The end of financial year (EOFY) is almost upon us, and by this time, you are likely to be right in the middle of deadline preparation. With payroll management, HR filing, superannuation and tax calculations being just a few of the items on the list, payroll and HR teams are by this point likely to be working around the clock. To try and alleviate some of this pressure, we have collated four tips to help you and your team navigate through EOFY:
American Major League Baseball player Yogi Berra once said, “If you don’t know where you are going, you’ll end up someplace else.” The EOFY season is a journey of closing out the current financial year, and having a map will help you and your team navigate through it. Careful and early planning will help in providing structure to the EOFY process, keeping everything (and everyone) organised and on the front foot should any surprises arise.
What should be in the plan? Year-end checklists, payroll calendars, year-end trial run instructions and results, communications to your stakeholders, a note of any legislation that could affect your payroll reports, and finally – the most important – annual leave and holiday schedules for your employees, with a matching back-up plan.
Part of having a plan is creating a checklist. At a high level, an EOFY checklist would contain a detailed list of activities with tasks, timelines, owners, and status. The list would also have a review of overpayment, a watch-out list of employees that had issues last financial year and a list of all employees to be terminated, just to name a few. Your EOFY checklist may vary depending on the industry and size of your organisation, so make sure that it fits your requirements. And if the list is long, don’t worry! The more detail your checklist has, the better prepared you are to ensure nothing falls through the cracks.
In a 2016 survey by Westpac-Melbourne Institute, 31.4% of SMEs report an increase in working hours during EOFY. Long days and working weekends can take its toll in your workforce, so it’s important to keep their morale up. Something as simple as ensuring that they are well fed especially during weekend work, or a celebration at the end of the road can help keep the stress at bay. Keeping your management in the loop with the progress of your team will do wonders for their morale as well, and having support areas on standby will assure them that they’re a part of a bigger team that’s all rooting for their success.
When working with payroll data that spans a year, manual processes can be very tedious and create room for error in your carefully prepared plan. Using a system such as Preceda payroll can support your EOFY plans by automating manual processes. These solutions also come with the controlled functionality to ensure all information is complete and correct before you can run or submit any EOFY report.
With the right planning, teamwork, and payroll systems in place, you and your team can sail through EOFY and be ready for the year ahead.