Single Touch Payroll is a reporting mechanism between small business and the ATO either directly through the business' accounting software application or a third party such as a sending provider.
MYOB Australia have announced they will not be adding the Single Touch Payroll functionality to their AccountRight v19.x 'classic' suite of applications. They do however, offer the full functionality in their other offerings and have encouraged companies to convert from AccountRight v19.x suite over to their new MYOB AccountRight and MYOB AccountEdge products.
These announcements will impact any ozBeanz customer currently having their MYOB AccountRight v19.x 'classic' company file hosted with us and use the payroll functions.
So what are the options?
Compliance with the ATO requirements for super and payroll reporting is not negotiable, so change is necessary in some form and the change needs to be implemented before the first payroll after 1st July 2019.
Moving to another solution will require some planning and training. You will currently have a chart of accounts that suits your business along with historical data you'll need to keep for at least 5 years.
Whilst most accounting applications follow a fairly standard type of workflow and can be learned in a few weeks, MYOB has been around a long time and familiarity with the navigation and processes within the old AccountRight v19 'classic' suite will be a difficult habit to break.
If you choose a new software application, the application needs to deliver all of the same features as your MYOB application such as inventory, multi-currency etc. so you'll need to research thoroughly before committing to your next move.
ozBeanz is here to help. We value your custom and wish you to stay with us but change is inevitable and we are here to make your transition as straightforward as possible.
Our team will do our best to assist you in whichever decision you make.