A Streamlined Guide to Wage Processing with ACT Tax Group

Managing payroll can often feel overwhelming for business owners, but at ACT Tax Group, we’ve simplified the process into an easy, four-step system that works seamlessly whether your payroll cycle is weekly, fortnightly, or monthly.

Our goal is to make payroll management straightforward, ensuring accuracy, compliance, and peace of mind for you and your employees. Let’s walk through our streamlined wage processing system.

Step 1: Employee Submits Timesheets

The first step starts with your employees. Using the Xero Me app, your team will:

Submit their timesheets by the due date.
Apply for any leave directly in the app.

This step keeps everything organised and ensures employees take responsibility for their own records. Prompt submission is key to avoiding delays in the processing.

Step 2: ACT Tax Group Reviews Timesheets

Once timesheets are submitted, our team steps in to carefully review them. Here’s what happens next:

We check each timesheet according to the instructions you’ve provided.
Typically, we’ll review the timesheets the next business day after the payroll period ends. For example, if your payroll cycle ends on Sunday and timesheets are submitted by Friday at 5 PM, we’ll process them on Monday or the next available business day.

By handling this review on your behalf, we save you time and ensure everything is in order before moving on to the next stage.

Step 3: Payroll Processing

After the review, we proceed with processing payroll in Xero. During this step:

We process the approved timesheets in Xero.
No final reports or payments are submitted yet, allowing us to focus on accuracy and giving you the chance to provide feedback in the next stage.

Step 4: Employer Approval

The final step involves your oversight. Here’s how it works:

Draft Submission: We send you a detailed email summarising the payroll, including attached PDFs for review. The email will highlight any specifics such as overtime, leave, or RDOs (Rostered Days Off).
Your Input: You can approve the payroll by replying with “approved.” If any changes are needed, simply let us know, and we’ll make the necessary adjustments before sending you a revised draft.
Final Processing: Once approved, we:
- Finalise the payroll in Xero.
- Submit reports to the ATO to ensure compliance.
- Email payslips directly to your employees.
- Generate an ABA file (a secure payment file) for you to upload into your bank.

What is an ABA File?
An ABA file simplifies payment processing by containing:

Employee names, bank details, and payment amounts.
A format ready for direct upload to your online banking system.

This eliminates manual data entry errors, saving you time and reducing the risk of mistakes.

Extra Notes and Tips

Multiple Drafts: If any changes are needed, we’ll continue revising until you’re satisfied.
Employee Compliance: Make sure your employees follow the submission process to avoid delays or extra challenges.

Conclusion

And that’s it—a simple, efficient four-step process for payroll management! At ACT Tax Group, we take care of the heavy lifting so you can focus on growing your business.

If you have any questions or want to streamline your payroll process even further, don’t hesitate to reach out.

Thank you, and all the best!