How payroll leaders can sail through end-of-financial-year

The end-of-financial-year (EOFY) season is upon us, and by this time, HR and payroll teams in Australia are ensuring they’re ready to meet the deadlines set by the Australian Taxation Office (ATO) for year-end requirements.

It’s a challenging time, regardless of how many years you’ve been running your business. But while it can be stressful, it doesn’t always have to be. Here are some tips to help you and your team sail through the year-end.

Have your year-end game plan in place

American Major League Baseball player Yogi Berra once said, “If you don’t know where you are going, you’ll end up someplace else.” 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. These plans should include year-end checklists, payroll calendars, year-end trial run instructions and results, notes on any legislation impacting payroll, annual leave and holiday schedules, and communications to stakeholders.

Careful and early planning helps structure the year-end process, keeping everything and everyone organised and on the front foot should any surprises arise. And when those surprises arise, your plan should also have a corresponding backup plan to help guide your team back on track.

Keep up with your checklists

At a high level, a year-end checklist would contain a detailed list of activities, tasks, timelines, owners, and their respective statuses. The list would include a review of overpayments, a watch-out list of employees who had issues in the last financial year, and a list of all employees who left the company, among other items.

Checklists can vary depending on your industry and headcount, so make sure to review them to ensure they meet your specific requirements and contain only the tasks that apply to your organisation. It might end up being long, but that’s okay! The more detailed your checklist, the better prepared you’ll be to ensure nothing falls through the cracks. And make sure to review them regularly to keep your team aligned.

Boost your team’s morale

The end of the year can mean long days and working weekends for HR and payroll teams, which can take a toll on your workforce. So, it’s essential to support them as they navigate this season. It can be as simple as ensuring they’re well-fed, especially during weekend work, or celebrating wins and milestones to help keep them going.

It's also important to ensure that the tasks are delegated equally and that every team member has the support they need to complete their deliverables. Keeping management informed about the progress will also help, so leaders can provide encouragement and assurance that they’re part of a bigger team that’s rooting for their success.

Use HCM technology to streamline your processes

When working with data that spans a year, manual processes can be time-consuming and compromise your carefully crafted year-end plan. HCM solutions that combine payroll, HR, workforce management, and talent management can help you see the full picture of your organisation through custom reporting and analytics, not just during EOFY season, but at any point during the year. This can help you increase efficiency, reduce costs, manage compliance, and make work life better for your teams.

Take note of learning moments

EOFY season comes every year, and it's a part of running a business in Australia. While it’s essential to focus on the present, it’s also just as important to identify the lessons learned during year-end and take them as you enter the new financial year. Take note of how the processes went, what went well, and what needed improvement. Set your goals and deadlines based on these lessons to ensure a better, smoother, and hopefully less stressful year ahead.

And when you’ve completed the checklists and submitted the reports, don’t forget to celebrate! The amount of work that goes into year-end processing is no joke, and your team deserves to be recognised for the effort they put in this EOFY season.

With the right planning, teamwork, and solutions in place, you and your team can sail through the end of year and be prepared for what comes next.