Bookkeeping & Payroll Services for Small Businesses

  As we look towards 2025, payroll professionals face new challenges from advancing technologies and evolving regulations. Payroll is not just a back-office function—it’s crucial to a company’s financial health and employee satisfaction. Here are five key strategies for Australian payroll departments to focus on to ensure compliance, efficiency, and value creation in the year ahead: 1. Embrace Payroll Technology and Automation Investing in modern payroll technology is vital for efficiency in 2025. Payroll systems should integrate with HR, finance, and timekeeping to streamline operations. Scalable software with Employee Self-Service (ESS) portals and real-time reporting capabilities will allow employees to manage personal details and view payslips easily. Automation should also cover compliance tracking, ensuring systems remain up-to-date with legislative changes. 2. Focus on Compliance and Risk Management Payroll compliance remains a challenge due to Australia’s evolving tax, su

  As we move into the new financial year and continue to navigate the challenges of inflation, now is the ideal time to establish your FY2025 Business Budget. A business budget is not just a financial plan—it is a strategic tool that guides your business’s operations, ensuring financial stability and supporting growth. By outlining expected revenues and expenses, a budget allows you to allocate resources efficiently, plan for future investments, and manage cash flow effectively. This forward-looking approach enables you to set realistic goals, track performance, and make informed decisions. Moreover, a well-crafted budget helps you anticipate potential financial challenges, allowing you to take timely corrective action to avoid shortfalls. The process of creating a business budget involves several critical steps: 1. Review Historical Financial Data: Start by analyzing past financial records to identify trends in income and expenses. This historical insight provides a solid founda

  A significant underpayment issue has surfaced within one of Australia’s largest private hospital operators, Healthscope, revealing an estimated $21.7 million in unpaid wages. This affects hundreds of disability service workers and possibly several nurses who may not have received their full entitlements. Healthscope, a prominent national private hospital operator and healthcare provider, reported to the Australian Securities and Investments Commission (ASIC) in April that it had engaged external advisers to thoroughly investigate the extent of these underpayments. The company stated in its report, “While this review is ongoing, based on analysis undertaken during the financial year, Healthscope has recorded provisions of $21.7 million.” Operating 38 private hospitals across Australia, Healthscope is currently addressing two main issues related to staff payments. One involves historical underpayments affecting 500 current and former employees at Healthscope Independence Services