End of Financial Year can be a busy and stressful time for many in our industry.

 

To help you make 2015 stress free, Aussiepay has prepared 8 quick and helpful tips to a smooth EOFY.

1. Start preparing and planning NOW:

    

       a. Planning now will help avoid any last minute issues that could affect your ability to meet your legal obligations.
       b. You’ll also help to reduce your workload, and the amount of stress that you’ll experience over such a busy period.

 

2. Educate your stakeholders

     

      a. As a payroll administrator, you know you’ll be busy over the end of financial year period, but other stakeholders may not be aware of the work that you put in, or the deadlines that you are legally obliged to meet.
      b. Let other departments know that you’ll be busy over this period (perhaps non-urgent work can wait until after end of financial year). If you require other departments to be involved in your end of year process, let them know what you need, and when you’ll need it, in advance.
      c. Don’t forget to be clear with your employees as to when they will receive their payment summaries, so they aren’t ‘hassling’ you earlier than necessary.

 

3. Don’t order your payment summaries too early

      a. We’ll aim to produce your payment summaries within two business days.
      b. This means that all payments must be in processed through Aussiepay and be correct at the time you make your order.
      c. If there are any adjustments after your Payment Summaries have been produced, we may be able to organise changes for you, however there will be additional charges involved.
      d. If you think that you may need an adjustment, please speak with your consultant as soon as possible.

 

4. Don’t rush through the ordering process

      a. The payment summary ordering process is fairly self explanatory and it includes some basic instructions and information to assist you along the way.
      b. Read these instructions carefully and you’ll save yourself a lot of trouble.
      c. Remember, we do make improvements to the payment summary ordering process every year, so you should read carefully even if you’ve ordered payment summaries in previous years.

 

5. Check your reports thoroughly

      a. We provide you with several reports in the payment summary ordering process.
      b. These reports will let you verify your employer details, employee details, and payment summary figures. By ensuring that these figures are correct you’ll reduce the likelihood of any problems or delays in the preparation of your payment summaries.
      c. By checking these reports you’ll reduce the risk that you’ll need to amend any payment summaries later on.

 

6. Reconcile your reports

      a. Your Month End Payroll Summary Report for June 2014 will show you the total payments for each pay code for the entire year.
      b. You should reconcile these figures back to your Payment Summary Reconciliation Report.
      c. It’s important to check that these two reports reconcile, because your payment summary production will be delayed if they don’t reconcile.
      d. Handy Hint: You are able to use your April Month End reports and the interim Year End reports that have been sent to reconcile now – as well as later.

 

7. Don’t order your payment summaries too late

      a. It takes time for us to produce your payment summaries, particularly if your Month End Payroll Summary and Payment Summary Reconciliation reports do not reconcile or if we experience other issues when preparing your payment summaries.
      b. As 14th July falls on a Monday this year, if you are planning on posting out Payment Summaries, your order will need to be submitted no later than Friday 4th July.
      c. This takes into account Australia Posts delivery timeframes, and the time it takes to process your order.
      d. Get your order in as early to ensure the fastest processing times

 

8. Help us to help you

      a. Over the end of financial year period, particularly from 25th June to 15th July, we’ll experience a significant increase in requests
      b. Our priority over this period will be the preparation of your payment summaries.
      c. If you have non-urgent requests that are able to wait until after this period, please still advise your consultant. They will be able to provide you with an estimated completion date