The requirements for end of financial year (EOFY) process is always changing, which can be confusing, overwhelming and downright stressful for many businesses. That’s why Aurion has published the dedicated client portal Aurion EOFY Resource Centre, which explains the automated EOFY features in your Aurion solution and gives access to our free eLearning course, and the other resources and guides you’ll need for fully compliant EOFY reporting.
Whether or not you’re an Aurion customer, you can download our expert step-by-step checklist to make your End of Financial Year (EOFY) payroll processing stress-free.
Three steps to stress-free EOFY
1. REVIEW: Before you start reporting, it’s a good idea to ensure company details are correct to minimise errors. Make sure your key company information, such as company / trading name, ABN and postal address, is accurate and up-to-date.
2. RECONCILE: After you’ve reviewed your key company information and checked your employees are correctly set up, it’s time to reconcile your payroll transactions. Your reports should reflect dates based on when your company pay runs occur, not pay period end dates.
3. PROCESS: When you’ve completed reconciliation, you’ll need to prepare to finalise your EOFY data for the ATO – this is called the ‘STP Finalisation Process’. Check key company details are correct.