• Lower bank fees. As we're all aware, the banks in Australia have drastically changed their fee structure over the years to encourage electronic banking. Fees are now very high for any sort of interpersonal assistance (over the counter, cheques) and much lower for transactions over the internet or telephone.
  
  
• Lower office expenses. You can save money on office expenses because of less need for cheques, envelopes, cash slips and postage. And what about records? All your payroll transactions can be safely stored and backed up electronically. Should you need a hard copy you can simply print one out from the saved data.

• Save time. With electronic payroll there is no more need to prepare bank slips, travel to the bank, wait in a queue, etc. Electronic payroll can be done 24 hours a day, 7 days a week. Once you have set up the account details, mosts systems can be automated so that payroll is completed automatically by the system. And the payment is made straight into the employee's bank account, which means no more waiting for cheques to clear or taking time off to deposit their wages into an account.

• Security. Obviously there can be many security risks when travelling to and from banks with payroll money. Electronic payroll allows secure transfer of funds which can be completed from your business premises or your home. If you still have concerns about the security of internet banking, contact your bank.

• With most banks, the systems that allow you to complete payroll electronically will also let you pay anything electronically. That means as long as the recipient agrees, you can pay bills or transfer money to any account in Australia at any time.

So what does it cost? Most banks charge a monthly fee to provide electronic banking services to you. However, in most cases it still works out cheaper.

Contact us for more information on this topic.

Disclaimer: This page is designed to provide information only and is not a substitute for advice that is specific to your business. Before acting on any of the information above it is important you seek further advice from a professional who has taken into consideration the nature and circumstances of your business.

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