The end of financial year is almost upon us. For employees this often means that sweet extra deposit into their bank accounts. Behind the scenes this means extra reporting and stress. For a small to medium sized business there is often only a handful of people handling the EoFY reporting. HR can often take on a lot of extra stress during this time of year.
Reduce EoFY stress with these HR tips:
Understand your budget – First of all, know how much the HR department has to spend on recruiting, retaining and firing is important. How much has actually been spent? Therefore, this will create a better understanding at EoFY if you are putting enough money into the right things. Make note of budget discrepancies and use this next financial year.
Develop strengths and weaknesses – This will create an idea of what to continue and what to work on. Reporting is not just numbers. It does create more work – but most of all it demonstrates a deeper understanding of the numbers. This is a useful step in the process.
Start Early – As the year progresses, it is helpful to report and document things as you go. Document budgets, employee details etc. from the start. Therefore, at the end of the financial year everything can be generated and exported. This makes the process much easier and reporting is consequently more accurate. Avoid unhappy employees nagging you for payment details. It is also important to note this will be the last year of PAYG summaries. This means preparing your systems and staying in the loop for 2019 is vital.
Prepare – following up is harder than being prepared. Have TFN, employee details etc. set up from day one. Set this up with payroll and store this digitally. This will ensure when EoFY rolls around, everything you need is right there in the system.
Integrate a smooth HR system that generates reports for you. To do the previously mentioned – having an automated system is key to generating reports. API will assist in exporting reports between different systems easily. Going digital with your HR department will save hours and hours of time (and money).
Does your system have API?
myjoboffer will set up API for your employee centre to easily export employee details for any HR and payroll software. Retrieve all employee details and export reports for payroll before the employee even begins.