Does it make sense to outsource your payroll?

Everyone knows the importance of accurate payroll. Industry research conducted by Xero and Dynata confirms up to 49% of small businesses have made payroll errors. Small businesses often rely on manual processes, making the likelihood of error much higher.  These errors may include late payments, under and over-payments, and can erode employee morale and trust. We are payroll professionals that are required to keep our knowledge and technical abilities up to date with any changes in legislation, compliance and technology – we know our stuff so you don’t have to! Some of my clients have handed over responsibility for their payroll in order to spend more time on their business, giving them the freedom to concentrate on why they went into business in the first place! Contact Customised Accounting Matters if you need assistance with your payroll function. Making it easy! #payroll #smallbusiness #outsourcing #xero #myob #customisedaccountingmatters

EOFY is coming! Are you ready?

End of Financial Year is nearly upon us.  Now is the perfect time to make sure you will be ready.  Check out this handy list to help get you on track.

If you are worried your records won’t be up to date by tax time, contact me about our Bookkeeping Rescue service.  Let us do the work for you, while you keep running your business.

#smallbusiness #bookkeepingrescue #eofy #bookkeeping #cashflow #basagent #bas

https://business.gov.au/finance/accounting/essential-tasks-at-end-of-financial-year-eofy

Small business grants

Business Victoria have a range of grants available to help out small businesses. Keep an eye on this page, there could be something your business could apply for, such as the Small Business Digital Adaption Program. This program offers financial assistance of $1200 to help business owners take up digital solutions that support their trading model and performance.

#smallbusiness #smallbusinessgrants #businessvictoria #customisedaccountingmatters

https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance

Thinking of hiring more staff? JobMaker credits factsheet.

If you are looking to put on more staff, maybe JobMaker hiring credits can help offset some of financial impact you will incur while the economy is still in limbo.

Check out this handy JobMaker hiring credit fact sheet to see what help is at hand! Its not as complex as you might think.

Contact me if you want to discuss your business plans for the future!

Small business resilience

November XSBI results reflect small business resilience

An excellent little article outlining small business resilience since restrictions have started to lift here in Australia, and also New Zealand.

I really love the point on shopping small, shopping local for last minute gift ideas. Supporting small business in your local area has a huge impact on local economies!

#customisedaccountingmatters #smallbusiness #localbusiness #openforbusiness

“Cash is King” has never been more true!

Never has the phrase “cash is king” been more pertinent than when you are starting up your business, or recovering from an extended period of low demand (like right now!).  An explosion of sales and the resulting influx of money can lead to temptations for splurging on something your business has needed for some time: new computers, a new display fridge – you get the drift.  Managing your cash flow effectively is critical during these times, you must make sure you are able to pay your suppliers, and never forget that you have tax obligations, and superannuation to pay.

According to a study by the Australian Small Business and Family Enterprise Ombudsman, just under half of all small businesses indicate that their cash flow has suffered because of late payments from clients, and 92% believe that they would have generated more revenue in previous years if their cash flow was improved.  Creditor management is critically important for all businesses.

Contact Customised Accounting Matters for a free cash flow analysis, and some ideas on how to improve it.  Its never too late to get your cash flow under control.

#cashflow #bookkeeping #smallbusiness #payroll #superannuation #stp

Getting back to business

Now that the domestic economy is starting to open up again, small business owners will find themselves under pressure to keep costs low until their cashflow starts to improve.  This pressure may lead to errors in bookkeeping when trying to do everything themselves.

Nearly 60% of small business owners say they have made errors that have financial implications, such as paying suppliers or staff incorrectly, or transferring payments to the wrong account. https://dynamicbusiness.com.au/featured/admin-killing-the-dream-of-australian-small-businesses.html

Contact Customised Accounting Matters if you are looking for ways to streamline your bookkeeping processes.

Customised Accounting Matters – Making it easy!

#cashflow #bookkeeping #openingupforbusiness