Affordable Bookkeeping Solutions for your Small Business
From today, the super guarantee (SG) rate will rise from 9.5% to 10%.
If your small business has employees, you will need to update your payroll and accounting systems to incorporate the increase.
The super rate is scheduled to progressively increase to 12% by July 2025.
If you’ve paid a tradie or other contractor for building and construction services in the last year, you might need to lodge a Taxable Payments Annual Report (TPAR) by 28 August.
Remember:
If you have any questions, please Contact Us to discuss.
Single Touch Payroll (STP) reporting is here and it’s time to make the move. The ATO guideline is that employers should have transitioned to STP by 30 September 2019.
STP changes the way you report your employees’ tax and super information to us. You now need to report salaries and wages, pay as you go (PAYG) withholding and super information to the ATO each time you pay your employees.
Xero, MYOB and QuickBooks all have STP solutions built into their software so talk to us today about taking the next step to implement the solution that best suits your small business. Alternatively, book a Chat but be quick because 30 September is fast approaching.
PAYG Summaries are due to be issued to your employees today.
Contact Us or Book a Chat to organise lodgement.
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:
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!
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.
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.
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.
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.
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 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.
Access the full report compiled by Xero by clicking here or by visiting Xero Small Business Insights.
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.
