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Superannuation Deadline 2020!

The deadline for paying Quarter 4 super is 28th July 2020. But if you want contributions to be included in the 2019-20 Financial Year they must be received at the super fund by 30/6/20. In order to get your contributions in on time, if using QuickBooks Online,  to meet this deadline your super batch payment should be successfully uploaded by 3.30 pm (Sydney time) on Tuesday 23rd June 2020. This is also the deadline for any other small Business Superannuation clearance house. Please Note: I suggest you take the time to go back and check the batch status after uploading it – to ensure your batch’s success/payment is made on… Read More

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How Cash flow forecasts can help you

We can show you how to run your cashflow using the new Cashflow feature in QuickBooks Online – coming soon! Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that you are prepared. It’s an important process that you shouldn’t ignore. Here are some ways cash flow forecasts help… Read More

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What the Coronavirus Stimulus Package means for you!

What the Coronavirus Stimulus Package means for you It’s hard to escape the news of the Coronavirus as it continues to have a huge impact on people across the world. Closer to home here in Australia, the Morrison Government has announced a stimulus package in response to the anticipated economic downturn. This package includes a number of economic stimulus measures, most targeted at helping small to medium-sized businesses. Here to help But first, please be assured that we are here to help you whether  the global issues that the Coronavirus pandemic raises. We’re very aware that your family, staff and business needs are top priority. If you would like to… Read More

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4 Tips for Getting your Business through the tough times!

4 Tips for getting your Business through the tough times! If you’re a small business owner whose company hasn’t gone through hard times, that’s great but it’s likely to happen at some point. As much as we dream about being brilliant enough at business that we’ll never face slow times, there are many things beyond our control that can negatively affect our business. It’s highly likely that the Coronavirus and it’s resulting impacts, could put some significant pressure on your business. Here are four tips for getting your business through difficult periods so you can look forward years of business ownership. 1: Focus on your existing customers When companies go… Read More

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Covid-19 JobKeeper Alternative Eligibility Tests

JobKeeper Alternative Eligibility Tests The ATO has just released Alternative Tests for the JobKeeper payment which expands eligibility from the initial basic test This is good news for many businesses, particularly startups, those affected by last year’s droughts and those with variable revenues. The JobKeeper payments are a wage subsidy for employers during  Covid-19,part of the Australian Federal Government Stimulus More information on ATO website : https://www.ato.gov.au/General/JobKeeper-Payment/ Basic Test If you satisfy the eligibility requirements for the basic test, you can ignore the alternative tests below. The basic test is satisfied where your projected GST turnover for the period falls short of your current GST turnover for the relevant comparison period,… Read More

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Superannuation & due dates in Australia

Superannuation  for employers Superannuation is money you pay for your workers to provide for their retirement. Generally, if you pay an employee $450 or more before tax in a calendar month, you have to pay superannuation on top of their wages. The minimum you must pay is called the super guarantee (SG): the SG is currently 9.5% of an employee’s ordinary time earnings you must pay the SG at least four times a year, by the quarterly due dates you must pay and report super electronically in a standard format, ensuring you meet Super Stream requirements your super payments must go to a complying super fund – most employees can… Read More

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How to reconcile your Bank Accounts

How to reconcile your bank accounts When you enter transactions into your QuickBooks Online file, such as expenses, making payments against bills, deposits, and payments against your customer invoices, each of the transactions need to be checked and matched to bank records. This process is called reconciling. This should be done for all your bank accounts and credit card accounts that are linked to your QuickBooks Online file on a monthly basis. The transactions in QuickBooks Online should mirror your business bank account. This is a significant part of the process of bookkeeping. If you do not take the time to reconcile correctly you may find that you have missed… Read More

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Profit and Loss 101: Do you really understand your P & L?

An income statement (commonly known as a profit and loss statement or your [P&L]), is a critical tool to know as a business owner. It answers the most important question: Is your company profitable? Is it running efficiently? And what opportunities are there in identifying areas to focus on i.e. opportunities for increasing revenue and/or decreasing costs. Naturally, when you work closely with your BAS Agent, you have the peace of mind knowing that this is created accurately, however, as a business owner, it is also useful to know how to interpret this fundamental statement. This blog is your profit and loss 101 training document. Our aim to provide an… Read More

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Stop chasing late payments with this handy new tool

Chasing invoices can be time-consuming. QuickBooks Online now has the ability to send a reminder for an overdue invoice directly from the Customer Card, with your own tailored default message. The default message can be set from the Reminders section. This is found under the Gear icon > Settings > Company settings > Sales > Reminders. You can change the default message in QuickBooks Online to suit your business’s tone of voice. We suggest using something like this: “Just a reminder that we have not received a payment for this invoice yet. Please pay this immediately or, if you have any questions, please call us to discuss. Thanks for your business!” Options to send the… Read More

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Three Vital Questions to Ask Before Hiring a Bookkeeping Service

From slow reporting to incorrect figures, tax issues to even fraud, hiring the wrong bookkeeper can be detrimental to your business. We’ve complied three essential questions that you should ask a bookkeeper before hiring them. • How often will the potential bookkeeping service be able to report? In today’s competitive market you need to make quick decisions. Updated books that accurately reflect your current financial position can help you make an informed decision. Finding out how often your books will be updated by the bookkeeper is essential to avoid any potential frustrations. • What kind of experience does the potential bookkeeper have? This is a very significant question, try to… Read More

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