NewswireToday - /newswire/ -
Melbourne, Victoria, Australia, 2018/08/17 - Since the mandatory reporting deadline on 1 July 2018, MYOB has successfully helped more than 16,000 employers navigate Single Touch Payroll - MYOB.com. ASX: MYO
MYOB was the first major payroll solution provider to have its products ready for STP under new guidelines from the ATO. More than 50% of employers transacting through STP are MYOB customers.
One in every three small and medium sized enterprises (SMEs) pay their employees through MYOB. While STP is a significant change for employers, customer satisfaction with the payroll process has been largely positive for MYOB customers.
MYOB Certified Consultant Renae Petersen, from 2 Peas Pty Ltd, found the migration seamless.
“The roll out of STP from MYOB has been seamless with very little interruption to our clients as we already had them online and so we could just jump in and manage it for them with very little disruption to their business. Our clients are very happy with how it has all rolled out.”
MYOB has eight payroll products that provide a payroll solution to approximately 100,000 customers. More than 20,000 of those customers have over 20 employees and are therefore required by law to report using Single Touch Payroll.
Since 1 July 2018, MYOB reports that:
● more than 16,000 businesses have onboarded to Single Touch Payroll using MYOB software
● more than 150,000 successful STP pay runs have been processed through MYOB software.
A significant change for employers
“We know a significant change such as this can be daunting, especially when there are ATO requirements as well as changes within the MYOB product,” said MYOB GM Product David Weickhardt.
“We’re pleased to see that during the transition period we received around 45% less calls from STP customers than we anticipated.”
The next mandatory deadline for SME owners is coming up at end of September. By this time everyone using an MYOB payroll solution will have to enable Two Factor Authentication as an extra measure to protect their data. More information can be found at myob.com/2fa.
More information on Single Touch Payroll can be found on the ATO website.
MYOB (myob.com.au) is a leading provider of online business management solutions. MYOB makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. We also provide ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. We are committed to ongoing innovation, particularly through our Connected Practice Strategy and through the development of the MYOB Platform.