Manual payroll processing methods are costing your business time, money and resources.
Ultimately, no human is perfect, and mistakes are bound to happen. However, manual payroll processing can be cumbersome, time-consuming and rife with error. The construction and trade industries face unique challenges, especially concerning Enterprise Bargaining Agreement (EBA) and internal award compliance and regulation.
The challenges with manual EBA and Award interpretation
Complex wage structures and EBA and award compliance
EBAs often dictate intricate wage structures. These wage structures can involve multiple factors, such as different pay rates based on job and contract roles, experience levels, qualifications, and specific project requirements. Ensuring accurate calculations and compliance with EBA provisions, including penalty rates, allowances, and overtime, becomes more complex and time-consuming.
EBA and internal award interpretation and updates
EBAs contain specific payment conditions, entitlements, and rostering obligations for construction and trade employees and subcontractors. Interpreting and applying these provisions correctly during payroll processing requires a thorough understanding of the EBA’s language and intent. EBAs are subject to revisions and negotiations over time. Keeping track of EBA changes and ensuring payroll systems and processes align with the latest requirements can pose significant challenges and require ongoing attention.
Varying site conditions and allowances
Construction and trade projects often involve different work locations and site conditions. EBAs may include travel, meal, site, or industry-specific allowances. Managing and incorporating these into payroll calculations can be complex. Ensuring compliance with EBA requirements adds complexity to the payroll process.
Record-keeping and documentation
Compliance with EBAs requires meticulous record-keeping to demonstrate accurate payment of wages, entitlements, and allowances. Manual record keeping includes recording hours worked, breaks taken, overtime hours, and any additional factors outlined in the EBA. The construction and trades industries often involve mobile or remote workforces, making collecting and tracking accurate time and attendance data challenging.
Maintaining comprehensive records and documentation for EBA compliance purposes can be labour-intensive, especially when relying on manual or disparate systems. When employees and subcontractors manually record their time at the end of the day, there is a risk of office staff needing help reading handwriting and accurately guessing employee hours. Additionally, disconnected software systems require data to be copied or rekeyed, increasing the chances of mistakes and inefficiencies.
Communication and issue resolution
Reaching out to speak with staff members to resolve questions and issues with payroll can also be problematic with traditional methods. It can be time-consuming and challenging to track down employees or supervisors for clarification or issue resolution, leading to delays and potential errors in payroll processing.
Addressing these challenges requires implementing robust payroll software designed for the construction and trade industries. These systems should incorporate features such as EBA interpretation engines, automated calculations for complex wage structures and allowances, real-time data capture for accurate time and attendance tracking, and streamlined record-keeping capabilities.
Why your payroll processing software needs to integrate with your EBA or Internal Award
Accurate payroll data is essential to comply with EBA obligations. Integrating and streamlining payroll with accounting software packages such as Xero, QuickBooks, and MYOB streamlines the process, reduces errors, and ensures adherence to EBA rules and regulations. Digital sign-ins and sign-outs offered by EBA interpretation engines and software integrations minimise data entry errors, improve productivity, and enhance accuracy.
“Integration with accounting and payroll software packages allows for easy payroll processing, rostering and allows administration staff to concentrate on more important tasks. Staff signing into and out of sites digitally eliminates many errors and mundane data entry.”- Daniel Ouliaris, Neo Intelligence Founder.
Neo Intelligence’s EBA feature provides a streamlined and automated payroll processing experience. It interprets EBA data, saving valuable time and making the payroll process more efficient. Integrating payroll with your EBA using Neo Intelligence simplifies payroll processing, improves accuracy, and ensures compliance with EBA obligations.
“We found Neo Intelligence’s customisable platform to be a perfect fit for our EBA-specific needs, reducing the time and effort required for processing wages.” – Jasmine Karaula, Office Manager at Highrise Carpentry.
The benefits of streamlining payroll to a Single-Touch Payroll solution for digital timesheets and timecards.
Digital timesheets offer a modern solution to simplify payroll processing and improve business efficiency with benefits such as:
- Time savings: Automating timesheets and rostering reviews, complex calculations, and report generation saves time for payroll officers.
- Centralised data: All-in-one software platforms centralise timesheet data, reducing the need for data re-entry across multiple systems and ensuring consistency.
- Enhanced accuracy: Digital timesheets provide structured and standardised forms, reducing errors caused by manual data entry or interpretation. Precision leads to more accurate payroll calculations and avoids disputes and wage theft.
- Data security and accessibility: Digital timesheets offer secure data storage, eliminating the risk of physical record loss. Audit trails and reporting features provide transparency and accessibility, ensuring compliance and facilitating internal and external audits.
Businesses can streamline their payroll processes, save time, reduce errors, and ensure adherence to payroll regulations by embracing digital timesheets and STP solutions. Adopting STP-enabled systems simplifies operations, enhances efficiency, and provides a solid foundation for accurate and compliant payroll management.
Neo Intelligence’s Single-Touch Payroll (STP) solution offers a comprehensive platform to streamline payroll processes and ensure compliance. Integrating payroll with EBAs and using the Neo Intelligence platform streamlines operations, increases productivity, and enables efficient and accurate payroll management.
“By implementing Neo Intelligence’s system, TSG significantly reduced the time spent on payroll processing, enhancing their efficiency and saving resources.” – Seb, Operations Manager at TSG.
Want to find out more? You can explore the success stories of fellow subcontractors by reading our Client Success Stories here. Or you can Request a demo with our team today to discover how Neo Intelligence can streamline your payroll processing systems.