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Business Systems

What Can Happen When Your Business Grows but Your Systems Don’t?

Recently the cosmetics company Lush reported itself to the Fair Work Ombudsman after it discovered a payroll error that resulted in staff being underpaid since 2010 to an estimated total of over $2 million. ‘What has become alarmingly clear to us at Lush Australia is that our internal payment systems have not kept pace with […]

Benefits of Budgets

The Benefits of Budgets—Why it’s a Great Idea to Have a Budget for Your Business

You’ve heard it before, you know it’s a good idea, but you just can’t seem to get around to it. Perhaps you don’t believe that there could be benefits to budgeting! We hope to inspire you to start using this important business management tool. Why are so many small business owners averse to creating and […]

Record Keeping Made Simple

Record Keeping Made Simple

Record Keeping Made Simple The simple answer is … keep everything! The ATO requires that the relevant records exist to support all business transactions. It is a business owner’s responsibility to maintain and store accurate records for all financial transactions. To claim a business deduction for tax return or activity statement purposes, you must have […]

Cash Handling Best Practices

Cash Handling Best Practices

Cash Handling Best Practices During the recent budget, the Government announced measures to continue targeting the black, or hidden, economy. Whilst this covers a lot more than just cash transactions, we thought it timely to provide information about cash handling best practices in your business. Apart from correct reporting to the Australian Taxation Office, implementing […]

Single Touch Payroll

Single Touch Payroll–New Reporting Obligation for Employers

Single Touch Payroll Single Touch Payroll (STP) is a government-initiated change in reporting obligations for all employers. The Australian Taxation Office has been developing this for some years and testing the system for the last year, and it is now in place and ready to receive employment data. The data to be reported is gross […]

Tips for Getting Invoices Paid on Time

Tips for Getting Invoices Paid on Time

Getting invoices paid on time has long been an issue in Australian small business. During 2017 the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) conducted an inquiry into payment times and has produced a report that shows just how badly Australia performs compared to other countries when we look at payment times. In fact, […]

Employee Entitlements, Payroll

Recent Changes to Employee Entitlements

Recent Changes to Employee Entitlements Recently the Fair Work Ombudsman announced changes for employee entitlements that affect a number of common awards, such as the Fast Food Award, Hospitality Award, Retail Award and Hair and Beauty Award and particularly affect casual workers. The changes are in force from 1 January 2018. The changes affect overtime […]