What is everything I need to know about Payroll, Leave & Expenses?
Welcome to InvestorKit's Payroll, expense and leave admin guide! We've put together this handy resource to help you navigate the everyday stuff that keeps our business running smoothly. Think of this as your go-to manual for all things payroll, leave and expenses.
The good news is we've made life simple with the XeroMe app – your one-stop shop for checking your payslips, requesting time off and claiming those business expenses. No more hunting through emails or paperwork!
In the following sections, you'll find everything from when you get paid (spoiler: it's the 12th of each month) to how our bonus structure works, and step-by-step guides for booking leave and submitting expenses. We've designed this to be straightforward and practical, so you can focus on what you do best at InvestorKit.
Track everything in one handy App - XeroMe! XeroMe is an app for employees to manage their key payroll information. It’s also linked to Xero Expenses if employees are keeping track of their expenses. Some of the features include:
Payslips
- View past payslips
- Download PDF files of your previous payslips
Leave
- View upcoming leave requests in the leave calendar
- Request, edit or delete leave requests
- Managers can approve or reject leave requests and timesheets
Expense claims
- Track and submit expense claims on the go
Payroll Overview for New Team Members
Welcome to InvestorKit! Here's a brief overview of our payroll process and your Payslips can also be viewed in your XeroMe app.
Payroll Schedule
- Payroll is actioned on the 12th of each month, in arrears
- If the 12th falls on a weekend, payrun is actioned on the previous business day
Commission Structure
- Let’s make this one quite specific: Members of the Sales, Strategy & Acquisitions division are required to submit their closed deals by the first (1st) of each month to accounts@investorkit.com.au
- For all other roles your commission will be collated and reviewed by your divisional leader and discussed during your 1:1 EOM meetings.
Bonus Structure
- Full-time employees not on commission typically have a salary + bonus structure
- Bonuses are paid biannually (January and July) based on performance
- Performance ratings: 0% (Did not meet expectations), 50% (Meets expectations), 100% (Exceeds expectations). For more specific details on how to exceed our expectations and smash your earning potential, please review your Position Description and contract
Referral Bonuses
- Client Referrals: 15% of the product or service ticket price for initial sign ups only.
- Employee Referrals: $2000 when a referred candidate passes probation
Pay Increases
- Reviewed annually at the end of the financial year and awarded at the description of your leader based on individual performance, living our values and your overall contribution to InvestorKit.
If you have any questions about the payroll process, please don't hesitate to ask your manager or the operations team via hr@investorkit.com.au.
How do I request Leave?
At InvestorKit, we use XeroMe for managing employee leave requests. As part of your onboarding you will receive an invitation to XeroMe via your personal email address. This system ensures efficient tracking and approval of time off. Here's an overview of the process:
Submitting a Leave Request
- Log into your XeroMe account
- Navigate to the leave request section
- Select the type of leave (e.g., annual leave, sick leave)
- Enter the dates for your requested leave (1day = 7.6 hours)
- Provide any necessary additional information
- Submit your request
Leave Approval
- Your leave request is automatically sent to your manager for approval
- The manager reviews the request, considering team schedules and workload
- The manager approves or denies the request through XeroMe
- You will receive a notification of the decision
Leave Recording
- Approved leave is automatically recorded in XeroMe
- The leave is also added to two calendars:
- IKIT: Annual Leave calendar (company-wide)
- Your division's Annual Leave calendar
Checking Leave Balance
- You can view your current leave balance in XeroMe at any time
- This includes all types of leave accrued and used
Remember to plan your leave in advance when possible and communicate with your team about your absence. If you have any questions about the leave request process, please contact hr@investorkit.com.au.
Types of Leave
Here are the different types of leave available at InvestorKit:
- Annual Leave - 20 days paid time off accrued throughout the year
- Birthday Day Off - 1 paid day off to celebrate your birthday
- Personal/Carer's Leave - 10 days paid time off, for personal illness or caring for immediate family
- Compassionate and Bereavement Leave - 2 days of paid leave for immediate family members
- Parental Leave - Both paid and unpaid options for new parents
- Paternity Leave - 10 days paid time off
- Maternity Leave - Paid parental leave (e.g., 4-8 weeks at full pay) - InvestorKit to decide
- Long Service Leave - Extended leave after long-term service
- Community Service Leave - For voluntary emergency management activities
- Jury Duty Leave - For serving on a jury
- Time Off In Lieu - Compensatory time off for extra hours worked
- Mandatory Christmas Closure Leave - Business days that fall under the InvestorKit Christmas Closure will be taken up as Annual Leave. If you've been with us for less than 6 months and don't have insufficient leave accrued, you will still be paid for these days. Your leave balance may go negative in such cases, which will build up as you continue to accrue leave in the new year
How do you submit an expense claim?
Just like how you request leave, in your XeroMe App you can claim Expenses!
Key benefits include:
- 📱 Mobile expense claim creation and submission
- 📸 Easy receipt capture using your phone camera
- 🏃♂️ On-the-go claim submission for improved efficiency
Here's a quick guide to using XeroMe Expenses:
- Open the XeroMe app (Available on both iOS and Android smartphones)
- Tap "+ New claim" and select "Expense claim"
- Add your receipt by taking a photo or uploading a file
- Enter the expense details
- Submit the claim or save it as a draft
If you have any questions or need assistance, don't hesitate to reach out via helpdesk@investorkit.com.au.
Understanding payroll, leave, and expense processes is crucial for a smooth experience at InvestorKit. By utilising XeroMe, you can efficiently manage your payslips, request time off, and submit expense claims.
If you ever have questions or need clarification on any of these processes, don't hesitate to reach out to your leader or the Operations team at hr@investorkit.com.au. We're here to support you and ensure you have all the information you need to succeed in your role at InvestorKit.