Achieving Payroll Compliance
Published: 20 October 2022
Since this video was recorded, KeyPay has been rebranded to Employment Hero Payroll. While the name of the software has changed, the functionality and user experience of the software is the same. These videos will continue to guide your business through the payroll processes.
How does your business navigate Payroll compliance? We’ll be exploring how we manage payroll compliance at Employment Innovations.
Achieving Payroll Compliance
Jasmine: How does your business navigate Payroll compliance? Hi, I’m Jasmine, and I’m a Payroll System Specialist at Employment Innovations. I’ll be exploring how we manage payroll compliance as part of our service.
At Employment Innovations, we strongly believe in payroll compliance more than ensuring that you have your employees paid on time. Payroll professionals are also responsible for ensuring STP reporting is up to date, that payments such as superannuation are made by due dates and to ensure that employee data is maintained in a secure manner, just to name a few. Here is a few ways that we ensure payroll compliance is met for your business under our managed payroll service:
First and most importantly, let’s start with our people. Our payroll business partners, team leaders and implementation specialists are experts in their field. Our payroll team consists of over 60 employees who all have extensive experience processing payroll across several sectors and industries. This means that when you come on board as a Managed Payroll client, we can match your business with people who have experience with your industry and conditions.
Employment Innovations invests in our people in a number of ways. We keep our payroll knowledge sharp by attending regular training conducted by The Association for Payroll Specialists around subjects like End of Financial Year, Terminations and the application of any new legislation. We also have them on hand to help with any curly queries we may come across.Speaking of curly questions, at EI, we also specialise in HR, Advisory and Legal services, which means if the payroll team requires additional guidance, they’re here to back us.
Payroll Compliant Software
Our choice in payroll software is one of the best in Australia. KeyPay was developed in Australia for Australian payroll. Keypay automates processes for us by updating employee tax tables when they change, updating the superannuation guarantee amounts each financial year, and applying updates to legislative changes. A big part of KeyPay that we utilise is the award interpretation function. KeyPay has many pre-installed awards that help to automate the interpretation of timesheets, applying payments of overtime, penalty rates and allowances in line with the award.
KeyPay also allows us to process superannuation payments on your behalf using Beam, their clearing house, straight to employee superannuation accounts. This ensures that super payments are being paid in line with super stream compliance.
Internal Processes and Protocols
Our payroll team has strict processes and protocols which are followed each and every pay run for each and every EI client to ensure that compliance is not compromised. During the implementation process, a list of payroll procedures and processes are put together that are tailored to each client’s unique payroll requirements. This includes the pay frequency of pay runs and how many they are, who the payroll contracts for the business are, the superannuation payment frequency and which reports are sent to the client each pay period. We also run employee audits each pay period to ensure we have captured any new starters and terminations in the period, any updates to employee files and leave requests that need to be applied to the pay run.
Here at EI, we take compliance seriously, and I’ve only just touched on a few ways in which we ensure compliance within the Managed Payroll service.
If you’d like to learn more about how we do compliance, or how we can help improve your current payroll processes, please get in touch and we’ll be happy to help.
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