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
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
The RAT tax could attract FBT for business owners
With the current variant of COVID-19, this has caused many businesses to spend the first few weeks of 2022 adjusting to the new norm with masks for all employees and making sure they are safeguarding the employee’s health whilst they transition back into the workplace.
Many business owners are trying to cope with staff off sick and in addition to digital vaccine certificates and high vaccination rates, the access to Rapid Antigen Tests (RATs) has been beneficial to businesses to help monitor and reduce the spread of the virus in their workplaces.
Despite the benefits of the free RATs to employees, employers / business owners need to be aware of the ramifications on their Fringe Benefits Tax obligations.
That’s right…handing out the Rapid Antigen Tests to employees/staff is a great way to keep your workplace safe, but……can also trigger tax ramifications that all employers/business owners need to be aware of.
The ATO’s view on COVID-19 testing and FBT is throughout the pandemic, the ATO realized ongoing guidance about how FBT impacts COVID-19 related expenses.
This information has been extracted from
‘When it comes to offering COVID-19 testing options to employees for free, the ATO allows for an exemption from FBT if the both of the following two conditions are met:
1. The tests are administered by a medical or health care practitioner, and
2. The tests are offered to all employees equally.
The ATO also flags the ‘minor benefits exemption’, which removes any FBT obligations on benefits that are provided irregularly and whose cumulative value over the course of the FBT year is less than $300
RATs are tax deductible for employers and employees alike
While at this stage RATs are non-exempt from FBT, Accountants Daily highlights that, if an employer purchases them for their employees for work related matters, they can be considered business expenses and are therefore tax deductible.
So even if the ultimate position of the ATO is that RATs are to remain non-exempt from FBT, their tax deductibility should certainly be considered when the company prepares its income tax return at the end of its financial year.
Additionally, if an employee purchases as RAT for the purpose of attending the workplace or travelling for work, if the employer does not cover these costs, the testing kit would be a deductable expense for the employee themselves.
FBT and income tax calculations can be very complex, and as seen in the case of RATs, the rules and exemptions can be very nuanced, so always consider consulting a professional before making any tax-related decisions’
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
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
Do you know about Director ID?
Many people don’t know about Director ID and how to apply for one?
This is the eligibility criteria of those that need a Director ID.
– A company that is a registered Australian body or a registered foreign company under the Corporations Act 2001
– An Aboriginal & Torres Strait Islander corporation registered under the Corporations (A&TSI) Act 2006.
In other words an eligible officer is a person who is appointed either as a director, or an alternative Director who is acting in that capacity.
For more information on the Corporations Act, visit the ASIC websiteExternal link, this information is from the link below.
‘Corporations Act directors
When you must apply for your director ID depends on the date you become a director.
| Date you become a director | Date you must apply |
| On or before 31 October 2021 | By 30 November 2022 |
| Between 1 November 2021 and 4 April 2022 | Within 28 days of appointment |
| From 5 April 2022 | Before appointment |
To be a director under the Corporations Act, you must:
- be an individual who is at least 18 years old
- not be disqualified from managing corporations, unless the appointment is made with the permission of ASIC or the Court.
To be a director under the CATSI Act, you must:
- be an individual who is at least 18 years old
- be a member of the Aboriginal and Torres Strait Islander corporation and an Aboriginal and Torres Strait Islander person (unless the corporation’s constitution or rule book says otherwise)
- not be disqualified from managing an Aboriginal and Torres Strait Islander corporation, unless the appointment is made with the permission of the Registrar of Aboriginal and Torres Strait Islander Corporations or the Court.
For more information on the CATSI Act, visit the Office of the Registrar of Indigenous Corporations (ORIC) websiteExternal link’
If you use an authorised tax, BAS agent like myself, I can help you decide if you need to apply.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
This applies to NSW only, the NSW Government has announced a suite of support measures for SME, part of the Economic Recovery Strategy.
The NSW government has announced a suite of support measures for SMEs as part of the Economic Recovery Strategy.
‘The state government announced this week that it will provide a Summer Holiday Stock Guarantee for small and medium enterprises (SMEs) and will expand the Small Business Fees and Charges Rebate for all eligible small businesses.
This means that under the SME Summer Holiday Stock Guarantee, eligible businesses with an annual turnover between $75,000 and $50 million will be able to apply for a grant of up to $20,000 to compensate for loss of perishable stock, or claim $10,000 for reduced capacity to sell non-perishable items if a local lockdown occurs and they are impacted’
The Government has expanded the Small Business Fees & Charges Rebate for use until 30th June 2022.
The NSW Premier has advised that these measures are to provide businesses the confidence to open up and plan for the future.
“These measures will give businesses and workers confidence to purchase stock and invest for the future”
Do you fit these criteria?
As many businesses in NSW may be forced to shut their doors between 1st December & 31st January 2022 due to public health orders.
“Small businesses will now be able to claim road user tolls under the Small Business Fees and Charges Rebate, which is being increased from $1,500 to $2,000.
“The rebate can be used to offset NSW and local government fees and charges and adding tolls to the list of claimable charges is going to make a massive difference to many small business owners who use vehicles for work.”
If you are confused if you fit the criteria or not, please give me a call directly on 0429 363 047. Some of these extracts have been taken out of this story, link here. NSW government announces fresh support for businesses | MyBusiness
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 that half of Australian workers were underpaid during the pandemic?
When you think about that, that is disgusting to think 50% of workers were underpaid.
ADP’s People at Work 2021: A Global Workforce View surveyed 1,902 workers in Australia, and reveals one in two (52 per cent) workers believe they have been underpaid at least once during the pandemic. Similar numbers (51 per cent) believe that they had been paid late, up from 48 per cent prior to the onset of COVID-19.
The ADP research also indicates two in five workers were overpaid (38 per cent) or experienced issues with their pay (43 per cent), such as failed payments or incorrect tax.
That is a pretty alarming rate of people who received incorrect pay-slips. This has caused loss of employee confidence and causing stress during COVID and many people not able to afford to pay their bills.
Not only that, “Businesses need to be mindful that employees are paying a watchful eye on their payslips. If business operators, all the way from local SMEs to multi-country conglomerates, don’t prioritise running efficient, accurate and reliable payroll divisions, they risk losing talent.
“When employees experience errors in their pay, payroll staff shift their focus to answering queries and checking historical data, distracting them from processing payments or spending time on more strategic work. Often, the first step to improving payroll accuracy is automating the input of data using integrated digital technologies.”
Hence this is why many businesses should be outsourcing their payroll to a bookkeeper, like myself to ensure this doesn’t happen. I take pride in what I do and pay accuracy is up there as one of the most important tasks that I do for businesses.
This is a real shame many businesses have done the wrong thing by their employees and in turn will reduce their workforce when people leave the business.
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
When the Australian state borders lift, how will that impact your business?
Many business owners are unsure when the state borders lift, how it will affect their businesses. Most will be in favour of the borders opening purely because trade has ceased for many, especially those close to the borders.
Others are worried that the influx of people will be too overwhelming and they won’t have the resources to contend with the increased business. Other businesses may not be impacted at all.
Though one thing needs to be reviewed, is your bookkeeping. Bookkeeping is a major component for anyone in business. If you don’t have the right systems in place, when borders start lifting and business starts increasing at a rapid rate, this is when a great Bookkeeper is in demand.
Have Maree go through your systems now in readiness for when the borders open.
Outsource your Bookkeeping to Maree 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
Is financial strain causing you stress during lockdown, outsource to a bookkeeper to help you regain some control
Do you feel like you’re in a pressure cooker?
About to boil with all the stress from lockdowns.
If you want to regain some control over your expenses, control over your business, then contact Maree today.
Maree understands the stress that many business owners are under at present and have been over the last 18 months.
Outsource your Bookkeeping to Maree today, so you can at least gain some control in that area of your life.
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
A successful bookkeeper = a successful business owner
As a Bookkeeper it’s my job to manage the regular tasks ie
– Keep all of the records up to date
– Help in keeping your end of year accounting bills
– Assist with avoiding to pay late penalties by making sure the GST, PAYG Tax and Superannuation, compliance obligations are taken care of
– Free your time so you can work on your business rather than trying to do all the tasks of a bookkeeper
– Minimise the risk of fraud by having another set of eyes to check and oversee your accounts
– Conduct ongoing auditing and assurance
– Having someone on your side that can advise and support you in areas of your business that you may not be as knowledgeable.
As a Bookkeeper and BAS agent, I am registered with the Tax Practitioners Board and I am required and have the skills and knowledge of general accounting principles, relevant legislation and up to date current best practices.
This is my job to assist you as a Successful Bookkeeper which = (equals to) a successful business owner.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
JobSaver boost
https://www.nsw.gov.au/media-releases/major-jobsaver-boost-to-expand-covid-19-support
This extract has been taken from the link above.
‘The joint NSW Government and Commonwealth JobSaver program will be significantly boosted to give greater support to businesses and individuals impacted by the extended lockdown.
JobSaver payments will now be available to businesses with an annual turnover of between $75,000 and $250 million, up from $50 million, which have experienced a revenue decline of 30 per cent or more.
The maximum weekly payment has also been substantially increased, with employing businesses that maintain their employee headcount now able receive between $1500 and $100,000 per week, up from $10,000, with payments based on 40 per cent of their weekly NSW payroll.
Applications for JobSaver opened on Monday with more than 14,000 applications already received and almost $28 million approved for payment so far. Payments are expected to start hitting bank accounts from 31 July.
Businesses can expect to receive funds in their accounts within five to ten business days from their approval date, and the arrangements announced today will be backdated, so businesses that have already received a first payment on previous settings will be topped up when their next payment is made.
JobSaver payments are available from week four of the lockdown. Non-employing business remain eligible for a maximum of $1000 per week.
Businesses have also received much needed support from the 2021 COVID-19 Business Grant to cover the first three weeks of lockdown, with more than $118 million paid to businesses so far from more than 56,000 applications received.
For more information visit 2021 COVID-19 Support Package’
https://www.service.nsw.gov.au/transaction/jobsaver-payment#what-you-need
If you fit the criteria, I would definitely be checking out the 2021 COVID Support Package today and the link above that goes through the criteria in much more detail of what you need so you can apply.
If you need any help at all, please do not hesitate to contact me.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
How certain are you that your business will continue with these constant lockdowns?
From what I am hearing from business owners, many are very fearful that their business may not survive all these lockdowns.
Do you think any business is lockdown proof?
Personally, my business as a virtual bookkeeper has expanded and I’m way more busier than ever, looking after new and existing clients, answering questions, helping them with their BAS and sometimes just being a counsellor and listening to their problems. These lockdowns are affecting all different kinds of businesses, not just your cafes and restaurants and retail, but those that depend on stock from delivery interstate, those that have staff on the other side of the border that can’t get through and the pain of these lockdowns is trickling through and affecting other businesses.
It’s a surreal situation for all business owners and when we look back at this, we will look out how we survived, did we pivot, did we just dig deeper, did we actually notice the pandemic, some businesses it hasn’t had any impact, some are obtaining more business and taking it while the iron’s hot as they say.
What about you and your business? Will it continue with these constant lockdowns?
If you need a bookkeeper and need help, you know I am here to help you through it all.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Is COVID and shutdowns affecting your business?
With the many businesses that I do bookkeeping for, some have been affected, but the majority haven’t, during COVID and the many shutdowns.
I think because many business owners have had to either pivot or look at different ways to operate their business, either by having staff work from home, or look at different options in the way they operate their business.
I am not taking it away that many hundreds of businesses have closed completely due to the lockdowns in Australia. But it does show the resilience we have in Australia and as Australians, that even a virus or shutdowns, won’t stop us from managing and operating our businesses.
I would be interested to hear your thoughts; how have you managed your business during all the lockdowns in Australia.
If you need any bookkeeping assistance, don’t hesitate to contact me 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
Job Trainer program will be extended
Did you know the Job Trainer program will be extended for another 12 months? Which is absolutely amazing for many people obtaining work!!!
They anticipate 163,000 additional low fee and free training places in areas of need, which of course is health, aged, disability care, childcare and trades. This money was actually the extension of funds originally allocated to the $4billion Jobmaker Hiring Credit Program which as we know was unsuccessful.
Australia as we know, is in a skills shortage, so Boosting Apprentice Commencements (BAC) subsidy, has been a huge success and this has now also been extended for 6 months for new apprentices or trainees, who commence before 31 March 2022.
Which means the subsidy remains capped at $7K per quarter per apprentice or trainee. The Budget also delivers pathway services for 5,000 women to commence non-traditional apprenticeships.
What a great incentive for Trainees/Apprentices and also Women, so I applaud the Government in allocating these funds appropriately.
The other area is support for businesses helping people into work, ie wage subsidies available through the Job Active, Transition to Work and Parents Next. These will all be increased to $10,000 and the Local Jobs Program will be expanded and extended to 51 employment regions.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
How the Budget will affect your super
Did you know about these recent changes which may affect your super?
In summary, this is what the Government have outlined.
– $450 monthly threshold for superannuation payments have now been scrapped
– First home super saver scheme maximum increased from $30,000 to $50,000
– Work test for super contributions scrapped for ages 67-74
– Super downsizing contribution age threshold reduced to 60
I am sure you didn’t know this information. As a Bookkeeper I must keep up to date on a daily basis of changes. This is what I do each day to ensure all my clients are up to date.
If you need assistance in relation to Superannuation | Bookkeeping, then please give me a call.
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 know about the changes to unpaid parental leave entitlements?
The Fair Work Act was amended on the 26th November 2020, to include new unpaid parental leave entitlements for parents, who experience the traumatic events during or ahead of their unpaid parental leave.
In other words, this includes premature birth, stillbirth, death of a child.
It’s something we don’t want to talk about or even think about, but these changes will enable all eligible parents to access up to 30 days of their unpaid parental leave. This only applies to a child born or whose placement happens on or after 27th November 2020.
It is hard to fathom what parents go through during these traumatic events.
Even though I talk about business, bookkeeping and PAYG etc, these events do happen to so many people, which is so unfortunate and as a bookkeeper, I keep abreast with these changes which may affect you or your employee.
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!!
Changes to Casual Employment
If you haven’t heard already, on Friday 26th March 2021, the Fair Work Act 2009 was amended to change workplace rights and obligations for casual employees. These changes came into effect on Saturday 27th March 2021.
In a nutshell, what has changed is the Amendment Act has introduced the following
-The Casual Employment Information Statement
-The Definition of Casual Employment
-Pathway for casual employees to move to full time or part-time (permanent) employment.
In regards to the Casual Employment Information Statement, now Employers will have to give every new casual employee a Casual Employment Information Statement before, or as soon as possible after they start their new job.
The definition of a Casual Employee is the Fair Work Act has been amended to include a new definition. That a person is a casual employee if they accept a job offer from an employer knowing that there is no firm advance commitment to ongoing work with an agreed pattern of work. They will remain a casual employee until they either, become a permanent employee through: casual conversion, or are offered and accept the offer for full time or part time employment, or stop being employed by the employer.
The existing casual employees, which are those casuals who were employed immediately before 27th March 2021 and whose initial employment offer meets the definition, will then continue to be casual employees under the FW Act.
If this sounds all too confusing, give me a call and let me step you through it and remember that there is a new avenue to resolve some disputes about casual conversion through the Federal Circuit Court.
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!!
Businesses given a deadline to acquire a Director ID
Recent news that Business Directors now have a set deadline to obtain a director identification number under the federal governments digital business plan.
It’s providing directors appointed under the Corporations Act 2001 that they have up until the 30th November 2022 to obtain a Director Identification Number (Director ID).
It will apply for both existing Directors who were appointed prior to the start of the Director ID regime as well as Directors appointed during the testing phase. The Government released these details as part of the 2020 budget Digital Business Plan.
The director ID will help prevent the appointment of fictitious directors, which unfortunately some businesses have done. This is under the MBR program which was announced as part of last years.
If you have any further questions, please do not hesitate to contact me 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
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!!
The ATO is permanently launching the small business dispute resolution service
If you didn’t already know, but the ATO has announced its small business independent review service. It will be a permanent service, following a successful pilot stretching several years.
This service will be available for eligible small businesses with an annual turnover of less than $10million. This service will help businesses with disputes about income tax, GST, excise, luxury car tax, wine equalisation tax and fuel tax credits.
You might be asking, what about disputes about employer obligations for instance superannuation; & fringe benefits tax are not eligible for the independent review service. This independent review service is available to eligible small businesses in addition to other dispute options, ie lodging an objection, in-house facilitation.
The pilot program started in 2018, over 1200 or more small businesses have been offered the service. More than 180 small businesses have taken up the ATO’s offer. Since the pilot program started, those that participated found the process to be fair and independent, hence why it’s now been implemented permanently.
Personally, I think it’s a great initiative and extremely helpful to small business.
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!!
The COVID Rebound
Can you believe it’s been 12 months already of the 1st case of COVID. In Australia we faired pretty well compared to the rest of the world.
We are definitely in rebound mode, for many business owners, it’s survival. Some have been able to grow leaps and bounds, pivot, while others have relied on the Jobkeeper payments and still could close.
But the outlook looks to be that Australia business is on the rebound.
There has been new consumer confidence in the market, people seem to have more money, they are spending on homes, cars, holidays locally and interstate because they can’t spend that money on overseas holidays.
So there are a couple of things to think about with this rebound which is:
1.Cashflow
Look at your business and review exactly how much it needs to survive and what timeline.
2. Documentation
Document everything, if you are not already, look at streamlining your processes. Start reviewing your costs in pre-crisis revenue and margin to post crisis.
3. Inventory
As Australia is starting to reopen borders, early movers building inventory soon may benefit from pre-surge prices.
4. Prepare to Hire
I know that sounds crazy, but can you afford to add staff now or not. Do you have a HR person to help, look at identifying job descriptions, start dates.
5. Work with the best Bookkeeper
Now this one is a given, you need to talk to me. A good bookkeeper will save you a lot of $$$.
So remember, we are coming out of this pandemic and it’s exciting to see Australia rebound and show the rest of the world, how tough and resilient we truly are.
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!!
Easter time – Special
Firstly, I would like to say to each and every one of you Happy Easter, Easter is a great time of the year.
I would also like to encourage you if you haven’t outsourced your bookkeeping to me already, this is now a great time as I am offering 20% off the first month for any new client that comes onboard. Now that is a huge saving!
Easter is a great time to spend with family and friends and spoil yourself with some chocolate and hot cross buns.
In saying that, it’s also a great time to review your expenses, review your budget, review your bookkeeping.
Let me help you 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
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 the Government is planning to reveal a $1.2 billion extension of the Apprenticeship wage subsidy?
I for one applaud this initiative from the Government. For any business or group training organisation, if an apprentice is engaged between 5th October 2020 through to 21st September 2021, they may be eligible for a subsidy of 50% of wages paid to a new or recommencing apprentice or trainee for a 12-month period from the date of commencement. The maximum of $7000 per quarter.
As a mother of two boys my eldest son only having left High School late 2020 after completing his HSC, this is a fantastic initiative for anyone or has just left school or even those looking to change careers.
We definitely need this due to COVID and the economic challenges that are to come in the future.
I hope that businesses will take up this initiative because we need a skilled workforce. It also shows that there is greater confidence for businesses who may have held back over the last 12 months.
I myself am thankful and having children of my own it provides me some security that they have a bright future ahead.
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!!
Maree is the Bookkeeper of the Future
Does your Bookkeeper keep up with the ever-changing pace of technology when it comes to bookkeeping?
Does your Bookkeeper help you and gives you advice when needed?
Does your Bookkeeper answer the phone over the weekend or evening when you have a question?
Well then, maybe you should switch to Maree Punzet from Maree’s Mobile Bookkeeping.
One thing with Maree, she keeps up to date with all the changes taking place in the world of Bookkeeping, she has a team of people that assist her from Marketing to even a Cleaner to clean her house, because 100% of her time is helping business owners like yourself, so you can concentrate on what you do best.
Can you say the same about your current Bookkeeper? I bet you, the answer is NO.
Maree is dedicated to her business, to her clients, it would be hard to find another Bookkeeper in Australia with that much dedication to the job.
Maree loves what she does, it’s ‘her thing’ everybody has a ‘thing’ they love and as much as your probably thinking, who could love Bookkeeping that much, well you haven’t spoken to Maree then.
Don’t waste your time, 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
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!!
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!!
Top 6 Bookkeeping Tips
