Bookkeeping & Payroll Services for Small Businesses

  Any business owner will tell you that managing business cashflow can be a real juggling act. Cashflow is one of the most common problems that cause business owners to lose sleep. Gaining control of your small business’ cashflow will go a long way to improving your peace of mind and reducing stress. So  how Can a Business Improve its Cashflow ? Identify Identifying certain triggers in particular sales and payments will make a significant difference to cashflow management. Analysing outgoing payments and noting when they regularly occur will go a long way to ensure strong cashflow. Some of the key areas to consider are: Payroll for staff Supplier payment terms and conditions Australian Tax Office Utilities Finance including bank fees and loans Rent Payment to suppliers Customer payments including refund policies There are number of business costs that must be accounted for to help create better cashflow management for your small business. Becoming aw...

  Keeping your employees happy starts with running your payroll correctly. Nothing will get an employees attention quicker than a mistake in the payroll. In this report we cover all the different areas of payroll and how you can ensure your’s is running smoothly. The Basics As an employer, you must pay your employees at the correct rate, as well as any entitlements they are eligible for. This includes parental leave, sick leave or overtime rates. The wages and entitlements your employee is eligible for can depend on: their age the state where they work your industry their qualifications their work duties and responsibilities. To help you work out what you need to pay your employees, the Fair Work Ombudsman (FWO) has created PayCheck Plus . You can use this online tool to calculate modern award pay rates for your employees, including: base pay rates allowances overtime and penalty rates pay rates per hour pay rates for entire shifts. National mini...

  Many Australian small businesses say JobKeeper has been a lifesaver in these difficult times, so it’s a relief to hear JobKeeper has been extended, with some notable changes. We’ve tried to capture what’s new with the wage-subsidy program below. There are some complexities, so we recommend you speak with your iKeep bookkeeper or accountant for the fullest picture, as well as visit the ATO’s JobKeeper extension page. Chill Until September If you want the JobKeeper changes summarised in 15 words, the Institute of Certified Bookkeepers has captured them nicely: “Nothing changes before end-September. Then some employers become ineligible, and some receive less.” You may remember that in your original application for JobKeeper, you had to document a one-time drop in business revenue of at least 30%. It only applied to eligible employees who were with you before 1 March 2020. After end-September 2020, you’ll need to document an ongoing actual decline of 30% or more. And the d...

  In business it is critical to keep track and manage your cash flow. In fact, it is one of the main reasons so many businesses have to close their doors. Poor cash flow management impacts a company’s ability to grow or even just stay afloat. In Australia, we also have a number of compliance requirements with the Australian Tax Office (ATO) for the business activity statement (BAS); PAYG tax; and for your employees superannuation. That is why having the right accounting systems and a bookkeeper in place will help you reduce the stress on compliance and keep you on track for positive cash flow. We continue to speak with businesses every day that use Excel Spreadsheets to track invoices, quotes and their financial position. This is time consuming and could be costing your business. Yet so many business owners continue to be use ‘out dated’ systems to manage their cash flow. In todays fast past technology boom, there have many tools that can make running a business easier and l...