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Single Touch Payroll & four things that business owners should know

Harry Hoang

Single Touch Payroll (STP) is now becoming compulsory for businesses, which have minimum 20 employees. You will be required to report on the new system from 1st July 2018. What needs to be prepared to get ready for the new system? Would there be any impact on your business transaction or cash flow?

Here are few check points to ensure that you are ready for STP:

1.      Your STP readiness: If you have 20 or more employees on 1st April in a later year, you will commence reporting under STP from the next 1st July. It means you will have a minimum of 3 months to organise your systems & procedures to meet requirement of STP.

3-month period is not sufficient to prepare thoroughly for the change if your accounting system has not been ready for STP. You should check with your software provider NOW to ensure they are STP if you plan to have 20 employees in the next 6-12 months. As a XERO Gold partner, we can confirm that XERO will be compliant with STP.

                                                                                           

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Opportunities for SMEs

The Business Research and Innovation Initiative (BRII) is offering grants to help SMEs develop solutions that could help to solve public sector challenges. This is the opportunity for you to be the consultant of these government departments

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  1. On the spot technology for measuring pyrethroid surface residue, Department of Agriculture and Water Resources (DAWR).
  2. Tracking the effect and value of information products, Australian Transaction Reports and Analysis Centre (AUSTRAC).
  3. Digitally enabled community engagement in policy and programme design, Department of Industry, Innovation and Science and the Department of Social Services.
  4. Improve transparency and reliability of water market information, Department of Agriculture and Water Resources (DAWR).
  5. Sharing of information nationally to ensure child safety, Department of Social Services.

Visit BRII website here today and start applying for the grants. Application deadline is 30 November. 

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Tailored Accounts reviews “NDIS Readiness Report 2016” by BDO Australia

Are Not-For-Profit Organisations ready for NDIS new model?

Over the past three years, and particularly since the NDIS Rollout arrived at all states in Australia, there is a projection of a fundamental change to support the NDIS new model. The new model allows NDIS participants to gain control over the funding without going through disability service providers.

Not-For-Profits Organisations have experienced challenges in adapting with the new NDIS model. They will have to change their fund reception structure from government block grants to individually funded clients. The major concerns of Not-For-Profit organisations are reflected in “NDIS Readiness Report 2016” by BDO Australia.

 

Key findings of the research consider the uncertainties of Not-For-Profit organisations in adapting with the NDIS change. Concerns regarding standard of service delivery and re-position of “Not-For-Profit” status are mentioned as an evidence of change resistance amongst Not-For-Profit organisations. Technology, financial, and human resource have now become crucial to enhance the “readiness” of these organisations.

In the complex and highly individualised system of NDIS, prominent challenges are identified as long term organisational survival and financial sustainability. It is clear to realise the Not-For-Profit organisations have yet had their strategy to adapt their service scheme and finance reform to serve Australians with disabilities under the new NDIS model.

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Tailored Accounts becomes 2016 Telstra Business Awards finalist

The judges of 2016 Telstra Business Awards have shortlisted Tailored Accounts to be the finalist for Small Business Award Category. Once again, we have an honour to become a Telstra Business Award finalist together with many other inspiring Australian companies.

The 2016 Telstra Business Awards has encouraged us to reach for higher achievements in serving our clients and being committed to innovation in bookkeeping practice. The news comes to us when we are working hard to improve our service bundle.  July is the beginning of an exciting yet challenging financial year for many of us. Being the finalist of this prestigious award gives us a great inspiration to pursue our goal in the year 2016/2017.

The achievement that we have today comes from the endless contribution and support from our staffs and clients. We are grateful to have amazing team members who never fail to deliver the best quality of work. Our clients have always been supportive of us. The clients’ queries and concerns give us many ideas to design business solutions that answer their needs. Seeing our clients become successful businesses in town is a source of joy.

 

Let us together celebrate this exciting moment as it is another milestone to mark our growth and success.  

Tailored Accounts is proudly listed on Telstra Business Awards website

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Our Talks at CPA Australia

On June 28th, our team members delivered two presentations on cloud-based integration tools and techniques. We raised the awareness of CPA accountant community on the new generation of financial management.

Presentation at CPA

Key takeaways of our talks at CPA are SMEs need not to purchase expensive business accounting software programs or spend hours and hours in complicated financial reports. Cloud-based accounting services—with the features of having data stored and accessed online—is an ideal option for SMEs.

Presentation at CPA

When applying cloud-based accounting services, time-consuming tasks such as version upgrades and data backup are managed by the application provider. It gives your business a freedom to allocate more of your resources on your expertise. 

At Tailored Accounts, we understand the need of your business and thus our services are customised to meet your demand in an innovative approach and maximise your business sustainability. 

 

Photo Credit: Fuzuki Nishimura

 

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End of Financial Year Note

Most business owners do not know that the SME sector in Australia has wasted millions of dollars due to inefficient cost, most of which can be attributed to the complex bookkeeping process. As the financial year is coming to an end, here is a guide to help business owners save the unnecessary cost and improve the company performance in a period when financial management is very much needed.

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To improve the existing financial management process, you will first have to evaluate the system. Take a minute and think about how you control your financial process right now. Most SMEs have the same mistakes listed below:

  • They fail to realise how important financial management is. Businesses with poor financial management tend to suffer from poor cash flow and profit margins, ineffective debtor control, and an inability to meet their business’ commitments;

  • They are unaware of alternative solutions such as hiring an accountant or implementing an accounting system. If crunching the numbers is not your strength, either hire or outsource to an accountant or bookkeeper who will deliver regular and reliable information and advice that you can use to manage your financial position;

  • While many businesses are in the field of IT, it is surprising how backward their accounting systems are. Stacks of receipts, manual ledger books, simple Excel sheets, messy financial transactions and reports, and overdue BAS and tax returns are common among start-ups with bad financial management;

  • Businesses owners tend to focus on their products, ideas, and clients, often neglecting the fundamentals of their business. I have never seen a successful business that does not have strong financial management.


As a matter of fact, most people fails to realize their mistakes until it’s too late. If you are a small business, it is highly likely that you need to do everything to manage your business, from administration, marketing to bookkeeping. It is seemingly running well and you believe you are able to manage it until the end of financial year approaches. One client shared with us that EOFY used to be her nightmare and she was always lost with massive paperwork. Only until the end of financial year does your disorganized bookkeeping system come back to bite you. To avoid this scenario, though, here is the EOFY to-do list from our executive director.

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