Bookkeeping & Payroll Services for Small Businesses

  Last night the FY2021-22 Federal Budget was handed down. In this article we will review some of the proposed implications to superannuation. Super Guarantee set to increase Super Guarantee (SG) contributions, currently set at 9.5%, will increase to 10% in July 2021, and by July 2025 will increase to 12% of your employees’ base wage. At this stage, the below changes are proposals only. For them to take effect, they need to be passed into law. The $450 per month income threshold will be removed Currently, employers only need to make SG contributions for employees that are 18 years and older and are paid $450 or more (before tax) per calendar month. From 1 July 2022, the Government has announced they’ll remove the $450 per month income threshold and employers will be required to pay SG contributions to all eligible employees aged 18 or older, regardless of their income. This is a significant change to employers with a young or a casual workforce. Fewer restrictions on co...

  Cash flow is the lifeblood of any business and key to its ongoing success. However, managing it effectively is also one of the biggest challenges small-to-medium enterprise (SME) owners face. Research conducted by online accounting leader Xero revealed that only 49% of Australian small business owners enjoyed positive cash flow in February 2020. Although business cash flow management is a common problem for entrepreneurs everywhere, there are reliable solutions that can address cash flow problems for greater peace of mind. Here are 9 easy steps to help you improve your cash flow and set a solid foundation for future success: The 9 steps to easy business cash flow management 1. Get your accounts in order for better cash flow management The first step to effective business cash flow management is to get your books in order, so you know exactly how much money is coming into your business, versus how much money is going out. Powerful, cloud-based online accountin...

  If you’re anything like me, each year as tax time rolls around, you find yourself with several ‘quick questions’ for your accountants and tax advisors. Naturally, they tend to range in complexity and, as a result, so too does the amount of  time it takes to quickly respond. However, this is also when many of us rely the most on our advisors, and how they respond is a chance to reinforce trust and value within those relationships. As advisors, understanding the questions they’re likely to come across – before they’re asked –  helps in preparing personalised answers with the right information. It also saves them inboxes (and mental capacity) from becoming overloaded. Its important for you to feel confidence in your advisors and build a long lasting relationship with them. With the help of my peers, I’ve compiled 9 questions that you should ask your advisors in the coming months. While this list offers advice, only you know what’s best for your business – simpl...

  Rostering staff manually can be particularly time consuming. Making sure you have the right people on at the right time can be make or break to many business situations. And sitting down on the weekend after a busy week at work to work out next week’s roster isn’t many people’s idea of a relaxing weekend. It’s one of those tasks that many of us put off until it has to be done. Until now. With the right rostering software you can: Create and publish shifts so all staff are aware of what happens and when Product easy to read schedules Enable employees to set their availability and view their published shifts Generate time sheets related to the shift Approve the timesheet once the shift is complete Have your system set up with pre built awards and pay conditions so the system automatically works out shift costs and incorporates that into your pay run Never before has rostering and shift management been so powerful and simple. Changing ...

  Very few businesses operate without competition. We may wish to see all competition disappear, but in fact competition forces us to improve our businesses by developing better productivity, better products and services, and lower costs. Knowing what the competition is up to is therefore a vital part of our business lives. If you are already in business, keeping up to date with what your competitors are up to or are planning is an essential part of sharpening your competitive advantage and making sure that you can stay that one step ahead. If you are planning a business start-up, then understanding what your competitors offer and what share of the market they hold is very important. For example, in the course of your research you might discover that the competition is stronger, more entrenched, or more pervasive that you had imagined. This ‘reality jolt’ could save you from costly financial commitments or mistakes, or lead you to modify your plans to make your concept more com...