Accounting solution MYOB has announced the launch of a $10 payroll product to ensure Single Touch Payroll (STP) compliance is made easy for microbusinesses.
MYOB Essentials Payroll and a payroll component for MYOB Connected Ledger have been released today, specifically for micro businesses with 1 to 4 employees, with each available for $10 per month.
With STP reporting becoming mandatory for all small businesses from July 1, MYOB General Manager of Product, David Weickhardt hopes the low-cost solution will smooth the transition for time and cash poor small business owners.
“Having a product tailored specifically for micro businesses means in addition to being STP compliant some businesses will have the benefits of a complete cloud-based payroll solution for the first time,” Weickhardt said.
Weickhardt said MYOB was first to market with an STP solution for small business and more than 1.3 million transactions have already been processed to date. In fact, according to MYOB research, one in ten small businesses have already adopted the solution. While small and micro businesses are benefitting from the streamlined reporting process, Weickhardt says there are further opportunities for businesses to automate tasks.
“This includes timesheets, PAYG, leave calculations and the automation of a number of other payroll related tasks, all at a low cost.”
“The introduction of STP is a good reason for businesses to look at where they’re at and how cloud-based software might help them and their business,” said Weickhardt.
“Fifty-three per cent of business owners go to their accountants or bookkeepers for trusted advice and information on their business, more than any other source, and this is a good time to start a conversation with them about some of the options available.”