Specialist Services
PayWest specialises in Executive Payrolls.
Where an organisation, be it a large or small enterprise, or a not-for-profit concern, has a need to separate its executive payroll from the in-house payroll system, PayWest can provide the solution.
With the Personnel/Payroll details of the Executive Group being channelled through the Office of the CEO/Principal, or the Board, to PayWest, and PayWest undertaking the mechanics of paying the Execurive Staff, the only entry in the enterprise's accounting system is the total of the Net Executive Pay. That total cannot be traced back or identified with any one individual. (Note that to establish the required level of confidentiality there has to be a minimum of 8 persons being paid in the Executive Group.)
This separation of function by involving PayWest establishes the highest possible degree of confidentiality into managing executive payrolls.
Over the years of operating this Specialist Service, PayWest has an unbroken record of maintaining confidentiality within its Executive payroll clients.
PayWest Basic Service
PayWest also offers a range of basic payroll services, commencing with the basic processing and payment of wages, up to the full list of requirements undertaken by an in-house Pay Office.
The choice as to what level you go is entirely yours.
The basic, minimum service provided by PayWest comprises:
- the collection of the hours-worked data from the Client
- the preparation of the payroll
- the processing of the Payroll Reports, which produces:
- Full Pay Details Report for each employee paid. This includes line-by-line details of hours paid times the pay rate to give Gross Pay for every item, line-by-line details of all Allowances paid, and/or Deductions withheld, details of Withholding Tax, including separate details of any HELP or SPSS tax payments, and finally showing the total Net Pay with the Bank account details into which the Net Pay has been paid,
- Pay Details Summary Report. This is a line-by-line summary of each employee's pay details, with Totals for Gross Pay, Deductions, Tax Withheld, Net Pay and Hours across the bottom,
- Pay Summary Reports. This is a 1-page report showing the aggregates of Gross Pay, Deductions, Tax Withheld and Net Pay. It is this report that the Client's accountants would use to record the payment of the wages and salaries through the General Ledger.
- Full Pay Advice Slip prepared in accordance with the standards of FairWork Australia. This is a confidential A4 folded pay slip that does not disclose any of the employee's pay details until he/she tears off the opening strips. It is the perogative of the Client as to whether the current Annual Leave and Personal Leave balances are shown on the employee's pay slip.
End-of-Month Reports are prepared and sent to the Client for:
- Wage Aggregates (Gross Wages, Deductions, Tax Withheld, Net Pay, Hours and Employer Superannuation Guarantee Liability) for the month
- Annual and Personal Leave Liability employee listing as at the end of the month.
End-of-Year process are undertaken for:
- Preparation and Payment of Payment Summaries for each employee paid during the year. The printed Payment Summaries are sent to the Client for distribution,
- Preparation and transmission of the Magnetic Data file to the Australian Tax Office which includes all the detail of the the individual employees' Payment Summaries.
Included in the PayWest Basic Service is also the on-going maintenance of the Employee Masterfiles. PayWest is able to provide an unlimited number of employee bank accounts for use by the employees at their discretion.
Add-on Services Available
The PayWest basic service does not fulfill all of a Client's payroll obligations under either the Australian Tax Office, or FairWork Australia. PayWest is able to provide these additional services as add-ons to the Basic Service.
These additional Services are:
- Calculation of Monthly (or Quarterly) PAYG Withholding Tax, and transmission of those funds to the ATO.
- Calculation preparation and payment of the employer's Superannuation Guarantee liability to the superannuation fund of the employee's choice.
- Calculation and payment of the employer's obligations under Incolink and CoINVEST, where it is appropriate.
In addition, a Client may have an accounting requirement for Job Costing to be included in the payroll processing. PayWest is able to accommodate complex costing processes and transmit the resulting data to the Client for inclusion in their Management Accounting systems.
Following discussions with the Client, there is no task associated with Pay Office procedures that PayWest cannot undertake on behalf of the Client.