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April 16, 2019by Smarter Accounts0

Single Touch Payroll (STP) may feel like a very foreign and daunting process but if you follow the below steps, you’ll be reporting like a pro in no time.

There are two big questions to answer before you get started;

  1. How will you report through STP?

The answer to this question depends on the size of your business and if you are currently using a payroll/accounting software.

If you are using software then your first step is to speak to your provider to ensure they offer STP reporting.

If you aren’t using software to carry out your payroll then certainly speak to an industry professional to gain their recommendation on the right product for you.  In our opinion, both industry leaders MYOB & Xero offer competitive packages for small users.  It is important to note that MYOB Desktop software versions are not compatible with STP and you will need to upgrade to an online version.

  1. Will you have enough time before the deadline?

Employers with 20 or more employees should already be reporting through STP.   If you are an employer with 19 or less employees and won’t be ready to start reporting before 30th September 2019 you will need to apply for a deferral.  The ATO will have a new online tool to apply for deferrals available from April 2019.

Once you have addressed the above two questions the next step is to start preparing for STP:

Check your employee details

Check that the right people in your business (especially the person responsible for running your payroll) is aware of the upcoming change to your processes.  STP will require that you have accurate information on your employees such as names, addresses, email addresses and date of birth.  Now is also the time to ensure that you are:

  • Paying your employees correctly
  • Calculating employees’ super entitlements correctly

Decide who will send the STP reporting

You can choose to submit your own reports, however, if a BAS or Tax agent is sending them on your behalf you will need to record their RAN (Registered Agent Number) in the STP pay event settings (or they can do this for you if they have access to your company file). This information also needs to be recorded in your Access Manager.

Connecting your software to the ATO

Ask your payroll provider how your software will connect to the ATO, generally, this is by a Software Service ID (SSID), this is obtained when setting up Single Touch Payroll in the payroll software.  The software ID will need to be added to your Access Manager and/or if you are using a BAS or Tax Agent to lodge the STP you will need to call the ATO and provide a one-off notification Ph. 1300 85 22 32 (you will need your ABN and the SSID and possibly your TFN number to do so)

Ready to report

You are now ready to report, we highly recommend not waiting for the deadline to commence reporting.  Get in early and iron out any bugs before the deadline!  Once you’ve sent your first pay run, check within your payroll software that the report was sent successfully to the ATO.  Be sure to ask your software provider how they will alert you to any errors and the steps for correcting them.

For more information on Single Touch Payroll ATO reporting guidelines click here

If all of the above sounds far too challenging and time-consuming, you still have time to put your payroll in the hands of the professionals.

Contact us today to find out how we can help you.



March 15, 2019by Smarter Accounts0

More than 60% of small businesses in Australia close within the first 3 years.
Here’s how you can avoid being a statistic.

It’s not all doom and gloom, being in business is hard and requires you to be agile, organised and strategic.   With careful planning and adopting the tips below, you’ll soon be driving your business to success.

Be Organised

The first step on the road to success is to be organised, create a daily to-do list and check each item off your list.  As a business owner, there will always be an interruption or another task to focus on so keeping a list ensures you will keep track of what’s important.

One of our favourite ways to keep track of tasks and to-do lists is using Microsoft Planner, it’s free with Office 365 and with a mobile APP and reminders you’ll never miss a task again!

Study the Competition

In business you will always have a competitor, competition is good for you and your business and it’s not time to draw your weapon and fight to the death like an arch rival in a medieval movie.  If you are in the restaurant business then you will always have a competitor on your doorstep but it is how you use it to your advantage that counts.

Remember, dining options bring people to your area so if you provide the best meals, the best service and the best atmosphere and you’ve got a winning combo!

Don’t be afraid to study and learn from your competitors, they may just be doing something right that you can adopt in your business.

Understand Risks

Being in business is risky but it is how you assess the risks that make you successful.  Taking a calculated risk to help your business grow can bring many rewards so ask yourself, what are the pros and cons and what is the worst-case scenario.

If you can answer these questions then you are best placed to make an educated well-informed decision.

Get Creative

Always look for ways to make your business stand out from the rest, these days it is all social media and online presence but this doesn’t have to be scary.  Be quirky, be adventurous and be clear with your message and most importantly, test and learn.

 

Stay Focused and Goal Set

“Open the doors and they will come,” said no business owner ever!  It takes time to let customers know who you are and what you are about.

Set short-term goals and stay focused to achieve them, be sure to celebrate the milestones along the way.

 

Prepare to Make Sacrifices

Be aware that growing a business requires sacrifice, it’s hard work and you will need to put in more time than you would be working for someone else.  But just like our tip to stay focused there will be a reward for your sacrifice in due course and it’s all YOURS!

Provide Outstanding Service

Do you want raving fans?  The best kind of customers just want excellent service, that’s what keeps them returning, not the discounts or promos.  Remember the iconic TV show Cheers, where everyone knows your name?  That’s what we all want, to be remembered, acknowledged and made to feel just that little bit special.

Be Consistent

Consistency is key, from the very beginning put systems and processes in place to ensure you have a consistent path to follow.  Document each process within your business, this not only provides structure for you and your employees but ensures your customers will have a consistent experience each and every time they visit you.

Network

Join the local chamber of commerce, sit on community boards and join networking groups!  It is definitely a case of not what you know but who you know in business so it is your job to know EVERYONE!

If you are a restaurant business go and visit the other businesses in the area, introduce yourself, drop off menus to local office buildings.  The possibilities are endless in this area and will only lead to business growth and success.

Play to your Strengths

You don’t have to be a superstar at everything, knowing your strengths and weaknesses is key to growing your business.  Delegate where possible to ensure that you have the right person for the right job at all times.

If bookkeeping and payroll make you want to scream and compliance scares the heck out of you then give it to the professionals.  It is, after all, our job to ease your financial pressure and give you the most accurate picture of your business performance so you have the time to grow it.   Why not get in touch with us today.

Whatever your business, using these 10 tips will start you on the road to business growth and success.  Good luck!



February 13, 2019by Smarter Accounts0

It’s official, the bill to include employers with 19 or fewer employees in Single Touch Payroll reporting obligations was passed in parliament yesterday.

What this means to you? 

In July of 2018 employers with over 20 or more employees were required to commence Single Touch Payroll reporting but now employers with 19 or fewer employees will also have to report under the same STP rules from 1st July 2019.

In a promise to ease microbusinesses (businesses with only 1-4 employees) into the new method the ATO commissioner, Chris Jordan has stated that these businesses will not be forced into purchasing payroll software and a number of alternatives will be made available, including an option of allowing registered tax agents or BAS agents to report quarterly rather than each time they run payroll.  They have also suggested other exemptions to businesses who have no internet or an unreliable connection.

In preparation for this new reporting method the ATO published a list of suppliers who will provide a low-cost payroll/single touch payroll reporting software to microbusinesses, some as low as $10 per month (up to 4 employees).  Click here to view the list, our personal favourites are MYOB and Xero.   Unfortunately, this payroll solution is only available for businesses with 4 or less employees, check out MYOB/Xero’s websites for further details on their higher-level packages.

To find out more about Single Touch Payroll and your obligations visit the ATO website: https://www.ato.gov.au/Business/Single-Touch-Payroll/Learn More About Us

If all of the above sounds to confusing and a little scary then rest assured you can always put your payroll/bookkeeping in the hands of the professionals.  We’ll even provide the MYOB/Xero file for you and get it all set up.

Let’s face it, you’ve got more important things to do and after all it’s what we’re good at!

Get in touch with our team today



January 9, 2019by Smarter Accounts

We are always on the look out to show support and recognition to our clients and their businesses.   We’ve worked with CEO Kim Toovey and the team at SUKI Sushi Burrito & Pokè Bowls since mid-2018 and in that short time have seen what it takes to run a young and fresh franchise business.

SUKI [suh-kee] is Japanese, meaning to like, to love and the fusion of Hawaiian and Japanese cuisines is nothing short of genius and we’re feeling the love for this exciting brand.

Kim and the team have recently opened their 7th restaurant at their very first Sunshine Coast location, Birtinya.  SUKI’s modern restaurant design is thanks to Collectivus and the quality fit out craftsmanship is down to Unita.  All of this comprised with fast healthy meals makes SUKI a top pick for many health-conscious diners.  “More and more people are eating healthily so for us it’s been about staying relevant.  You have to listen to your customers, have your ear to the ground but stay true to the brand” says Kim.

Here at Smarter Accounts it’s all about trust and integrity.  We’ve given Kim the visibility he needs to run a multi-outlet business.  With detailed, accurate information now at his fingertips Kim can focus on growing the business.

As well as their new Sunshine Coast location you can find SUKI at two locations in Townsville, Bulimba, Cairns, Southbank and Newstead.

So, do yourself a favour and get into to your nearest SUKI Restaurant, our pick is the Gym Sesh Pokè Bowl but the beauty of SUKI is you can make your own bowl or sushi burrito so get creative!

www.suki.restaurant