
duration:60 minutes

A panel of industry experts will reveal in a free, live webcast up-to-date strategy and quick tricks that are helpful and necessary to tackle what is the biggest deadline of the year.

We will also bring you exclusive insights to:

And much, much more!

register free here