As June 30 approaches, businesses across Australia are preparing for the End of the Financial Year (EOFY). Whether you’re in Manufacturing, Wholesale Distribution, Field Services, or operate as a Not-for-Profit, it’s essential to approach EOFY with a strategy that reflects your industry-specific payroll needs.
Here are the basic steps:
- Make sure all pays processed
- Ensure Fringe Benefits pays processed if applicable
- Check over the pay item setup to ensure correct ATO categories assigned to each pay item
- If changes have been made to the pay items, ensure this flows through to historic pays, and if necessary, send an STP update submission to the ATO.
- Reconcile payroll reports to the GL and to the Single Touch Payroll figures
- Complete any additional compliance updates for the coming financial year.
MYOB Acumatica Payroll provides powerful tools to streamline EOFY processes, minimise compliance risk, and ensure your workforce is paid accurately and on time.
Conclusion:
EOFY doesn’t need to be stressful—even for complex industries like manufacturing, field services, wholesale distribution, or not-for-profits. MYOB Acumatica Payroll features, when used proactively, help you maintain compliance, reduce risk, and support a productive, well-paid workforce.
Tip: Start early, customise your process to fit your sector, and if necessary, seek expert assistance from your bookkeeper, accountant, or the Acacia team.
Acacia Consulting Services implement and support MYOB Acumatica, a cloud-based business management platform.
Our focus is understanding a company’s business process and goals to tailor a solution that adapts to fit your unique workflows and industry requirements to maximise your investment.
Branch out with Acacia. It’s the smarter way to grow.
Contact the team at Acacia to discuss your business’s needs.
