The End of Financial Year Wake Up Call !

How are you going to cope this year?

Whilst we are in the midst of the COVID-19 pandemic and the many
challenges that have come our way over the past few months, which

unfortunately appears likely to continue for some time. The wake-
up call for us all is that we are fast approaching the End of Financial Year(EOFY)! Just 6 weeks to go and the clock is ticking. Whilst many
seasoned campaigners are very aware of the challenges and pitfalls
that this period brings, many who may have recently commenced
will have never gone through an EOFY while providing temporary
solutions to their clients. This is a dangerous and complex period to
negotiate.

For established businesses who have been reviewing their
Business Continuation Plans (BCP), some may have lost some key
assets and IP within their operations due to this pandemic and
that knowledge may not be available any longer. We can advise
that the approach from Fair Work Australia and the disruption by
various government stimulus packages, it has not been a lot of
fun here at ratescalc.com.
Everyday, it seems there are changes to legislation and as I write,
another 6 awards have changed this week.
So, I pose these questions to you:
Are you across this ?
Is your house in order?

Before the pandemic everyone was screaming from the high
heavens around wage theft and in this environment, even post
Coronavirus that is not going away! Like the rest of you, our
hard-working team at ratescalc.com has had a pretty hellish
couple of months. The process of updating the pay changes from
our friends at the Fair Work Commission has been particularly
challenging this year, due to the sheer number and complexity
of the changes. However, if you happen to be the one who has
the responsibility in the business to update those precious
spreadsheets your business relies on to quote and re quote your
existing customers accurately, well then you don’t need me to tell
you what a nightmare EOFY 20 is going to be!
The announcement of the increase to the national minimum
wage (and all employees who get their pay rates from a modern
award) will not be issued until mid-June this year.

So, now more than ever is when you need smart technology that
can help you through this time-constrained and enforced period. In
fact, our strategy of creating interim rates before the late release of
pay guides has always allowed our clients to plan, quote and update
their rate cards well before the end of the month.

Last year, despite the last minute release of the pay guides, we had our
system fully updated with a day to spare so the 30th June deadline was not an issue as we were well prepared. However the real story from this achievement is based on a survey of our client base the data revealed a positive outcome with 92% advising that they could not have achieved the updates as quickly or easily without using ratescalc.com’s unique software. 100% of customers said they saved a minimum of 85% of their time
during this process.

As I mentioned earlier, in 2019 our team managed to have our
systems fully updated and 100% compliant with all changes to all
Modern Awards by 29th June.

Suffice to say that our experience in 2020 has been markedly
different. We’ve had to invest in a lot more hours of development in
order to be even quicker still, with our team of experts who have a
deep understanding of how the Modern Awards work. To get ahead
of the game we spend hours pouring over multiple files, many with
more than 3,000 lines of code ( the worst was 18,200 lines) for sure
it’s no-ones idea of fun. We do this so our customers can be ahead
of the game rather than on the back foot at the End of Financial
Year period without the headaches associated with it.

‘‘The discovery of underpayment situations involving well-
known companies and franchisors has increased considerably and attracted a large amount of media attention. Most of
the time, however, non-compliance can be largely invisible,
and organisations must have a compliance strategy in place
where they actively monitor their procedures in a manner
which minimises the likelihood of the occurrence of a
breach.’’
(McMahon, Frank and Hartmann, Kirsten 2019)
Award interpretation is very complex and the recent high-profile
cases with the likes of Coles, Woolworths, Subway, 7/11 and some
of our favourite celebrity chefs all being ordered to pay substantial
fines, it’s no wonder we’re all so desperate to get it right. Get it
wrong and you could be facing hefty penalties, as well as the
reputational damage that goes with underpaying your employees.
Many businesses fail to recover from this situation and many
boards and directors have a duty to ensure that their business is
compliant.

It doesn’t need to be so hard!
It doesn’t need to be this way. Savvy recruiters and forward
looking businesses know the importance of applying the right
pay rules to trigger the correct pay and allowances. ratescalc.
com can make that whole award interpretation process so much
easier, removing the burden on you and your team.
One of our new clients last week told us: “We were in the
biggest world of pain doing all the FWA increases, so we were
dead keen for a better solution!”
McMahon & Hartmann state these are the key steps to
compliance:
Key steps:

  1. Establish the context — both internal and external to
    document the scope (and risk criteria) for the
    compliance project.
  2. Document the risks associated with the compliance
    categories you are reviewing.
  3. Analyse and evaluate the risks identified.
  4. Treat the risks — remove, mitigate, minimise.
  5. Schedule regular reporting and reviews.

Why not do what more and more of your competitors are
doing and outsource the tough stuff to the experts. Our software
platform can take care of steps 4 & 5 for you. Our clients have
been able to update their quotes in just three clicks – this
financial year so let Ratescalc take your pain away!

Full compliance and complete peace of mind
With 121 modern awards and many thousands of enterprise
bargaining agreements (EBAs) to navigate, ratescalc’s truly
innovative product is a game changer for practitioners of contingent
staffing in Australia. With deep industry expertise and built with the
end user experience in mind, ratescalc has removed all manual,
error-prone processes for consultants providing a seamless digital
workflow. Automated all the way from initial client enquiry, through
to quotation and placement.
“On a number of occasions, accountants and/or HR managers
have been given responsibility for ensuring compliance with
worker payments, but, were the first to admit that they knew
little about Awards and the legal requirements associated with
the employment or engagement of workers.“ (McMahon, Frank
and Hartmann, Kirsten 2019)

We also ensure all statutory provisions for non-award based PAYG
candidates and contractors, such as superannuation, payroll tax and
workers compensation are applied accurately and appropriately.
Better still, with just a few clicks you can update your candidates and
contractors with their new conditions and rules in just a few clicks.
Over the last 2 years we’ve been focusing our efforts on ensuring
ratescalc is fully integrated with the market-leading ATS/CRMs and
Payroll systems. You can visit our integration marketplace here.
Our integration road-map is extensive with many more operational
systems and pay and bill systems coming on-line each week or
process mapping for future integration with us.
However, ratescalc.com can also be used as a standalone app.
As a popular spokesperson and advisor said recently

So talk to us at ratescalc and let us take care of the science so you
can concentrate on the art. It’s still not too late to get your house in
order before the End of Financial Year and heed the Wake Up Call
now. Keen to learn more? Click here to book a no obligation free demo
with one of our team. Written by: Col Levander, CEO & Founder,
ratescalc.com www.ratescalc.com

https://drive.google.com/file/d/1lR-FWDod7sJYnGZI3F9QKjp2kN7IteRN/view