Bookkeeping Blog
Advice and tips for Australian Businesses
Why the wife or partner shouldn’t do the Bookkeeping
The number of times when I call a business owner and the response is ‘oh the Mrs / partner does the Bookkeeping.’
That there is where the problem lies.
Firstly, not all Mrs or Partners are fully qualified Bookkeepers. Not all know what they are doing.
But because you’re in a relationship with this person, you don’t question what they are doing with your books, because of course you trust them.
Unintentionally the Mrs/Partner may be entering in the wrong information or not coding an expense correctly, not out of spite, but just because they are not experienced and because most couples don’t want to upset the other, they trust they are doing the right thing.
More often than I can count, is when a business owner calls me, because mistakes have been made and then it causes problems in the relationship, which it shouldn’t.
Hence why when it comes to bookkeeping, right from the beginning you should outsource to a bookkeeper. Someone that is impartial, but also makes your business a priority, because that is what I do. I treat your business financials as my own. If I’m helping businesses with PAYG or payroll, reconciliations, whatever it is, I do it as if it was my own business.
So instead of allowing your Mrs/Partner to do your bookkeeping, it is way better to outsource this area of your business and keep your loving relationship intact, otherwise you may be visiting a divorce lawyer instead.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!
What will happen when JobKeeper ends?
Can you survive when JobKeeper ends in March 2021?
If you need help to determine your cash flow or if you have insolvency issues, then maybe it might be time to give me a call and let me help you.
There is talk that the ATO is tipped to pounce on businesses once JobKeeper ends.
If you are a business owner, I encourage you to act early on exploring your insolvency options before the ATO comes knocking to recoup debts.
The JobKeeper stimulus is set to expire on March 28, so now is the time to do an assessment on your business.
Firstly, do you have the ability to pay staff wages, rent, super, tax?
Can your business survive – post stimulus?
If the answer is no, then please contact me straight away.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!
Did you know about the Single Touch Payroll Phase 2
Have you any idea what to expect and how to get ready for Phase 2 of the Single Touch Payroll. It now has a start date of January 2022, so processing payroll is about to get a whole lot more complicated.
From what I have read and understood the Single Touch Payroll Phase 2 will remove the need for manual reporting. It looks like The Phase 2 will bring more complex reporting and similar to Phase 1, many businesses will then have to prepare for the challenges of that next roll-out.
That is where I come in.
Many are technical changes whereby the average business owner may get stuck.
For example, you will have to provide a reason for termination. At present an employer may be asked to provide an employee with an employment separation certificate upon an employee’s termination of employment. So, with Phase 2 you will also be required to provide the reason for termination to be included in the STP report sent to the ATO. This will eliminate the need for an employment separation certificate to be issued to the employee altogether.
Another change will be if an employer has to submit a deduction report to the relevant child support agency, when they deduct the child support from an employee’s pay.
When Phase 2 is brought in, Phase 2 will allow employers to report child support deductions via pay events, which will then remove the need to report separately on a monthly basis. It looks to be initially voluntary reporting and if employers do not choose to report via STP, they will need to continue to report monthly as per existing processes.
What I have read also is changes to the tax treatment codes, whereby with Phase 2 they will introduce a 6-character tax treatment code to indicate what PAYG tax scales. Also Lump sum E letters, transitioning employees from another payroll system, paid leave, tax file number declaration, negative YTD reporting, allowance items, Keypay etc.
It will be interesting when the rollout happens and Phase 2 will be here before we know it.
But don’t stress, because it’s my job to know all the ins and outs when it comes to Phase 2.
Please contact me anytime if you need assistance.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!
