Welcome to your next module - Establish and maintain payroll systems. In this module, you will be presented with the knowledge required to understand the fundamentals of recording and preparing payroll documentation, responding to enquiries, and processing payroll data for manual and computerised systems.
The knowledge covered in this module is included but not limited to:
- Establishing payroll requirements
- Recording payroll data
- Preparing and processing the payroll
- Handling payroll enquiries
- Maintaining the payroll system
Important
In this module, we will focus on how to establish and maintain a payroll system using MYOB and Xero software. Both MYOB and Xero will be thoroughly explained through detailed videos and instructions on their setup and operation. Each subtopic will first cover MYOB, followed by Xero.
Assessments 2 and 3 will require you to choose one of these systems to complete the tasks. If you select MYOB for Assessment 2, you must continue using it for Assessment 3. The same rule applies if you choose Xero.
Note: If you chose Xero, please contact Student Services to reset your account.
Case Study
This module teaches what is required for the role of a Payroll Officer. You will be asked to complete activities to practice your knowledge and understanding of the topic before undertaking the assessment. The practice exercises will be completed using MYOB Business™ or Xero.
This is Taylor Burns. Ace Finance employs Taylor to work with small businesses assisting them in managing their payroll.
Let us begin by asking Taylor three questions about his role.
To work as a payroll officer there is no mandated qualification. However, most businesses will not employ a payroll officer without some formal qualification to prove their expertise and knowledge of payroll and related accountancy services. Additional training in specific payroll systems, such as MYOB or Xero, is also highly desirable.
In addition to this, there are some soft skills a payroll officer should have to succeed in their career. These include:
- Good communication skills to communicate effectively with employees and management
- Integrity as a significant amount of information that I deal with is confidential and protected under the Privacy Act
- Attention to detail including being able to identify problems and resolve issues quickly
- Ability to learn and develop new skills. This is especially important as tax requirements change regularly with the introduction of Single Touch Payroll most business now use a computerised accounting system to perform their payroll functions.
I work with many small businesses assisting them in implementing and processing their payroll. Some of the day to day tasks I assist with include:
- Collecting and collating timesheets from employees to ensure the correct information is entered and employees receive the right pay.
- Calculating pay for employees with irregular working hours.
- Calculating deductions and benefits such as mileage paid to drivers or deductions for workplace schemes, bonuses, overtime and other incidents where an employee received extra pay.
- Handling superannuation and annual leave
- Carrying out tax compliance including setting up and reporting through Single Touch Payroll and ensuring all tax is completed correctly for employee pay, including all withholdings paid as part of tax at the end of the tax year.
- Entering new employee information into a payroll system and answering queries from employees about changes in their pay, taxes, or any other payroll related matter.
I have been working at Ace Finance as a payroll officer for the last two years, so I am familiar with the federal state and territory employment legislation as well as the Fair Work Act. To maintain this knowledge, I subscribe to the ATO and Fairwork newsletter, which sends notifications about new regulations or changes. In the past, I have also attended payroll seminars and webinars to keep informed on changes in the industry.
