Single Touch Payroll ( STP ) is a new system that will require all employers to maintain their payroll systems on a computerized payroll package that will communicate with the ATO. (Australian Tax Office)
Every Pay period, STP will provide the ATO with
This information will then prefill the Business Activity Statement ( BAS ) and Instalment Activity Statement (IAS) each reporting period.
Are you feeling unwell? (cough, cough) How do you know when to visit the doctor? How do you know when your business accounts aren’t feeling well?
It is important to reconcile your business bank accounts regularly. Reconciling your business accounts regularly avoids any documents being misplaced before reconciling and it also detects potentially fraudulent entries early. Whilst your bank account now reconciles to your statement ensuring you review the un-presented items on your bank reconciliation report and you can also investigate any long outstanding transactions or unusual items that you know have occurred. Keeping in mind that these transactions may be duplicates.
Always remember to review the creditor’s detailed report and if an invoice appears that you’ve already paid, then it is possible that the payment may have been allocated incorrectly and require appropriate action or the invoice could possibly be a duplicate.
Also, ensure that you have not forgotten to pay a supplier. Whilst these things can happen and a supplier might not have contacted you for the payment it doesn’t mean they’re not grumbling about it.
Most business owners invest a lot of time, effort and money into their commercial babies. Hoping that years, and in some cases decades, of hard work will mean that one day they will be able to sell and enjoy a comfortable retirement.
Unfortunately, there is a common misconception among business owners about the dollar value of their business. This stems from the unquantifiable emotional investment that is rarely reflected in the ventures dollar value.
Read More, for 3 main drivers and other factors that impact the value of an enterprise!
Cash flow is an important aspect of every business. So it is important to know that bad cash flow management can lead to businesses going belly up. But it is not only businesses on struggle street that can have cash flow problems. In fact, quite often it is that growing business’s when moving into their next growth spurt that often experience cash flow problems. So, if you want to boost and improve your business cash flow then check out these 6 steps that will surely get you on your way!!
Would you like to achieve work-life balance, gain a peace of mind while being in complete control of your business finances? Then these next 5 action steps on how to run your business from your smartphone is a must read!
Did you know that thanks to technological disruption, it is now possible to run your business almost completely from a connected smartphone in your pocket at anytime, anywhere in the world.
You can create quotes, invoices and accept payments on the go, manage your staff, control business performance and make strategic decisions based on KPIs all from your mobile dashboard.
I am a director of AS Partners, a CPA practice in Melbourne. I have been with the firm since 1983 and have been working in the Cloud Accounting space for over two years. We as a practice have seen technology moving at a breakneck pace which will only continue to evolve at a fast pace into the future.
Australians historically have taken on change with little resistance. Examples are telex machines and fax machines many years ago, to more recent emails and the Internet. The internet is part of our daily lives, allowing us to tap and go with credit cards, do internet banking online and now cloud accounting.