Things Every Business Owner Should Know About Their Bookkeeping And Finances
As a business owner, it’s likely that there’s a lot on your plate besides your bookkeeping and business finances.
You’re busy managing customers, keeping up with your marketing and doing the day-to-day tasks involved in running your business. And, when you’re wearing all the hats, it can be tough to find the time to sort out your numbers and manage your cash flow (especially if numbers aren’t your thing).
However, the reality is that there are some core things you need to know about your bookkeeping and finances, to ensure your business is compliant and profitable.
To help you narrow down where to prioritise your precious time and headspace, we’ve put together some of the bookkeeping essentials you need to know.
1. Simplify your bookkeeping: keep business and personal accounts separate
Whilst it can be tempting to mix your personal and business finances together, it’s important to separate them from day one.
Why?
Firstly, for some business structures having separate business accounts is compulsory.
Secondly, as your business grows it will become increasingly difficult to accurately track your business income and expenses, leading to headaches and potentially costly mistakes at tax time.
Once you have separate accounts for your business finances, make sure to keep records of every transaction that happens within your business (including keeping records of all receipts and invoices).
2. Use a bookkeeping process to track your business expenses
In the early days of your business, it may feel difficult to predict exactly what your expenses will be. However, spending some time recording each expense you know (or can anticipate) will help you to understand your running costs, and keep track of your tax deductible expenses.
Many of the day-to-day costs involved in generating income and running your business are tax deductible. However, purchases that are just for you, or are only partially used by the business, can’t be claimed or claimed in full.
If you’re unsure about the expenses that are appropriate to claim, you can find out more information from the Australian Taxation Office, or an accounting or bookkeeping professional.
3. Structure your business finances to account for tax payments
As a business owner, you’re responsible for paying tax on your business earnings. It’s important to budget a portion of your income towards tax expenses to avoid expensive surprises at the end of the financial year.
Depending on what is right for your business situation and the tax bracket that you sit within, putting aside a percentage of each sale into a separate ‘tax payment’ account means you avoid the stress of trying to come up with the money when your tax bill is due.
4. Know the basics of bookkeeping and business finances
Even if you decide to use an automated accounting software or outsource your bookkeeping to a professional, it’s still helpful to understand the basics.
Whilst professional support can reduce your risk of running into tax problems, it’s always best if you also understand the basics of your tax obligations.
There’s plenty of resources online covering different business structures and their legal obligations. The information relevant to you and your business will depend on whether you’re registered for GST, paying corporation tax, and the structure of your business. For example, registered companies have different taxation rules to sole traders or partnership structures.
Having a basic understanding of the tax rules that relate to your business could save you from serious fines and penalties.
5. Regularly review your financial reports
Whether you keep manual records or use cloud-based accounting software, make sure you have a way to run reports that can give you a clear snapshot of your finances at any point in time.
Running bookkeeping reports monthly ensures all outstanding customer invoices are paid, and any gaps in your records are addressed.
You might also want to run in-depth reports at the end of each quarter to identify growth or loss trends in sales, follow up on outstanding money you’re owed, and gain valuable data that can inform your business plan and goals for the next quarter.
6. Outsource to a professional bookkeeping services professional
Managing your bookkeeping and business finances is crucial to the health and compliance of your business.
Yet, it’s also time intensive and there’s a lot of complex information to understand. That’s why many business owners choose to invest in experts to manage their business bookkeeping.
Bookkeeping professionals live and breathe everything business finances, and thanks to the help of automation tools their services are often more affordable than you might think.
Outsourcing to an experienced bookkeeper can offer several benefits, including:
- Freeing up your time and energy to focus on what you do best
- Ensuring your books are always up to date and organised
- Meeting all compliance requirements, including BAS and tax obligations
- Peace of mind knowing that your business finances are in experienced hands.
7. Get professional help
If you’re ready to streamline your bookkeeping and finances, finding the right fit in business bookkeeping services can be a game changer.
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Why Payroll Is Critical To Get Right
Payroll, or the process of managing employee wage payments, is a critical task for all businesses to get right.
As a small business owner, it’s likely that you’re currently handling payroll yourself, but as your team grows, investing in professional payroll services will save you a lot of time and help you avoid the unexpected costs and hefty penalties that come with getting your payroll wrong.
In this article, we explain the essentials any business owner needs to know about payroll.
1. The critical role payroll plays in your business
If there’s one area of your business to get right, it’s payroll.
Not processing payroll correctly can affect the morale and trust of your employees, who are relying on reliable and timely access to their wages.
Payroll errors can also impact your compliance and have a negative impact on your business’ reputation and financial stability.
2. So, what does payroll compliance mean?
As outlined by government regulations, a business meets payroll compliance by:
- Making accurate payments and deductions to its employees
- Providing employees with a detailed payslip showing the minimum requirements as outlined by the Fair Work Australia laws
- File and pay withholding taxes on time to the Australian Tax Office (ATO)
- For larger businesses: file and pay payroll tax to the relevant state authorities on time
- File and report STP to the Tax Office on time
- Pay other deductions – such as superannuation contributions by the due dates
- Keep payroll records for at least seven years.
3. Common mistakes to avoid when processing your payroll
Doing payroll to the level required these days can be complicated and time consuming, especially if you’re not a trained payroll services professional.
With so many legal requirements to keep track of, we often see the same payroll mistakes happening, including:
Incorrect wage payments
As an employer, you’re responsible for ensuring that your employees receive the correct wage payments, including all relevant entitlements under their award or employment agreement. This includes any overtime, penalty rates and allowances.
You can find comprehensive information about pay rates and entitlements via the Fair Work Australia website, including their pay calculator.
Incorrect leave accruals
This often occurs when a new employee is set up in the system.
When setting up your employees, remember that leave accrual only applies to full time and part time employees and part time employees need to be set up with pro-rata leave entitlements.
One other step to prioritise is ticking the option for annual leave to be paid out upon employee termination – this will ensure the final payslip calculates the leave owed.
Incorrect or late superannuation payments
Including:
- Incorrectly calculating super or missing key situations where super is payable, such as for contractors, people under 18, and sometimes for shift loadings and leave loading
- Not setting up a default employer super fund (or sometimes setting one up but having the incorrect type)
- And, not paying superannuation by the quarterly due date.
Being clear on these steps, or investing in a payroll services professional, can help you avoid some of the most common payroll mistakes.
4. What happens when you make a payroll mistake?
Payroll is such a critical process for businesses to get right, and unfortunately the consequences for payroll mistakes can be both costly and have a negative impact on your business, including:
- Being audited by the ATO
- Receiving penalties and paying interest for superannuation underpayment
- Receiving penalties and paying interest for late superannuation payments
- Issues with cash flow due to incorrect employee wage payments and trying to catch up by paying them back pay
- Fines from Fair Work Inspectors.
5. How to reduce payroll errors and set yourself up for clear and efficient payroll processing
If you’re feeling a bit daunted by all there is to know and get right with your payroll, these simple tips can help to streamline the process for you.
Payroll processing tips:
- Before you start your payroll processing, it’s essential to make sure you have all the necessary documentation and details prepared and readily available. Taking some time to do this first can save on costly mistakes
- Setting up a system that tracks all the payroll hours worked will give you clarity and confidence that all employees are paid accurate and timely wages
- And last but not least, make sure you clearly communicate wage details with each of your employees so they know how much they will be paid and when to expect their paycheck.
6. How outsourcing payroll to a payroll services professional benefits businesses
With payroll playing such a critical role in the health of your business (and being a time-intensive activity), many business owners choose to invest in experts to manage their payroll.
Because payroll service providers live and breathe payroll (and thanks to the help of automation tools), their services are often more affordable than you might think.
This can be a great investment in healthy payroll, and can give you more time back to do what you do best and the peace of mind of knowing that your payroll is in experienced hands.
Depending on who you choose, many payroll professionals can support you with:
- Working out pay (including benefits and reimbursements)
- Deducting employee income taxes
- Sorting out other deductions such as retirement contributions
- Paying employees
- Maintaining your payroll records, and
- Filing taxes with the ATO.
7. Get professional help
So, if you’re ready to spend less time worrying about whether your payroll is accurate, finding the right fit payroll services support can be a game changer.
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Why The New Financial Year Is Always The Best Time To Get Your Finances And Bookkeeping In Order
The new financial year is always the best time to get your finances and bookkeeping in order. In this article, we explain what bookkeeping things you need to consider for the new financial year.
1. Ditch The Spreadsheets And Get The Right Bookkeeping App
One of the main reasons some businesses fail is because they don’t have a good bookkeeping system. With the right bookkeeping, you’ll receive enough warning if it looks like your business might run out of cash.
Using the latest bookkeeping software is the most efficient choice. The most popular bookkeeping apps include Xero, MYOB and Quickbooks, which you can trial each one for free and see what works better for you.
The new financial year is the perfect time to switch to a bookkeeping app so by the time this financial year is over, you’ll have a full financial year worth of data.
2. Make Sure Your GST And Other Registrations Are In Order
The new financial year is a good time to assess if you need to register for GST.
You must register for GST if:
- Your business has a GST turnover of $75,000 or more
- You provide taxi or limousine travel (including ride-sourcing services like Uber, GoCatch, Didi or OLA) regardless of your GST turnover
- You want to claim fuel tax credits for your business, regardless of your GST turnover
Other registrations you may need include:
- Tax File Number (if you’re operating as a partnership, trust or company) – required
- Australian business number (ABN) – recommended
- Pay as you go (PAYG) withholding – required if you employ staff
- Payroll tax – required in certain circumstances
- Fringe benefits tax (FBT) – required in certain circumstances
3. Get Your Bookkeeping Processes In Order
Do your bookkeeping weekly no matter how busy you are. If you genuinely cannot keep up, you are far better off to outsource the bookkeeping to a professional to keep on top of.
Regular bookkeeping means that your BAS preparation and lodgment will be much easier to keep on top of too. Make note of the BAS lodgment and payment due dates and pop these into your calendar so you won’t forget to lodge on time: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Due-dates-for-lodging-and-paying-your-BAS/
Your financial reports are only useful if your bookkeeping is up to date and accurate, so don’t let this get out of hand. Make sure your bookkeeping is done weekly (minimum) so you can see the financial state of your business at a glance.
4. Review Your Financial Reports Regularly
It’s important to keep a close eye on your business performance. Good accounting software will let you quickly generate useful reports, such as:
- Profit and Loss Reports – these show your company’s income, expenses and profits over time.
- Balance Sheet Reports – these show assets, liabilities and equity
- Accounts Payable and Accounts Receivable Reports – these show how much money is owed by, and to, your company.
5. Keep Your Business And Your Personal Finances Separate
This is essential if you want to understand your business cash flow and forecast how it might change. Mixing your business and personal finances can leave you uncertain about business performance. If you continue to combine your personal and business transactions, you’ll end up doing unnecessary bookkeeping for your personal transactions, as these still need to be processed in order to balance your bank account at month-end.
6. Get Your Cash Flow In Order And Build A Cash Reserve
Access to cash will make or break your business. The ultimate step to managing cash flow like a pro is to build a cash reserve. A cash reserve provides the cushion you need to manage unexpected events. It also gives you the confidence and finances you need to grow your business. It’s not always possible to build a large cash reserve. But if you do, it can insulate you from the economic cycle and the whims of banks and other lenders. It will also let you take advantage of opportunities when they present themselves.
7. Get Professional Help
Doing bookkeeping and payroll to the level required these days can be complicated and time-consuming. Plus there are a lot of legal requirements, which means there are serious risks to getting things wrong. For these reasons, many business owners prefer to leave it to the experts. It can free up their time and give them extra peace of mind.
In addition, professional bookkeeping services providers are often able to do your bookkeeping at a lower cost than you may realise, as they use software to automate many of the tasks involved.
Expert bookkeeping and payroll services are worth their weight in gold. When you find the right outsourced bookkeeping and payroll service, you’ll spend less time thinking about your bookkeeping and more time doing what you do best – running and growing your business!
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Behind In Your Bookkeeping?
Many business owners fall behind in their bookkeeping due to many reasons – the most common one due to lack of time and knowledge.
If you’re a small business owner who doesn’t have a bookkeeper on their team, chances are good that your bookkeeping isn’t 100% on track. It’s easy for time to get away when you’re focusing on running and growing your business. Before you know it, it’s BAS time again and you know you’re going to have to spend the weekend getting your books up to date!
As your business grows, it’s always best to hand this task to a bookkeeping professional as the cost of getting it wrong could result in huge unexpected costs and harsh penalties.
Bookkeeping is a profession in itself and it’s not as easy as many people think it is – this is the thinking that gets many business owners into hot water with their cash flow and the tax office. In this article I’m going to show you how to know if you’re behind in your bookkeeping and what to do to catch up.
1. How to know if you’re behind in your bookkeeping
- You feel overwhelmed and not sure where your BAS lodgments are at
- You have no time and your bookkeeping is usually last on your to do list
- You don’t have up to date financial statements and you never knowing where your business is heading and you operate day to day
2. Possible consequences of being behind in your bookkeeping
The Tax Office has started to really crack down on business owners in 2022 to get their lodgments back on track and payments up to date. The consequences of incorrect or late payroll processing could result in:
- Not knowing where you’re at financially with your business – inability to make clear and confident business decisions
- Audits from the Tax Office
- Growing GST liabilities (late lodgment fees + interest)
- Penalties and interest for underpayment of super or not paying super on time
- Cash flow problems due to not paying employees the correct amounts and having to back pay them to catch up
- Cash flow problems due to not paying GST lodgments or tax liabilities on time
- Losing money due to overpaying employees that you may not be able to recover from the employees quickly due to their financial position and laws around overpayments
- Fines from Fair Work Inspectors for paying incorrect wage rates
- Wind-up action from the Tax Office if you cannot pay your tax debts
3. How a bookkeeper can help you get back on track
Bookkeepers look at many things to make sure your books are balanced and up to date, which means you’ll have accurate financial information that is critical to run a business successfully.
Rescue bookkeeping often involves being a detective who must analyse the errors or omissions in the accounts and make sense of the existing data. It is often necessary to correct errors from prior months or even years that are affecting the current reporting.
Here are the the most important areas a bookkeeper focus on first when getting and keeping a set of bookkeeping records up to date:
- The bank balance equals the bookkeeping software balance
- The customers (Trade Debtors) and suppliers (Trade Creditors) balance with the Balance Sheet
- The Payroll Categories are set correctly so that employee Pay Slips, Leave Accruals, Tax, and Super Calculations are correct
- The lodged BAS’s equals the bookkeeping software records
- The inventory records equals your bookkeeping software records
This is just the start – there’s many more areas a bookkeeper checks to ensure up to date and accurate bookkeeping.
4. How long will it take to catch up?
It really depends on how far back that needs to be caught up, so it could take a bookkeeper several weeks to several months. But the good news is that a bookkeeper can at least keep your current bookkeeping records up to date while catching up.
5. Once you’re caught up, how to always keep your bookkeeping on track and never get behind again
Do your bookkeeping weekly no matter how busy you are. If you genuinely cannot keep up, you are far better off to outsource the bookkeeping to a professional to keep on top of
Regular bookkeeping means that your BAS preparation and lodgment will be much easier to keep on top of too. Make note of the BAS lodgment and payment due dates and pop these into your calendar so you won’t forget to lodge on time: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Due-dates-for-lodging-and-paying-your-BAS/
If you can’t pay your BAS in full, you’ll still need to lodge it on time, then you can arrange a payment plan with the Tax Office.
6. The benefits of using a professional bookkeeping service
Doing bookkeeping and payroll to the level required these days can be complicated and time-consuming. Plus there are a lot of legal requirements, which means there are serious risks to getting things wrong. For these reasons, many business owners prefer to leave it to the experts. It can free up their time and give them extra peace of mind.
In addition, professional bookkeeping services providers are often able to do your bookkeeping at a lower cost than you may realise, as they use software to automate many of the tasks involved.
Bookkeeping services providers may offer different levels of service which you can choose depending on what you need. But they’re generally all capable of:
- Catch up bookkeeping
- Ongoing bookkeeping using the latest bookkeeping apps (e.g. MYOB, Xero, Quickbooks, etc)
- Setting up a new bookkeeping file (new business owners OR when changing from one bookkeeping app to another, e.g. MYOB to Xero)
- Full payroll management
- Filing Superannuation returns
- Filing Business Activity Statements (BAS) with the Tax Office
- Filing Payroll Tax returns
Expert bookkeeping and payroll services are worth their weight in gold. When you find the right outsourced bookkeeping and payroll service, you’ll spend less time thinking about your bookkeeping and more time doing what you do best – running and growing your business!
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgment and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Labor won – how does that affect small businesses and startups
Now that Labor has won the Election in Australia, what does that mean for all us small businesses and startups.
Some of the key points covered so far that Labor is doing for small business are:
‘Climate-backed policies with a potential affect on small business include Labor’s electric car discount policy, which is projected to cost $54.3 million in 2022-2023.
Labor has also pledged to invest $20 billion to revamp the power grid, enabling more renewable electricity generation to power homes and businesses. It claims the ‘Powering Australia’ program will create in excess of 600,000 jobs
“Together we can work in common interests with business and unions to drive productivity, lift wages and profits,” he declared.
That gathering will inform the Labor government’s ‘white paper’ on employment, a document likely to express the new government’s approach to the gig economy and insecure work.
In its policy costings, Labor said it would invest $1.7 million in the 2022-2023 financial year to its Startup Year project, an initiative offering income-linked loans to entrepreneurs operating within government-approved accelerator schemes.
Startup Year funding will grow each year to $5 million in 2025-2026, Labor said, eventually providing financial backing to 2,000 final year and early career entrepreneurs.
Labor’s local industry grants is expected to provide $87.1 million in funding across 2022-2023.
The Albanese government has also committed to reducing the pool of uncommitted funding through the Entrepreneurs Program by nearly $200 million by 2025-206.
The honeymoon won’t last long: Labor has inherited an Australian economy which is far stronger than many had projected in the depths of COVID-19 lockdowns, but runaway inflation is now amplifying the cost of living.
Labour shortages continue to hamper key sectors, including the tech industry, construction and hospitality. But Labor’s ambitious skills plan, founded on 465,000 fee-free TAFE places and an expansion of university places, will still take years to produce the next crop of skilled workers.
It will be interesting the future that lies ahead for Australia and as a small business owner myself and helping other businesses, hopefully we do get looked after and not forgotten.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
The ATO are issuing penalty notices
Did you know that the ATO are issuing 30-40 penalty notices a day and this is rising?
That is 30-40 director penalty notices every business day and the ATO have begun referring taxpayers to credit agencies as it steps up debt collection post COVID.
The ATO have sent letters of action, unless the director took immediate steps to address the company’s obligations.
The ATO has expected that there will be a number of insolvencies to occur over the coming months as the economy normalizes. The ATO definitely helped businesses facing challenges during the early period of COVID, but now are back at shifting their focus on debt collection.
The ATO announced that 20,000 taxpayers have already responded to the awareness letters by making payments or entering into payment plans.
If you are one of these people, don’t stick your head in the sand, even if you cannot pay the full amount owed straight away.
It’s not worth the penalties, give me a call and I can help you and setup appropriate payment arrangements.
Give me a call direct on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Don’t let an Accountant do your bookkeeping!
This is a pretty bold statement, coming from a bookkeeper!
But to give you some clarity, having an Accountant do your bookkeeping, is like going to a Hairdresser to get your car fixed, you don’t you would go to a Mechanic.
Do you get my gist?
I am not trying to put down what Accountants do, but when it comes to Bookkeeping, Accountancy is very different to bookkeeping. An Accountant, might be a specialist in tax related matters, but unless they are a bookkeeper, they should not touch anything that is bookkeeping.
Bookkeeping is what I do, I look after clients’ books, I get everything in order. From recording transactions such as income and outgoings, to posting them to various accounts, processing payments, payroll, conducting daily banking activities, providing various financial reports and reconciling reports to third-party records such as bank statements.
Accountants don’t do that, they look after the bigger things ie tax related matters, preparing tax returns, offer guidance on cost reduction, revenue enhancement, profit maximization, risk analysis assessments, making sure documentation is compliant with relevant laws and regulation.
That’s why it’s important to come to me first for your bookkeeping. I work closely with an accountant, that I can recommend to you, but come to me first for all your bookkeeping needs.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
What are the key accounting trends to watch in 2022
New technology is the big one when it comes to bookkeeping and accounting. The shift to digital transformation has accelerated during COVID and changes to remote working practices.
The growth opportunity for auditors has also increased, showing that during the pandemic that from a business perspective, those businesses had to become increasingly accountable, not just for their finances but for the sustainability of their operations.
Consumer demand increased during this time and many businesses had to adopt changing working practices.
Artificial Intelligence (AI) has completely changed the face of accounting operations, it has helped reduce errors, optimised workflows, whilst still assisting with real-time business decisions based on data driven insights. Demand for AI based accounting software has increased, due to the rise of digital payments, fuelled by the pandemic over the last few years.
Lastly is cryptocurrency, though still in its infancy, and increasing number of agents are adding this to their skillset. The demand for cryptocurrency services is growing rapidly and expertise in this area is niche. Presenting a significant market opportunity for accountants to seize.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
The top 5 Bookkeeping habits you should start if you own a business
With 2022 in full swing, it’s definitely time to pick up some great bookkeeping habits that will enhance the rest of the year.
1. Keeping the proof of your purchases.
The number of times I speak with business owners who have not kept receipts, get themselves in all kind of trouble. If you can keep a proof of purchases, ie receipts, these receipts will help in determining your cash flow, the more data we have on hand, the better. You can save your receipts using different tools, create a digital space that stores your receipts. There you can share them with me as your bookkeeper.
2. Setting up due dates for business payments.
Business payments are things like rent, utilities, taxes, payroll. Missing any of these payments can cause major issues for your business. The best way to avoid this, is by setting reminder on the due dates of these payments.
3. Keep a petty cash system on hand
Petty cash is there to help your business with small expenses. For example, office supplies, reimbursing employees for expenses. The fund is generally only filled with a few hundred dollars and exists to keep track of the small expenses that staff often forget to hand receipts in for.
4. Record your receipt and invoices
This one is so important to keep in order. Keeping receipts in numerical order, categorised by date allows you to streamline your bookkeeping. You will then have a audit trail which makes it easier to track back if needed. This helps bookkeepers find specific receipts or time periods easily.
5. Get a bookkeeper
That’s where I come into the equation. The best thing you can do for your bookkeeping in 2022 is to outsource to a bookkeeper. I can make running your business far easier, taking those time-consuming tasks off your plate. Ensuring accurate regular reports are completed, ensure your data is available to use. This will also ensure you have the latest data to back your business decisions, bringing clarity and confidence to any business owner.
If you would like to have a chat with me anytime, please text, call on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Why you should outsource payroll?
There are a number of reasons why you should outsource your payroll to Maree Punzet, Bookkeeper with over 20 years’ experience.
- Do you know the changes to the threshold for Superannuation are increasing?
- Do you know that STP 2 is changing too?
- The reporting side of Bookkeeping is getting more complicated each month, with new reporting changes that the ATO are after, there are more chances of you making mistakes, gone are the days when payroll was easy.
Does this sound all too familiar?
Then why don’t you outsource your payroll to Maree today.
Let her take care of this for you.
Give her a call today on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Cost of outsourcing vs time to do your own bookkeeping
Have you considered the time it takes to do your own bookkeeping; it far outweighs the cost of outsourcing?
If you think about it….consider your hourly rate x multiply by the amount of time each week that you do bookkeeping, from payroll to BAS to entering data.
Would you think it would be 5 hours per week?
It would probably be more.
You are probably averaging at least 10 hours or more a week to bookkeeping.
If you multiply that by your hourly rate, you would be surprised the amount of money it is costing you.
Plus, are you a bookkeeper yourself?
Probably not.
Why wouldn’t you outsource to an expert?
Someone that has had over 20 years’ experience like Maree Punzet has?
Give Maree a call today on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Removing the $450 per month threshold for super guarantee eligibility
It was announced on 11th May 2021, part of the 2021-22 Federal Budget that the Australian Government announced it would remove the $450 per month threshold to expand coverage of super guarantee to eligible employees, regardless of their monthly pay.
‘The change is now law by the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Act 2021External Link with royal assent on 22 February 2022.
From 1 July 2022, employers will be required to make super guarantee contributions to their eligible employee’s super fund regardless of how much the employee is paid.
Employees must still satisfy other super guarantee eligibility requirements’
Did you know employers will need to check their payroll and accounting systems have been updated for super payments made after 1 July 2022 to ensure they correctly calculate their employee’s super guarantee entitlement.
I am sure many employers have not been updated, if you need help in this area, please give me a call direct on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
There are penalties for overdue TPAR
All Taxable payments annual report which stands for (TPAR) must be lodged by 28th August of each year.
If you have clients who make payments to contractors, they may also need to report these payments in a TPAR.
The ATO have applied from 23rd March 2022 that they will apply failure to lodge penalties to those who
- Did not lodge their TPAR in 2021 or the prior year
- Have already been sent three (3) non-lodgement letters about their overdue TPAR
- Those that did not respond to follow up phone calls about their overdue TPAR
The ATO are cracking down on clients, so don’t be surprised to receive a phone call or your clients about their overdue TPAR.
The best thing to do is remind your clients
- They may face penalties for an overdue TPAR
- They may if necessary, lodge a TPAR by 28th August each year
- They need to keep good records making it so much easier to prepare their TPAR
Here is the website link on how to lodge TPAR, and how to prepare, record and report.
Otherwise give me a call on 0429 363 047 and I will be able to help you.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Considering outsourcing your bookkeeping?
Before we get into how much does it cost, you need to be aware of the following –
My qualifications – it is a legal requirement that I have qualifications to be able offer a bookkeeping service, starting with a Cert IV. I have been assessed and registered by the Tax Practitioners Board to undertake BAS and GST bookkeeping services.
My experience – with 20+ years’ experience I’ve seen a lot. I have rigorous checks in place to ensure you are meeting all your legal obligations as a business.
My service offerings – not all bookkeepers deliver the same service. As well as ensuring your books are up to date and correct. I am able to lodge your BAS. I also offer a payroll service. I’ll also review your ongoing expenses to monitor your cash flow.
It is with this information that I can determine what your business requirements are and provide a price that reflects.
Additionally, I offer a free bookkeeping health check (see below) that assists you and me in determining what’s right for you.
While keeping in mind that outsourcing adds another cost for your business, the funds you outlay for bookkeeping services are a taxable expense. In some cases, I have actually saved clients’ money.
As your virtual bookkeeper, I am a trained, accredited professional with 20+ years’ experience that will ensure that your business books are kept up to date while you do what needs to be done.
Here at Maree’s Mobile Bookkeeping I am a partner in your business, making your business journey that little bit simpler to save time, relieve stress and make more money.
Now when it comes to cost, all it takes is a phone call for a quick chat. I can custom make a package for you or look at considering one of my bookkeeping packages, believe me, outsourcing for my services is not expensive.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Did you know the ATO can cancel your ABN?
If you are a business owner and you have an Active ABN and are behind in your Tax and / or BAS lodgements, call Maree and let her help you catch up, otherwise the ATO will think you are inactive and cancel your ABN.
…and believe me, the ATO does cancel ABN’s.
Do you really want that to happen to you, because you have got behind in your Tax and or BAS lodgements?
Did you know the ATO are currently undertaking a program reviewing all Australian Business Numbers (ABNs) to identify those that are potentially inactive and in need of cancellation?
The ATO may select an ABN for review and potential cancellation if:
• that ABN has not reported business activity in a tax return;
• there are no signs of business activity in other lodgements such as activity statements; or
• there are no signs of business activity from other third-party information which the ATO has access to.
Call me today to help you.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Do you want to know how to increase your profit in the next 90 Days?
Have you recently seen my recent add?
If you haven’t, well I am a Bookkeeping Expert.
I have seen the NUMBER ONE mistake that prevents owners from achieving their financial goals and it’s not eating their FROGS.
What does FROGS got to do with increasing my profit?
Frogs is an analogy to describe many business owners who
– Are working very long hours
– Are not knowing how much profit they are making
– Are getting anxious each time their bank balance gets low
– Who don’t have the time to invoice their clients
– Who constantly feel stressed when it comes to their bookkeeping and cash flow
Business owners who feel ripped off because owning a business should be more profitable and take up less of their time.
That’s what I mean not eating their FROGS.
My name is Maree and I’m a Professional Bookkeeper.
Over the last 10 years, I have helped small business owners to:
Take their bookkeeping frustrations away
Improve their Cash Flow and Profits
Understand their numbers
Create MORE TIME to do the things they ENJOY
Don’t let the frogs win!….
If you want to build a business that supports you and your family to live a life you know you deserve, you need someone to help you get the unpleasant stuff done.
To help you get started with this, I’ve put together a Profit Planner + Action Plan that will give you a clear plan on things to TAKE ACTION ON NOW to kickstart your business into 2022.
To get this Super Simple Profit Planner, send me a message with your email address and I can email one out to you.
Enjoy your planner, the feedback from many people has been fantastic, they said it’s a great free tool and wish more Bookkeepers could help them like this, hence give me a call on 0429 363 047.
Maree Punzet
Professional Bookkeeper & Frog Eater
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
What is the Single Touch Payroll Phase 2?
You can also find this information on the ATO website, link below:
https://www.ato.gov.au/Business/Single-Touch-Payroll/Expanding-Single-Touch-Payroll-(Phase-2)/
The Government announced the Single Touch Payroll in the 2019-20 budget and at that time, they did say there would be an expansion of STP, known as STP Phase 2.
What this will do, is reduce the reporting burden for employers who need to report information about their employees to multiple government agencies.
I would think that is a sign of relief for many employers.
The mandatory start date for Phase 2 reporting starts 1st January 2022.
The ATO have notified that Digital Service Providers (DSP’s) who may need more time to make the changes and update their solutions to support STP 2 can apply for a referral for their customers.
So there is a flexible approach to this transition, therefore if your solution is ready for 1 January 2022, you should start Phase 2 reporting. If your solution is ready and you can start Phase 2 reporting before 1 March 2022, then you will be considered to be reporting on time and you won’t need to apply for more time.
You can also apply for a delayed transition from December 2021. There will not be any penalties for genuine mistakes for the first year of Phase 2 reporting until 31 December 2022. This includes employers who have already started Phase 2 reporting.
The benefits for employers are you will no longer have to send the ATO the employee’s TFN declarations. The employees will provide it to you and you will need to keep it with your employee records.
‘If you make a Lump Sum E payment, you won’t need to provide Lump Sum E letters to your employees. You’ll have included the amount and the period it relates to.
If you change software or your employee’s payroll ID, you can tell us in your STP report if your solution has this functionality. This will help fix issues with duplicate income statements for employees in ATO online services through myGov
You may no longer need to provide separation certificates when your employees leave. The date and reason an employee leaves will be in your STP report.
You can also voluntarily report child support deductions and/or garnishees through STP. This reduces the need to send separate remittance advices to the Child Support Registrar’
If this sounds all too confusing, then give me a call on 0429 363 047, I can take care of this for you and so much more.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
It’s never too late to outsource to a Bookkeeper
Many business owners say the same thing, that it’s too late to outsource to a Bookkeeper. It’s never too late to outsource this part of your business. It’s actually one part of your business that a great Bookkeeper like Maree Punzet can pick up and fix all those problems within your business, because this is what Maree does, she problem solves, she fixes issues and corrects them.
It’s never to late to outsource your bookkeeping to Maree.
She is one lady that has helped many businesses that are going under or in crisis, this is what she does best.
If you think maybe it might be time to just offload your bookkeeping, then contact Maree today. It’ only takes one phone call for you to finally have your bookkeeping in order.
It’s never too late, better late than never.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Wrap up 2021 with a bookkeeping bow?
You might be wrapping presents for the family with a bow, but what about wrapping up 2021 with a Bookkeeping bow?
Have you thought about outsourcing your Bookkeeping to an experienced Bookkeeper, one that has many years experience’ in the industry.
It certainly will be a good Christmas present to give yourself, if you know that your Bookkeeping is in good order going into 2022.
If you would like to find out more about what I do, please give me a call so we can arrange a scope call to find out how I can help you with your bookkeeping.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Don’t let the festive season be the reason your bookkeeping is not in order
Already most people have got their Christmas tree up and already buying presents and planning what to eat on Christmas Day.
But how many people have got their Bookkeeping in order.
I bet you out of 10 people, only around 4 would have their bookkeeping in order.
In the last 18 months since COVID reared it’s ugly head, many people have put Bookkeeping on the backburner, thinking why do I need to bother, work has been up and down for many businesses because of constant lockdowns and border closures.
The festive season is only around the corner and if you are ramping down your business for the New Year to celebrate with colleagues, then take this opportune time to get your Bookkeeping in order.
I can help you with this, at a minimal cost. At least you can put your mind to rest in 2022, your up to date with all your bookkeeping.
If you would like to have a chat about how I can help you, please give me a call anytime.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Where will people spend their money in 2022?
This one is a difficult question to answer, but I feel personally it will be in construction, building, real estate. Many people have been unable to move house because of border closures, people are living in tents, in people’s backyards. Many people will be spending money on rent/mortgages, renovations, building costs because of the demand for many people, is finding a place to live.
During the lockdowns, people have been spending money on food, but with the borders opening in the New Year, I feel the construction industry will increase even more because many people just want to leave the state they live, the house they live, because of the countless lockdowns.
If you work in these areas of building, construction, real estate, let me know because this is when you need a bookkeeper.
Once you outsource your Bookkeeping, you will never go back to doing it yourself.
Give Maree a call today to provide you a quote.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Christmas is only 3 months away, outsource your Bookkeeping today
Can you believe that it’s only 3 months away to Christmas?
This year has been different from all the rest. Some businesses have expanded, whereas others have closed due to COVID.
I have found many people have either pivoted or started a new business and that is where I can come in and help you. People think they don’t need a Bookkeeper until they have employees and staff, but that is far from the truth.
Many new business owners should be outsourcing to a Bookkeeper, right from the start.
If you do that, you know you will be starting your business the right way.
If this sounds like you, then call me today.
I can help you from the start.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Have you completed your TAX return or are you putting it off in the too hard basket?
Are you like many people out there thinking, oh I can leave it to next year to do my Tax Return, but you keep putting it off? I hear this all the time. I realise time is precious and it certainly is with the way the world has been in the last 18 months, but you should never put off doing your Tax Return.
You may have employees?
You may be behind in your BAS?
You may be behind in general with all your paperwork.
That’s where Maree can come in, she can pick up where you are, finish everything and do assist with your Tax to submit.
Doesn’t that sound pretty good?
If this is you, then give Maree a call today.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
You don’t want to receive a Final Demand letter from the ATO
If you have any outstanding lodgements, the ATO will send you a final demand letter which normally will say something along the lines of that you will be even fined or could go to jail.
Yes, you don’t want to ever receive a final demand letter from the ATO.
If this sounds like you and you need help getting back on track, Maree can help you. If you are behind in your paperwork and the ATO have not sent the letter – yet, you don’t want to wait for that letter to come in the mail. Now is the time to contact Maree.
Maree calls these kind of clients ‘rescue clients’ because that is what Maree is doing, rescuing you from the ATO.
Contact her today to help you.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Constant lockdowns, need to source a virtual bookkeeper?
What I’ve heard from business owners of late, is that they are working from home because of the constant lockdowns. Looking after kids, homeschooling and unfortunately the bookkeeping is the last thing they worry about and it’s been put on the backburner.
But….this is where I come in.
I’ve been working as a virtual bookkeeper for over 20 years, with many clients who reside from Perth to Darwin and everywhere in between, so I’m used to working for clients no matter where they live in Australia.
But not doing your bookkeeping is the worst thing you can do, this is when your business will fall into pieces and that’s the last thing you need on top of looking after children, home schooling and lockdowns.
Working as a Virtual Bookkeeper for all these years has given many business owners the opportunity to expand their businesses and don’t think that because of lockdowns that businesses are not expanding.
Some businesses that I work for have been so busy that they have had to put extra staff on, more than they expected because of lockdowns, COVID and their profits have increased.
Don’t let your bookkeeping fall behind because of constant lockdowns.
Please give me a call on 0429 363 047 and let me help you.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Are you eligible for the 2021 COVID-19 business grant in NSW?
https://www.service.nsw.gov.au/transaction/2021-covid-19-business-grant
This info has been taken from the link above.
‘If you’re a business, sole trader or not-for-profit organisation in NSW and you’ve been impacted by the recent COVID-19 restrictions, you may be eligible for a one-off grant of $7,500, $10,500 or $15,000.
The 2021 COVID-19 business grant provides support for businesses that experienced reduced demand or had to close due to the public health orders. It will support businesses with cash flow for the first 3 weeks of the Greater Sydney lockdown which started on 26 June 2021.
Eligible applicants across NSW can use the grant for business costs incurred from 1 June 2021, including:
• utilities, wages and rent
• financial, legal or other advice to support business continuity planning
• marketing and communications activities to develop the business
• the cost of perishable goods that can no longer be used
• other activities to support the operation of the business’
If this is you and you fit the criteria, I would definitely be applying today, if you need help, I am always happy to help any time.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Reminder that Superannuation is now 10% commencing 1st July 2021
Also don’t forget that STP (Single Touch Payroll) is compulsory, this has been a legal requirement for 2 years.
‘The Superannuation Guarantee (SG) rate as currently legislated will increase from 9.5% to 10% with effect from 1 July 2021 with further increases of 0.5% per year to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards. The SG rate increases were not affected by the 2021-22 Federal Budget’
Are you up to date for all your employees?
Do you need help?
If so, please do not hesitate to call me direct on 0429 363 047
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Top 6 Bookkeeping Tips
