Managed Payroll Process
Published: 20 October 2022
Our team uncovers how Employment Innovation’s Managed Payroll solution works for your business.
Managed Payroll Process
Jasmine: Hi, I’m Jasmine, and I’m a payroll system specialist here at Employment Innovations. In this video, I’m going to give you a look at how our Managed Payroll solution works.
When you first come on board as a Managed Payroll client, we will assist you with the implementation process – including uploading employee details, configuring KeyPay to suit your business and training you on the parts of the system you need to know. From here, your implementation manager will hand over to your Payroll Business Partner who will process your pay runs.
Your Payroll Business Partner works in a team of 3 payroll specialists who will look after your account. This ensures that if they are off on leave for example, there is always someone else familiar with your payroll to pick it up on their behalf.
This team will work with you to determine cut off dates for the approval of timesheets, leave requests or any changes that need to be made before the next pay run is processed. They’ll provide you with a spreadsheet to fill in to capture any changes, like salary increases, terminations or bonuses that need to be paid, which you’ll need to email to them within the cut off date.
From here, your Payroll Business Partner will apply any changes, and include approved timesheets and leave requests in the pay run. They’ll then email you reports that show what has been included in the pay run, so you can check over the amounts before they are finalised.
Once you give them the okay, they’ll go ahead and process the pay run in KeyPay, file the pay run with STP and send you a final set of reports including the ABA file to upload into your online banking portal to process the payment out to your employees. If you don’t use an accounting software that integrates with KeyPay, we will also send out the payroll journal for uploading.
Along with this regular pay run processing, we also take over additional payroll functions. We can process your super payments either monthly or quarterly, always ensuring that they meet the ATO compliance deadlines. At the end of the financial year, we will also complete finalisation through STP to report YTD earnings to the ATO and create income statements for your employees.
If you’d like to know more about how our Managed Payroll service works, 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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