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.
First of all, Aston Martin are designing a personal submarine, Elon Musk is touting the use of the BFR to reduce intercontinental flights to 30 minutes and we live in a world where you turn on your home lights and heating with the use of your smartphone! So moving your business to the cloud is absolutely the right choice!
We live in an ever-changing world of technology and it seems like we are always eager to be hooked on the next new gadget and smart device apps!
At AS Partners we have noticed that technology has advanced further in the last five years, then in the twenty years before that and furthermore, we have advised and supported numerous businesses when it comes to moving into the cloud. As a result, these business clients with annual revenues of up to $15M have experienced strategic advantages! Read on for the top 4 reasons why you should move your business to the cloud too!
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.