Single Touch Payroll (STP) forms part of new regulations for reporting tax and superannuation information to the ATO. Your reporting requirements will vary, depending on the number of employees within your business as follows:
If you’re an employer with four or less employees, you will have additional options.
If you’re using a solution that offers Single Touch Payroll reporting − such as payroll or accounting software − you will automatically send your employees’ tax and super information to the ATO each time you run your payroll, in which case information will be sent to the ATO either directly from your software, or through a third party such as a sending service provider.
All major accounting software packages such as XERO and MYOB already have this function built in. All you need to do is follow the relevant instructions from the software provider and contact the ATO to confirm your business is ready to file the report, each time you run payroll.
There will also be a number of options available for employers who do not use payroll software, such as no-cost and low-cost Single Touch Payroll solutions, being made available from early 2019 in addition to existing commercial STP solutions.
No-cost or low-cost solutions have been developed for employers with 4 employees or less, who need to report through STP but do not currently have STP ready software. These solutions may include mobile apps, simple reporting solutions and portals.
Due to demand, software providers have proposed product solutions for these micro-businesses (4 employees or less), with the aim to make these products cost-effective (under $10), only take minutes to use, and not require any software maintenance from the employer.
Employers need to choose a solution that is right for their business, based on individual circumstances. A list of no-cost or low-cost solutions for Single Touch Payroll for small business can be found on the ATO website.
To learn more about Single Touch Payroll, including Single Touch Payroll reporting and available options for small businesses, contact the team at IZ Bookkeepers today.
When it comes to business finance, you really need to know your numbers. But what exactly does that mean? When we talk about numbers, we’re talking about particular numbers that mean particular things − like the numbers in your profit and loss statement, the numbers in your balance sheet and the numbers in your cash flow statement. These numbers show the health of your business, and that’s why you need to know them.
This is where a good Melbourne bookkeeper can help put you ahead of the pack. Before you can grow your business, you need to know what kind of ground you’re currently standing on. Without knowledge of your numbers, you won’t know what is needed to turbo charge your business growth. If you’re really lost, a decent bookkeeper in Melbourne can help you find your feet. But for now, we’ll provide an overview of the numbers critical to business growth below.
Any bookkeepers in Melbourne that are worth their salt can draw up a profit and loss statement for you. This is your monthly scorecard that shows how many wins and losses you’re getting. It outlines your expenses and income, and the resulting figure at the bottom of the statement tells you a lot about the health of your business. You want to be in a situation where you’re creating profit every month.
Your balance sheet provides you with today’s snapshot of your business. If you need help creating a balance sheet, ask one of the many bookkeeping firms for assistance. A balance sheet details your assets, your liabilities and your resulting equity. For example, assets include banked cash, petty cash, inventory you have on hand and any invoices your clients haven’t paid yet. Liabilities are the things you owe, including debts, unpaid taxes and invoices. When you add up all the assets and subtract all the liabilities, you’re left with a figure that represents the net worth of your business.
Your cash flow statement shows you where you’re heading and is perhaps the most important for business growth. Without forecasting cash flow, you won’t be able to plan where your cash is going, meaning you might be caught short of cash. This is a very real problem when you’ve got employees and invoices to pay. You can fix all this with a bit of preplanning and the use of up-to-date software and professional bookkeeping services. When you’re deliberate about your use of cash, you can plan for sustainable business growth.
If you want to grow your business, you need to start with a solid foundation. At IZ Bookkeepers, we can provide a wide range of quality bookkeeping services to help you grow your business. Call our Melbourne bookkeeper today on 0403 905 272.
Think back to when you first decided to go into business for yourself. Was it because you wanted to provide a variety of products and services that you’re passionate about, or because you love recording numbers and watching the growth of a business through its sales figures and profit & loss statement? Most people would likely choose the former, with the business becoming an outlet to demonstrate their passion to an equally as passionate market. The financial side of running the business is something many people feel is an obligation; something you need to do to keep the business afloat. Well, just as you know your passions and strengths lie in the products and services you offer, bookkeeping is where our passions and strengths lie. Here are some benefits of hiring an external bookkeeper in Melbourne to oversee the finances of your business.
By outsourcing to professional bookkeeping services like IZ Bookkeepers, you can have more time to focus on the elements of the business that matter most to you, whether it’s growing your customer base or expanding the variety of products and services that you offer. In short, you can enjoy more of the day-to-day duties that compelled you to start your own business in the first place.
Instead of hiring a part-time or full-time bookkeeper as an employee, outsourcing those duties allows you to save money that can otherwise be put into other areas of your business. You’ll also save on lost productivity by outsourcing your bookkeeping to experienced bookkeeping firms only when you need to.
While you might be able to get by with your bookkeeping with your own limited knowledge, or you might have a relative who’s willing to help out, outsourcing to professional Melbourne bookkeepers means you have qualified and experienced bookkeeping professionals on hand. They can provide you with the most comprehensive and detailed financial reports you need in order to make clear decisions and directions for your business.
When you outsource to one of the top bookkeeping firms in Melbourne, you don’t just get the expertise of a sole bookkeeper looking after your finances; you’ll have the benefit of a complete team working for you.
It’s time to return your focus back to the areas of the business you love. Delegate your bookkeeping in Melbourne to the team at IZ Bookkeeping today.
The majority of people who start their own business do so because they get satisfaction from providing a specific product or service to the community. But what about the financial side of running the business? As important and vital as it is, most business owners would be more than happy for the bookkeeping to magically take care of itself so they can focus on other areas. Fortunately, professional bookkeeping services are available to help you manage the finances of your business. But how do you find the best Melbourne bookkeeper? Here are some valuable points to consider from IZ Bookkeepers.
Some bookkeeping firms will significantly overcharge for their services and not even provide certain routine operations that would be performed by other bookkeepers. To be sure you’re getting the essential daily services you need, choose a bookkeeper in Melbourne who offers:
While it’s certainly unlikely you’ll need all of these services on a daily basis, what’s important is that they’re at least offered.
If a bookkeeper uses cloud accounting technology, this demonstrates their willingness to adapt to new technologies and forego outdated accounting practices, providing a service that benefits you greater. Cloud technology enables the transmission of data from the business to the bookkeeping firm each day, where a bookkeeper will use the necessary software to produce the required reports and send them back to the business. Cloud based technology also ensures that your business remains compliant with any new government regulations, such as single touch payroll, new employee reporting and employment declarations.
Whilst most large accounting firms will support the major accounting software packages like MYOB, Quickbooks and Xero, the smaller and more boutique bookkeeping firms may have a preference for a singular software that may not be compatible with yours. In this case, it’s up to you whether you go through the hassle of changing over your accounting software to enjoy direct compatibility with your bookkeeper of choice, or you keep searching until you find one that does match your needs.
The best thing that your bookkeeper will do for you is carry the load of the financial reporting and documentation side of your business, leaving you to focus primarily on the aspects of the business that matter most to you. Make an appointment with IZ Bookkeepers today to discover what our bookkeepers in Melbourne can do for you.