Whether you are an experienced recruitment agency with many end-of-financial-year seasons behind you, or recovering from your very first rodeo, it’s always a relief to have June 30 in the rearview mirror. But when your processes are clunky and prone to data errors, how long does the EOFY linger into your new financial year? No one ever really looks forward to the 30th of June, but there are several common factors that contribute unnecessary stress to this time of year. Business growth is one of these because to loosely quote the Notorious B.I.G., "mo' members, mo' payroll". When the number of workers and shifts increases, so too does the amount of information you have to manage and data you have to submit, which exposes you to a higher risk for errors. Changes made by the Australian Taxation Office (ATO) are another cause of tension. Even when you understand what is necessary for compliance, are you confident that your systems are covering all the bases?
The worst offender for unnecessary stress is the broken and overcomplicated process of juggling several software platforms within your staffing agency. How much do you trust that every last data point about your workforce and your clients is accurately making its way into your payroll and invoicing platform? A truly comprehensive software platform with integrations and reporting features improves the efficiency of processes by automating manual tasks. It also addresses all the stress points highlighted above: reducing risk of error, ensuring ATO compliance, and nurturing business growth.
How do we know? Because this is exactly what Entire OnHire is built for!
“We don’t have to look at Excel sheets anymore! Finance used to be constantly involved in checking the data to make sure it matched across systems, and chasing clients and employees. We needed to find a solution that would improve efficiency – that’s when we found Entire OnHire.”
Kat Barabasova, Talent Quarter
Leveraging the power of direct communication between software systems is vital for achieving a smooth and successful end to the financial year. Integration enables seamless reporting, compliance management, and simplifies the closing process. Entire OnHire’s integrations with the ATO and data-converter OZEDI, allows our users to run the single touch payroll process straight from our software to the ATO database. Tax File Numbers (TFNs) collected in the recruiting and onboarding stage are immediately linked to the ATO and mapped to our Finance Portal, so you know that any changes being made in any part of the system are being updated in real time.
Generating reports and conducting payroll don’t need to be monopolising your team’s valuable time. Using automations significantly reduces time taken to complete these tasks, and dramatically reduces errors and discrepancies. Important EOFY reports, such as year-to-date earnings, payroll history, additions and deductions, and STP reports can all be pulled in seconds, so your workers can put their sole focus on reviewing payments and submissions.
Entire OnHire is designed to make our clients' payroll process as straight-forward as possible. Our brand new bulk-payroll feature allows you to select and process all shifts at once for a single payroll, removing the hassle of assessing each one individually. This provides your team with significant time-savings throughout the year and a breezy final pay-run.
By having all your core business operations housed within a single source of truth, data management and security is centralised, improving protection of sensitive information and simplifying compliance regulation. Software systems with a single-tenancy architecture are the most secure structures, as every customer is provided their own individual instance of an application, so each client's data is isolated.
“We also appreciate the robust compliance tracking and detailed reporting features, which help us stay ahead of regulatory requirements and provide insightful data for strategic decision-making.”
Luke Thompson, Preferred Care Nursing Agency
To truly reap the benefits of an all-in-one software system in the long-term, it is crucial to choose one that aligns with your business goals. If your goal is to grow, you need a solution with a scaling-friendly pricing model. If you're more focused on deeply specialising into your industry niche, you need a platform that offers that level of customisation. We've seen clients grow from startups to major industry players within 12 months. We've also seen agencies expand into new industries and regions. If you're juggling several software solutions within your business, would all of them allow this level of growth? Or would you encounter pricing hurdles at every milestone?
“Entire OnHire has made growing our business extremely easy.”
Jaqueline Kennedy, Phoenix Specialised Youth
When researching what solutions are out there, focus not only on the product itself, but the additional resources the company provides. Access to a support team, timely trainings, tips, and refreshers should not be understated, especially with all the complicated processes that arise during the EOFY period.
Managing the complexities of the end-of-financial-year can be overwhelming. With a comprehensive software solution, that integrates seamlessly with the ATO and streamlines the transfer of data from recruitment and rostering through to payroll and reporting, you can significantly reduce errors and lose less sleep over compliance. Whichever solution you choose, it's worth considering whether it supports scalability and specialisation. What level of support does your team receive at this crucial time of year to increase their confidence?
When it comes to tech stacks for the recruitment industry, it might seem counterintuitive but less really is more. How frequently do you allow yourself time to review all your subscriptions? It's a great habit to get into as you set the tone for this new financial year. Do you have two products where you only need one? Is the pricing structure of your current solution going to event outpace your profits?