Hawkesbury Bookkeeping

Affordable Bookkeeping Solutions for your Small Business

Informative

Don’t want to pay for STP Software?

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If you run a small business and manage your payroll manually, you’re not alone but Single Touch Payroll is now here and it’s time to look at managing your payroll utilising software.

Manually managing your payroll may feel like a low-cost solution however it’s probably costing your business much more than you think. If you’re worried about spending money on a software system, there are affordable software solutions available and you will also find that these systems save you so much time and money.

Here are three reasons why:

Payroll is time consuming

It takes time to process employee hours and errors may occur. An online accounting solution gives you the option to have your employees enter their hours into an ap.

Time saving!

Single Touch Payroll is here

STP requires business owners to be reporting their payroll activity every time a pay run is processed. This requires an approved software solution.

Single Touch Payroll reports wages and salaries, PAYG withholding and superannuation directly to the ATO. Your employees can then access their payroll data via the my.gov.au website.

You need to comply.

Save yourself some money

An online accounting solution will save you a lot of time and our packages start at just $19 a week. Whilst you may think you’re saving some money without software in place, you will probably find that it’s actually costing your business money.

Affordable!

Book a Chat with us today or Contact Us to see how affordable and easy it is to have a software system in place.

Big Business is costing Small Business Billions

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A recent report issued by Xero suggests that a staggering $115 billion is paid late each year by big business to small business and the average payment is 23 days late.

What can Small Businesses do to help themselves get paid faster?

Set shorter payment terms

The report by Xero also suggests that on average, customers pay invoices about a week late. Small business should factor this in when setting payment terms.

Use automated payment reminders

Something else to implement is the use of automated invoice reminders in Xero. Set friendly email reminders that are sent when a bill becomes a day late. Or even better, send an automated email a day or two before the invoice is due.

Add a payment service to your invoice

Add PayPal or Stripe to your customer invoices allowing them to make their payment online as soon as the invoice is received. Xero suggests that invoices with an attached payment service were paid an average 55% sooner than invoices without.

See the full report by Xero

Access the full report compiled by Xero by clicking here or by visiting Xero Small Business Insights.

How Xero can help your Small Business?

Hawkesbury Bookkeeping is a Xero Certified Advisor and can help you setup Xero and get paid faster. Book a Chat and get online with Xero today.

Xero Certified Advisor