The end of the financial year (EOFY) can be a demanding and stressful time for businesses, with tight deadlines, compliance checks and strategic planning all converging at once.
It’s clear why teams might feel the pressure, however there are systems that can be put in place to ease the burden.
While being organised and prepared play their part, technology also has a place. Using a Workforce Management solution can significantly reduce the pressure.
Here’s how:
1. Accurate Payroll Data
Ensuring wages, taxes and superannuation are calculated correctly and reported accurately is crucial. Businesses with multiple awards and pay conditions may find this particularly stressful. By having a WFM solution in place, automated timesheets and award interpretation help ensure employees are paid correctly, reducing errors and costly last-minute fixes.
2. Simplified Reporting
Collating documentation such as financial statements, profit and loss report documentation can be time consuming and add extra strain. WFM solutions provide built-in reporting tools, generating payroll summaries, leave balances, and cost breakdowns is quick and hassle-free.
3. Streamlined Compliance
Missing BAS, PAYG, super and tax lodgements on time can result in audits or fines. Workforce Management solutions stay aligned with Fair Work and ATO requirements, helping you stay compliant and avoid penalties.
4. Centralised Employee Records
Inaccurate employee records, timesheets and leave balance can generate compliance issues. Workforce solutions record and stores all timesheets, payslips, and contract data in one place, making audits and reconciliations far easier.
5. Smarter Planning
On top of everything else, business need to look to the year ahead – shifting their focus to goal planning, forecasting and budgeting. Workforce solutions provide real-time insights into labour costs and hours worked support better forecasting and budgeting for the new financial year.
The pressure can feel real, however it can be more manageable with the right systems in place to support you, not only during EOFY but all year round. Automated workforce management tools remove the manual process, helping businesses reduce stress, stay compliant and start the new financial year feeling confident.
