In life it is great to have choices, Ice Cream flavours, car colours and coffee menus are all testament to this. We here at Aura Advisory also recognise that you may want some choice when it comes to which accounting platform you wish to use in your small business. To assist in your choice we are proud to announce we are now a certified Gold Quickbooks Online Partner. This provides all of our clients (both present and future) with access to support and training for the suite of Quickbooks online products. Accompanied with our long term relationship with Xero, we believe we can find the solution that best suits your business. If you need a hand with software or any other challenges in your business – give us a call today.
As we are approaching another End Of Financial Year (EOFY) it is a great time to pause and reflect on the performance of your business. Are your business goals aligned with your personal goals and are both phases of your life working in the same direction ? We can help review your situation with our unique fact finding process and tough questions.
Once we go through this process we can then work with you to come up with a strategy to enable you to reach all of your goals.
A recent ATO announcement hasn’t received the mainstream business media coverage it deserves (surprises, surprise). As can be seen on the ATO Website employers with 20 or more employees will have to submit a “real time” payment summary at time of payment (regular pay run) from July 1 2018, with all employers coming online from 1st July 2019. So what does this mean for you ?
- Manual payroll systems are officially dead
- Utilising electronic payroll systems that do not produce the necessary uploads will need to be phased out by 30th June 2018
- ATO will have “live” data with which to monitor PAYG Withholding debts and SGC exposure
- The need for accurate and timely processing of payroll
So what practical steps can you take now to soften the blow ?
- Update your software to Xero (if you haven’t converted from the dark side already) – we can help you with that
- Ensure all of your PAYG Withholding and SGC are up to date by 30th June 2018 – hey we know most of you are on top of this but sometimes sh@t happens
- Review your current payroll workflow and process to see whether it can simplified – if not it may be time to speak to your employees about shifting your week end and payment dates to buy your wonderful payroll teams a day or so of breathing space. (By the way, we can also assist with a review of the payroll process within your business with the goal of making it run like clockwork)