Payroll is one of the most notorious areas of bookkeeping that if not done correctly, can lead to time consuming and costly corrections needing to be made.
Take for example a small business owner whose wife does the bookkeeping. She is not experienced in bookkeeping and processes payroll incorrectly each week by not accruing the correct super, annual leave and sick leave for the employees of the business.
If the problem goes undetected for long periods of time, the repercussions can be enormous. Combine this and the fact that employees are constantly taking leave and super payments are being made, the time to correct the problem just gets harder and harder.
Then to top all this off, disgruntled employees involved are increasingly running off to Fair Work and the ATO to air their grievances. This often culminates in an audit and no-one wins in an audit.
Payroll is one of those areas where you want somebody experienced who knows what their doing and experienced.