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04 May
Surviving the End of the Financial Year
The end of financial year can be a busy and stressful time for both businesses and their payroll providers. The process requires careful preparation in order to ensure everything goes smoothly and important documents are delivered and received on time. Follow these 8 tips to help you plan and navigate the challenges of the end of financial year.
1. Start Preparing and Planning NOW
The earlier you start planning, the more likely you will avoid any last minute issues. Create a timeline for the whole process, from gathering necessary information and ordering payment summaries to reconciling them and delivering them to employees.
Take note of important dates such as:
22 June 2018 - Payrolls for June must be finalised by noon for direct debit clients
27 June 2018 - Payrolls for June must be finalised by noon for EFT clients
30 June 2018 - Early super payments must be received by the fund on or before this date
6 July 2018 - Order forms for Payment Summaries are due to ensure timely delivery by the 14 July
14 July 2018 - Payment summaries must be issued to employees by this date
By getting started early, you’ll reduce your workload and the amount of stress you’ll experience over this busy period.
2. Coordinate with Stakeholders
Inform stakeholders of the deadlines you are legally obligated to meet for EOFY as early as possible, including:
Other departments
Other relevant organisations
Employees
This ensures that you collect any important information in a timely manner, involve others required in the process, and prioritise work appropriately. Avoid multiple follow-up requests by communicating clearly to employees when they will receive payment summaries and how they will receive them.
3. Don’t Order Payment Summaries too Early
Aussiepay aims to produce your payment summaries within two business days. This means all payments must be processed through Aussiepay correctly at the time of your order.
If you order your payment summaries too early and have to make adjustments, it will incur additional processing charges. If you’re expecting an adjustment, advise your consultant as soon as possible.
4. Avoid Rushing through the Ordering Process
Undertake the ordering process slowly and carefully. It’s better to get it right and avoid the stress of mistakes later down the track. Our payment summary ordering process includes basic instructions and information to guide you along the way.
We make improvements to the ordering process each year, so ensure you read carefully in case there are any differences from last year.
5. Check Your Reports Thoroughly
Aussiepay will provide you with several reports during the payment summary ordering process, with the aim of verifying:
6. Reconcile Reports
Your Month End Payroll Summary Report for June will show you the total payments for each pay code for the entire year. Reconcile these figures back to your Payment Summary Reconciliation Report and your General Ledger.
It’s essential to check that these two reports reconcile to prevent delays in producing your payment summary.
7. Don’t Order Payment Summaries too Late
It can take time to produce your payment summaries, particularly if your Month End Payroll Summary and Payment Summary Reconciliation reports do not reconcile or if other issues arise while preparing your payment summaries.
The earlier you order is in, the faster it will be processed. If you intend on posting out payment summaries, aim to submit your order no later than 7 July. This should leave sufficient time for Australia Post delivery time frames and Aussiepay process times.
8. Help Us Help You
Just like businesses across Australia, the team at Aussiepay will be very busy over the end of financial year period, particularly from 25 June to 13 July, where we experience a significant increase in requests.
Our priority is to prepare your payment summaries accurately and on time. Please advise your consultant if you have non-urgent requests that are able to wait until after this period and they will be able to provide you with an estimated completion date.