25th March, 2024
Feeling rushed? It must be EOFY time again. Everyone has their paperwork to do and their tasks to tick off.
If you’re in the payroll team, every payment must be filed by 31 March to fall within the current financial year — no small feat.
You need to accurately finalise employee earnings, tax withholdings, KiwiSaver and benefits. It’s a high-stakes balancing act between thoroughness and efficiency.
We spoke to MYOB Partner Success Manager Ian Barron about how MYOB can make EOFY easier:
Firstly, MYOB’s payroll software automates almost everything, helping you avoid time-consuming calculations for wages, taxes and KiwiSaver contributions.
Accordingly, Ian notes that with MYOB, you’re given the numbers you need, freeing you from hours of manual calculations.
“After finalising a pay run, MYOB auto-generates bank-ready files in minutes, simplifying your payment process,” he explains.
This year-round automation pays off at EOFY because you know you’re working with accurate figures.
The most important thing to check before EOFY is that your payroll files match your IRD files — and MYOB’s reporting feature delivers just that.
You can do proactive checks on minimum wages, KiwiSaver contributions and tax rates to ensure compliance.
Better yet, the centralised system gives you the in-depth data you need when you’re closing the books at the end of the financial year.
It’s a clear and concise way to review your financial obligations and business health.
MYOB automates PAYE management, so you can say goodbye to messy manual admin at EOFY.
When it comes to taxes, accuracy is non-negotiable. MYOB automates tax calculations, keeping your business in line with IRD’s requirements.
As Ian explains, you can also file your employee earnings and related tax documents directly with IRD through MYOB.
Consequently, this means timely and accurate submissions, helping you avoid penalties associated with late or incorrect filings.
Onboarding new hires? Adjusting to staffing changes?
With this in mind, MYOB streamlines employee management by offering a centralised system where you can easily add new staff members, update existing employee details, and manage leave and entitlements.
MYOB integrates seamlessly with other business systems, including time tracking and HR platforms.
As a result, this means your data flows smoothly, reducing the time required for data entry and double-checking.
No two businesses are the same, so you need to customise your payroll software to suit your specific needs.
Whether you have casual, part-time or full-time employees, you can configure the MYOB payroll system to fit your company, Ian explains.
MYOB provides extensive support and training resources.
Whether you’re a seasoned pro or new to payroll, you’ll have access to online guides and other educational materials to help you easily navigate EOFY requirements.
As your business grows, MYOB grows with you.
In particular, the platform is scalable to handle an increasing number of employees and more complex payroll structures, helping you keep up with your payroll and tax obligations as you take on more staff.
Tap into MYOB’s extensive network of advisors, like Ian, for support with EOFY planning and execution.
As a result, we can help you find ways to optimise your payroll processes for better efficiency and compliance.
Finally, EOFY doesn’t have to be a time of dread for the payroll team.
Furthermore, with MYOB’s comprehensive suite of payroll features, you can efficiently and accurately manage your payroll responsibilities, stay compliant with tax laws, and ensure that all financial records are up to date and correct.
Also, this leaves you free to focus on other strategic tasks, knowing that the technicalities of payroll are in capable hands.
Want to close the financial year with confidence? Sign up for MYOB today.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
MYOB is not a registered entity pursuant to the Tax Administration Act 1994 Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BASGST return or annual tax statements then you should consult with your accountant or other registered tax adviser.