5 Years of Milestones and Market Innovations
A Glance Back and a Look Forward with Beam
Super can be complicated and finicky for many employers. Often with obligations and payment processes that are difficult to understand. That’s why many employers faced compliance challenges and spending far too much time and money to meet their super obligations. It was clear that a better way to help employers have a more positive super payment experience in payroll was needed.
So, in March 2018, Beam Connect, known as Beam, was launched in the Australian market as a solution that simplified super payments in payroll.
The solution that simplified super
With years of experience processing super contributions, the Beam team knew that ‘employers simply had too many broken steps and barriers when paying super’. And there was a gap in the market for a software that would simplify super payments while providing a much-needed service for employers.
That’s why Beam was created – a simple payment, reporting and messaging solution powered by the latest technology.
With Beam an employer is able to manage their payroll and superannuation from a single, easy-to-use and all-inclusive platform without needing to access any third-party portals (a huge win!). Better yet, all super payments can be made in one batch delivering an absolutely superb customer experience. It was the simplicity of the product that made the industry take notice.
Beam – a super success
Beam quickly became a ‘superstar’ success story in the super industry. In 2019, just one year after its launch, Beam solidified its credibility, with an impressive run of winning coveted industry awards, including Money magazine’s Best Innovative Business Super Feature 2019, SuperRatings Best New Innovation 2019, Conexus Financial Superannuation Awards 2019 – Innovation and Transformation Award and Canstar’s 2019 Innovation Excellence Award. These awards highlight the value of Beam as a payroll solutions partner.
Single Touch Payroll Solution
Committed to changing the way employers manage their super obligations, in 2019 Beam launched its Single Touch Payroll (STP) solution. This solution takes the weighty burden of reporting obligations out of an employers’ hands by automatically reporting payroll information to the Australian Tax Office each time super is paid – each time, for every employee.
Beam’s STP solution enabled the business to bring a solid technology software to support payroll partners deliver value and service to their customers.
Growing together
Beam’s journey and the on-going support from payroll partners over the last five years has set Beam apart. From just the spark of an idea in 2018, today there are over 90,000 employers using Beam and over $26 billion super contributions processed.
Of that amazing growth Mat Gilroy, Australian Retirement Trust Head of Strategic Partnerships and founder of Beam, says, ‘Beam solved a problem for our customers, and because of that we’ve grown to be one of the largest clearinghouses in Australia. And that’s something we’re hugely proud of.’
Continual innovation
With a passion for bringing new ideas to life and working closely with partners to achieve success, ‘Beam is continually looking to payroll providers, stakeholders and businesses to guide the way forward for future problems and how they might be solved’, says Mat.
What’s more, the commitment to provide leading digital tools led to the launch of Super Fund Onboarding (SFO) in partnership with Australian Retirement Trust in October 2022. Onboarding of new employees has always been a taxing and resource heavy process, particularly with the government’s new stapling rules. But Beam’s SFO offers employers with an automated process for onboarding employees and administering choice of fund easily to reduce many of these pain points.
Dave Woodall, Australian Retirement Trust Chief Commercial Officer, says, ‘SFO lightens the administration load when onboarding new employees and provides a fully trackable and seamless employee onboarding journey, eliminating errors and data inaccuracies.’
With SFO, Beam has created a clever way to make it easier for employers to meet their super obligations every day with less resources and admin time spent.
Looking to the future
Today, Beam’s vision at making super payments simple, continues.
Mat adds, ‘We want to be led by our payroll partners and the employers using our platform. Their problems, challenges and needs will drive our roadmap into the future’.
With all the achievements made so far, Beam is looking to continue to trailblaze and make a difference by delivering easy and time-saving super software and related solutions for software partners and employers.
Are you new to Beam and would like to know more?
If you are a Payroll Software Provider, then head over and learn why you should partner with Beam.
Employers manage your super in payroll and streamline your employee onboarding. Discover how Beam makes light work of admin.