What will happen when JobKeeper ends?

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Can you survive when JobKeeper ends in March 2021?

If you need help to determine your cash flow or if you have insolvency issues, then maybe it might be time to give me a call and let me help you.

There is talk that the ATO is tipped to pounce on businesses once JobKeeper ends.

If you are a business owner, I encourage you to act early on exploring your insolvency options before the ATO comes knocking to recoup debts.

The JobKeeper stimulus is set to expire on March 28, so now is the time to do an assessment on your business.

Firstly, do you have the ability to pay staff wages, rent, super, tax?

Can your business survive – post stimulus?

If the answer is no, then please contact me straight away.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047

You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!

Did you know about the Single Touch Payroll Phase 2

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Have you any idea what to expect and how to get ready for Phase 2 of the Single Touch Payroll. It now has a start date of January 2022, so processing payroll is about to get a whole lot more complicated.

From what I have read and understood the Single Touch Payroll Phase 2 will remove the need for manual reporting. It looks like The Phase 2 will bring more complex reporting and similar to Phase 1, many businesses will then have to prepare for the challenges of that next roll-out.
That is where I come in.

Many are technical changes whereby the average business owner may get stuck.

For example, you will have to provide a reason for termination. At present an employer may be asked to provide an employee with an employment separation certificate upon an employee’s termination of employment. So, with Phase 2 you will also be required to provide the reason for termination to be included in the STP report sent to the ATO. This will eliminate the need for an employment separation certificate to be issued to the employee altogether.

Another change will be if an employer has to submit a deduction report to the relevant child support agency, when they deduct the child support from an employee’s pay.

When Phase 2 is brought in, Phase 2 will allow employers to report child support deductions via pay events, which will then remove the need to report separately on a monthly basis. It looks to be initially voluntary reporting and if employers do not choose to report via STP, they will need to continue to report monthly as per existing processes.

What I have read also is changes to the tax treatment codes, whereby with Phase 2 they will introduce a 6-character tax treatment code to indicate what PAYG tax scales. Also Lump sum E letters, transitioning employees from another payroll system, paid leave, tax file number declaration, negative YTD reporting, allowance items, Keypay etc.
It will be interesting when the rollout happens and Phase 2 will be here before we know it.

But don’t stress, because it’s my job to know all the ins and outs when it comes to Phase 2.
Please contact me anytime if you need assistance.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047

You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!

What can we learn from 2020?

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That is the million-dollar question right there.

What have we learned from 2020? The year that brought Australia and the world to a stop. A global pandemic that brought businesses to a standstill, many hundreds and thousands of deaths across the world, not only in Australia but all countries because of COVID-19.

We all wanted a slower pace of life, the old saying, there is no place like home.

And home is what we got.

Hundreds and thousands of people, children, families had to stay home because of this pandemic. It made us all look and review how we live our lives, it gave us time to reflect on what we have, our health, our families.

What is most important to us.

Personally, what I learnt from 2020 was I had more time with my two boys and my husband. I was able to see what my boys were learning through school and find out their weaknesses first hand and was able to support and help them. Especially my eldest boy who finished Year 12 this year. I am glad I was able to support him during this time.

I was there for my dad more and helping him with errands and my husband. So for me what I learned was life is precious, family is precious. Business is not the most important thing in life, family, love and our health is.

I truly feel many people probably think along the same lines as I do, but that is what I learnt in 2020.

I hope we all as a community, as a country pulls through this together and 2021 is a better year for us all, but that we don’t forget the precious things in life, which is are families.

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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

What will happen in 2021 when it comes to Bookkeeping?

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Like anyone here, I don’t have a crystal ball, I wish I did.

But after what has been a turbulent year for so many in 2020, I think the Government will be assisting businesses, both large and small during 2021.

We must get the economy going and with multiple Grants on offer and assistance through construction, building, low interest rates, Job keeper payments, Job Seeker payments and now Job Maker, I feel that we are heading in the right direction.

One thing I would like to mention is to make sure that when it comes to Bookkeeping, if you decide to do it all yourself, is to keep yourself updated with all the changes and keep your records up to date and accurate.

Of course, I would rather you come to me, because I feel 2021 will be a year of many changes in our industry and across the board.

With that, comes challenges.

Let me know if I can help you in any way as I look forward to looking after you and your 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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

What Happens If You Overclaim on Tax?

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It is always in your best interest to deduct the maximum amount your entitled, but deliberate attempts to overclaim can definitely attract harsh penalties from the ATO.

Up to 75% of the claim.

The ATO are cracking down on work-related expenses and rental claims as more and more people are working from home.

More people are overclaiming rental expenses, claims for cars, travel, internet and mobile phones.

Records should be kept for the following and remember by tax law you need to keep your tax receipts for 5 years.

These are the following plus always good to keep a electronic copy as paper receipts do tend to fade.

  • sales receipts
  • expense invoices
  • credit card statements
  • bank statements
  • employee records (wages, super, tax declarations, contracts)
  • vehicle records
  • lists of debtors and creditors
  • asset purchases.

Don’t overclaim on tax and if you are stuck what you can and cannot claim, please contact 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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Tips on teaching kids about money

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This might be one of those things you think about from time to time, but I think teaching kids about money in the early years will set them up during their life.

I am a mother of 2 boys and have tried to install good money and spending habits. I have tried to teach them the value of money and how saving up for something is much better than buying something on credit.

Saving is such a long-term habit and could make a huge difference in a kid’s life if you teach and start them young. Even pocket money or making them do some more chores around the home for a bonus at the end of the week ie match a dollar for a dollar in their bank account for example.

It is about teaching kids’ simple strategies about the difference between wants and needs.

A great place to start it explaining the basic needs, ie food, water, shelter, you can reinforce the concept of a want versus a need. When you go shopping with your child and they have asked for a treat when you walk down the confectionary aisle. Unless it’s a special occasion, firstly don’t walk your kid or kids down that aisle (bad idea), but unless they have earned it during the week, then it is a treat for them, because they washed dad’s car or helped put clothes on the line.

Kids should be given goals, it’s too easy to give kids everything they want, they won’t appreciate working for things like cars and houses as they get older if you as a parent have just always given them what they wanted, when they wanted.

Get kids to make a vision/goal board and help them write out what they want and how they can reach that goal. Let them earn their own money and they can start ticking off that vision board each item they have worked for, be it doing more chores around the house for pocket money or saving more each week into their bank account.

Show them and explain to them about compound interest, the earlier and quicker they start saving it will grow so much in only a few short years.

I realise this isn’t so much bookkeeping related, but I think it’s an important one to touch on, as adults if we are clever about money, we can to be saving money and using our money wisely in 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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

 

Does your business comply in a COVID-19 World?

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Every business has a duty of care and especially now Post COVID. It has never been a more important time to businesses to stay on top of the ever-changing compliance obligations.

If you have staff, you need to consider and review the following

  1. The changing employment laws in Australia ie Awards
  2. Those returning to the workplace, if they have been working from home during lockdown
  3. If your staff are remaining working from home on a full time or part-time basis
  4. Payments and leave entitlements
  5. Reviewing your staff working hours, location and duties
  6. Standing down employees or ending their employment due to COVID

There is so much to consider during and post COVID-19. We in Australia are not out of the woods yet, we could get more waves of COVID in different states, business will never ever go back to what it used to be and I personally think, that is a good thing.

But be vigilant, stay on top of compliance and if you need me to look at these things for you, please do not hesitate to give me a 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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

The ATO has issued a reminder to businesses who may be subject to penalties for missing October 2020 deadline to fulfil their Superannuation Guarantee Obligations

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Don’t be one of those businesses that is subject to penalties.

By law, the ATO has advised and reminded businesses they cannot extend the due date to pay superannuation.

If you have already missed the 28th October deadline to pay your quarterly SG contributions, you will need to lodge a superannuation guarantee by the 28th November 2020 to avoid penalties, after this date you will incur the penalties and believe me you don’t want to miss the deadline.

‘The ATO noted the superannuation guarantee charge is different to the regular contributions businesses pay and is made up of SG shortfall amounts, interest on those amounts (currently 10 per cent) and an administration fee of $20 per employee per quarter’

If you need assistance now, then please give me a 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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

 

Your paying for my years of experience

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When I speak with clients, some hesitate at the cost and say to me, that’s just too much money for BAS reviews and quarterly lodgment.

It is strange, when you think if you have a plumber or electrician come to your home to fix a leaking pipe or a faulty switch, do you ever say, wow, that’s too much money.

You don’t, purely because you know that the Plumber or Electrician is a qualified tradesman and they have spent years in training and courses to be highly skilled in their area of expertise.

It’s no different as a Bookkeeper/BAS Agent, I have spent countless years of study, over 20 years of experience working in client’s onsite locations as well as working online from home, many hours, late nights studying, working on problematic areas of businesses, so why is it any different?

It isn’t.

What I provide to you is not only a service, but I provide 20 plus years’ experience as well. Of course, there will be a cost to that. If I was in my first-year learning Bookkeeping, of course I wouldn’t be charging much, because I would still be learning and inexperienced.

So, don’t look at the price, look at the experience a person can provide you for your business, making sure you’re not losing money but saving money and your bookkeeping and BAS is correct, so you don’t have the ATO chasing you.

If you have any questions, please do not hesitate to contact 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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

The ATO is warning businesses to stay up to date with their obligations

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The ATO have been sending out notices to all businesses, warning them that if they are not staying up to date with their obligations, that is may in fact impact their eligibility for future stimulus measures.

In short, they are saying that businesses who are doing well need to resume their obligations whilst those that are facing ongoing hardship are encouraged to get in contact with the ATO.

Since September 1st 2020, the ATO has stopped providing blanket extensions to small business audit cases. The ATO have also recommended activity where the business is either not adversely impacted by COVID or is now in a position to progress.

If you need some help in this area, please do not hesitate to contact 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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Don’t be caught out underpaying staff

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Are you aware that changes are happening from the 1st November 2020 to Award Wages, if you don’t you need to read below?

Did you know that the award minimum wages for Group 2 Modern Awards has actually increased by 1.75% from 1st November 2020? The increase in this wage will have a flow on effect to all businesses with loading, penalties, allowance and also overtime payments.

So as a business owner, you should take the steps to ensure wages are compliant with the November 2020 Modern Award increase.

I’ve noticed sometimes businesses never deliberately underpay, so normally it’s a lack of attention or oversight.

Remember to also review any of your ‘all-inclusive’ pay arrangements for employees covered by this Group 2 Modern Award. It’s important to know that employees who receive an all-inclusive salary, that the increase to the minimum rate may affect that of the all-inclusive salary, so make sure you check by going through the employee’s awards entitlements by reference to their actual hours of work.

Now if that sounds all too confusing, please give me a call on 0429 363 047 to have a look through.

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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

 

Insource your Accounts Receivable to Maree today

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As a Business owner, you have many things to do, ordering stock, rosters, getting new customers, marketing and much more. This can sometimes mean you don’t get time to get your invoices sent out to your clients, resulting in lack of cash flow.

Some of the benefits of insourcing are:

Effective efficiency: obtaining professional assistance gives you back the time to concentrate on your area of specialty. It can free staff from doing their own jobs.  Insourcing your accounts receivable, your business will experience less wastage and save money.

Remain in control: By insourcing accounts receivable services, you will always have access to up-to-date data. Better then your cashflow being impeded, you’ll be ready to make any necessary rectifications.

Lowers unnecessary costs:  Insourcing accounts receivable helps to lower the indirect costs associated with trying to do it all yourself. By having an insourced person doing this, they can make the follow up phone calls, they can keep the books up to date and look at areas of missing discounts or opportunities for growth.

Staffing costs: The responsibility of managing the accounts receivable is done by Maree Punzet. There is no need to look at having a full-time accounts receivable person to do this, insource is financially the better option. Your cashflow will love you.

For a small fee I charge the following:

  • Preparing of invoice for your client
  • Emailing the invoice to your client
  • Regular reporting to you about clients owing money
    Up to 5 invoices to be sent $120 Per Month (GST Inclusive)

I can even chase up your clients for late payment and do debt collection. So why waste your time, when you can give it to me to do.

If you would like to know more about what I can do, 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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Why waste your time with Payroll, outsource to Maree today!

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Oh, I hear often many business owners who absolutely detest doing Payroll. They say it’s the worst job in the world.

Payroll is one thing many businesses should just outsource.

There is quite a lot involved with PAYG, Superannuation, making sure all employees are paid and receiving timesheets on time, the process of payroll can be extremely time consuming for any business that has staff.

Between making sure the business is running smoothly, training staff, meetings, looking after customers, growing the business, the last thing on a business owners mind is the Payroll.

I offer this to clients and it’s one of my most popular packages.

The package includes the following:

  • Processing of Payroll and emailing of payslips to employees
  • Single Touch Payroll Reporting
  • PAYG Lodgement
  • Superannuation Reconciliation and Lodgement
  • From 1 to 5 staff

Cost: $125.00 per month (GST Inclusive)

It’s actually extremely cost effective to outsource and if you have more staff, I can custom a package to suit.

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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Why you should insource your Accounts Payable to Maree

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So what is Accounts Payable? It is basically paying the suppliers you purchased goods from on credit.

You need to complete payments coming in from your suppliers and also going through all invoice expenses to make sure they are correct, plus processing into your accounting system correctly, verifying and reconciling invoices.

Now for the average business owner, this does not sound like fun. But for me, I love this, I really enjoy it.

The benefits of insourcing this task is that your supplier invoices are paid faster and on time. Business owners can get busy and forget to pay their suppliers on time, this can result in stop credit and comprise the business supply chain.

I do offer an Accounts Payable package which includes the following and I use our Better Accounts Payable Systems to avoid invoice duplication. Insourcing this can also be more profitable as I offer a package based on how many invoices as opposed to hourly rate.

For a small fee, this is what I offer:

  • Entering of Supplier invoices into your Bookkeeping system
  • Depending on client preference:
    (Option 1): Preparing a list of suppliers due to End of Month payment run
    (Option 2): Preparation of electronic file, client can then upload straight into their online banking
    (Option 3): Logging onto client’s bank and paying suppliers on client’s behalf

    5-10 Supplier invoices $120 Per month

(For more Supplier Invoices, contact Maree to custom a quote)

It really isn’t a lot of money in the whole scheme of things and many times I custom a quote if they have more each month.

If you would like to know more about what I can do, 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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

 

 

Don’t try to be the Jack or Jill of all trades, outsource your bookkeeping?

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What I mean by this is, as a business owner you wear so many hats from operating your business, marketing, advertising, cash flow, talking to clients, doing the work, there is just so much going on all the time.

“But trying to be everything is a recipe for disaster, not success”

Have you reached the point of absolute physical and mental exhaustion and even though you have been doing your own books, there comes a time where you need to just let go?

This is our little list of the most important things you can do for your business and forget about being a Jack and Jill of everything….

  1. Sounds simple, but know what your good at.If you are good at cooking, or designing clothes, then stick with that and continue. Outsource the rest….
  2. Know your own numbersUnderstanding your numbers doesn’t mean giving up your business and handing it over. Knowing your own numbers is important, but letting go of the string and outsourcing your bookkeeping is vital for your business success.
  3. Get rid of paperPaper floating around the office only creates extra work. Store everything electronically and let the bookkeeper do the rest. We can help set it up for you, create systems so we can manage it seamlessly for you.
  4. Don’t try to do your own taxFocus on what your good at. As a qualified bookkeeper with over 20 years’ experience and as a Registered BAS agent, means we are licensed and able to advise you on all GST related matters, super useful when it comes to allocating things that can be claimed.So if you are getting to that stage and sick of being the Jack & Jill of your business then give Maree a call from Maree’s Mobile Bookkeeping on
    0429 363 047.

You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

We are a full service, in-sourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Doing your own bookkeeping – it’s a big mistake as a business owner

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Many business owners think that because they are a small business, that they can do their own bookkeeping to save money.

Well that is probably one of the biggest mistakes I hear and see from many of my clients, they think they can do it all at the beginning to save money, but in the end, they not only waste a lot of time but money. I find that’s when small errors become large ones down the track.

Even though there are so many software packages to use out there in the marketplace for the small businesses ie Xero for example and many business owners feel they can use the software and there isn’t the need for a bookkeeper. Well there is so much more to bookkeeping then entering your expenses and income for the month. Many business owners don’t understand bookkeeping or they have their wife or sister do it for them, when in the end I receive the phone call from the wife or sister asking how to do something.

We all own vehicles, but do we all work on our vehicles each month or every quarter and service it. Maybe we can change the oil or put air in the tyres, but do we really know how to service the vehicle correctly with all the electronics. No, we take it to a mechanic, who is qualified and trained in this area. The same applies as a Bookkeeper, I have studied and worked in the industry for over 20 years and have learn’t all the aspects and know of all the current changes within the industry.

So next time you think you can do your own bookkeeping yourself, then think again. Do you really know all the in’s/out’s when it comes to bookkeeping?

Contact me today : Maree Punzet on 0429 363 047

You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

We are a full service, in-sourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Every Bookkeeper should sight bank statements

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There are a number of reasons why we as bookkeepers need to sight bank statements and the main goal by doing this is to make sure there is a recorded balance of your business and the recorded balance of the bank match up.

Here is why we need to sight your bank statements and reconcile your bank feeds.

  1. Validation – Data entry

Checking your bank statement, we can pick up any irregularities, such as duplicating entries, entering wrong amounts and data errors.

  1. Accuracy of Financial Statements

This is such an important one, where we check that your financial statements match those of the bank. Sometimes, on rare occasions, the bank may make a mistake, so normally it is the business owner that has, so checking that these match-up is paramount.

  1. Tax Reporting

This may sound simple, but making sure your reconciling your bank statement correctly so we can generate a correct tax return for you.

This just enables us as your bookkeeper to monitor and spot any irregularities between your financial statement and that of the bank. It is also a precaution to control theft as it prevents employees or others from stealing from your company.

To give you a prime example, we had a client once who had not done a bank reconciliation for 5 years. The client’s accountant had been doing the tax returns, but not checking it either. There were duplicated sales, missing expenses, everything you could think of.

Therefore, the client’s tax returns for the last 5 years were incorrect.  In this case, we had to go back and go through everything over the last 5 years.

If you’re someone that has been outsourcing your bookkeeping to another bookkeeper and they are not following these simple steps, then it might be time to look elsewhere.

Often, I come across business owners who have been ‘burnt’ by a bookkeeper, because what they thought they were doing was correct but they were not.

If this sounds familiar to you, then save yourself, time and stress and call Maree’s Mobile Bookkeeping on 0429 363 047 and outsource your bookkeeping 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, in-sourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

If you own an AirBnB, are you compliant and declaring your income?

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If not, then you need to call me because the ATO are cracking down on those that have AirBnB’s and are not declaring their incomes.

One thing to note..DON’T TRY TO HIDE YOUR AIRBNB INCOME, it will come back and bite you believe me.

The ATO can track your income and if you’re not earning a lot of money from your AirBnB it doesn’t matter, you need to keep your records.

The ATO are cracking down on people who under-claim their rental income and this will lead you to pay back taxes, you will also incur new fines, penalties and even interest charges.

It’s not worth hiding your income.

In a nutshell, if you aim to host a room or rent your property then you must know the tax implications of becoming an AirBnB host. You cannot under-claim your AirBnB income and you need to make sure you keep every single expense receipt.

It doesn’t matter how irrelevant you may think it might be, you need to keep every single receipt that you have, no matter what the amount is.

Now if this sounds all too hard…then give me a call and I will sort your paperwork and make sure you claim all of your expenses so you can get the most out of those AirBnB tax deductions.

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, in-sourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Bookkeeping is like a box of chocolates, you never know what you’re going to get!!!!

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Oh, I so loved that movie with Forrest Gump, sitting on that park bench, talking to whoever wanted to listen.

How true, when it comes to Bookkeeping, you definitely do not know what you’re going to get.

Each client that I work for, come from different areas, backgrounds and industries. When I receive their paperwork, believe me, it is like a box of chocolates. Hand written notes on post-it’s, shoeboxes full of receipts, emails explaining different expenses.

It can be quite funny as many clients absolutely detest this part of their business, that is why they outsource to me.

I actually enjoy the anticipation when I open up an email or shoe box what sort of surprise I will receive because let me tell you, I have had many surprises. There never is a dull day when it comes to Bookkeeping.

So let me get your ‘chocolates’ in order and fix your bookkeeping today and if you want to send me an actual box of ‘chocolates’ I am ok with that too!

Contact me 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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

If I had a little money, it’s a rich man’s world

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‘I work all night, I work all day, to pay the bills I have to pay
Ain’t it sad

And still there never seems to be a single penny left for me
That’s too bad’

Now, I’m not going to write all the lyrics of that famous ABBA song. Money, Money, Money, but I do want to talk about money. Why is it so important to small businesses? Money is ‘gold’ when it comes to small business, all businesses large or small need cash-flow.

Money does help to pay the bills, helps expand a business, pay’s the employees and also helps to pay for marketing and websites and a new CRM program or equipment and material for example. It is one thing we all need. Though when it comes to business, it is one thing we seem to not have a lot of, or we are always chasing clients for payment.

This is where a ‘bookkeeper’ comes in handy, making sure your income and expenses are entered into correctly, that you are aware of your profits and losses, how much tax you have to pay. Your incoming and outgoing expenses and just the general efficient running of the ‘money’ side of your business.

So why don’t all businesses utilize a ‘bookkeeper’?

It is the most important job to do for any business owner.

If you are out there making sales, getting work in only to not receive dividends of your hard work, then basically you are working for ‘fresh air’.

No one wants to work for ‘fresh air’ we work for ‘money’.

I hear you saying, but we do it for the love of it, deep down we all know we still do it for the money. That’s what business is about, it is difficult at times and some months are better than others, but don’t let this part of your business fail, because if it does, there won’t be a business.

Review your business model, look at utilizing a bookkeeper and know that you will have ‘money’ always in your account, not ‘fresh air’ and to add, it’s not a rich man’s world anymore!!!

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, in-sourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Job Keeper Payment changes effective 3 August 2020

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With all the recent changes, we now have confirmation of the following, this has been taken from the ATO Website.

“JobKeeper Payment changes

The government has introduced changes to the JobKeeper Payment, making it easier for you and your business clients to qualify. The new rules have now been registered and are effective from 3 August 2020.

The changes to these rules include:

  • employees’ eligibility for the JobKeeper Payment can now be assessed from 1 July 2020, rather than 1 March 2020
  • employees can now be nominated by new employers if their employment has changed since the JobKeeper Payment began. However, they can still only be nominated by one employer at any given time
  • employers have until 31 August 2020 to meet the wage condition for new eligible employees under the 1 July eligibility test for:
    • Fortnight 10 – commencing on 3 August, and
    • Fortnight 11 – commencing 17 August 2020.

Businesses can claim reimbursement for their new eligible employees between 1 and 14 September 2020, when they lodge their August monthly declaration.

Your eligible business and not-for-profit clients can still enrol at any time until the program closes”

So, what does this all mean?

In simple terms:

Originally you had to be a permanent employee or a long-term casual from the 1st March 2020, but the Government has changed it if you have been a permanent employee or long-term casual from 1st July 2020.

A couple of examples to give you that makes it simpler to understand.

  1. As long as the business you work did have a downturn in their business and was getting Job keeper since the start of the Health Crisis, if the business puts on an Employee in April 2020 for example, they can also apply and get Job keeper for that employee.
  2. If you have a long-term casual who celebrated 12 months or more working in your business in April 2020, you can now get Job Keeper for them.

If you are still confused and not sure about all these changes, please do not hesitate to contact me anytime 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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

What is stopping you from outsourcing to a Bookkeeper?

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This question keeps coming up all the time in every social media group, forum and I think the big reason why businesses are stopping from outsourcing to a Bookkeeper is ‘fear’

Like anything that is new, because we feel safe doing things ourselves and yes when it comes to finance and paperwork related to a business, there is that element, will this Bookkeeper know what to do? They can se all my finances and what my business makes and what our profits are. I don’t like others knowing personal details about my business. Will they judge how I have been doing my own books? Will they laugh at me when I provide them receipts in a shoe box?

The answer is NO.

I’ve been a Bookkeeper for over 20 plus years. Confidentiality is the most important part of my job. I have never laughed or joked about a client’s business. I applaud when a client comes to me, because it’s at that time where they are throwing their hands in the air saying ‘could you just do all this’ I’m at my wits end and I don’t have a clue what I’m doing.

Now it’s brave to ask for help.

I understand that fear and bravery both come to mind when a client takes that initial step to outsource their bookkeeping to me.

It’s no different if I was outsourcing and sending my car to a mechanic. I don’t have any idea what goes on under that engine. Do I feel fear, anxiety when I take my car to the mechanic, NO…because my mechanic does this work every day, I trust him to look after my vehicle and get it working to its maximum potential?

That’s how you should feel when you outsource, confident, happy, not fearful or nervous.

If you want to have a 15-20-minute chat about outsourcing your bookkeeping to me, I am more than happy to speak to you 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, in-sourced Payroll and Bookkeeping business that puts money back in
your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Has the second Victorian lockdown affected your business?

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https://thenewdaily.com.au/news/2020/08/06/jobkeeper-extension-eligiblity-criteria/

‘The second Victorian lockdown has forced the federal government to massively bolster the Job keeper program by significantly expanding eligibility criteria and allocating an extra $15billion to the scheme.

It shows that the Government is making sure that Australia and the wider community are being supported during this time.

What are your thoughts about the extension? Personally, I think it is fantastic.

If you are not sure on your entitlements after September through the Job keeper program, please do not hesitate to contact me anytime 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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

 

Can you still get Job Keeper if you receive the Carers Pension?

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Now this question has come into debate recently. There is a link here stating you cannot obtain both.

The Job keeper payment will affect the amount of money you receive for the Carers Pension. If you do however submit for Job keeper, your Carer payment will either stop or be reduced. Once you do not receive the Job Keeper payment. Once the Job keeper payments stops, you can then reapply for your Carers Payment again. Therefore, after this 12-week period, you will need to reapply again from scratch for the Carers Pension.

So, the answer is NO. It is always wise to review the ATO website and also speak to your Bookkeeper in regards to what you can and can’t receive. This easy read fact sheet, states plainly very clearly what you can and can’t do.

If you have any questions in relation to Jobkeeper or the Carers Pension, please do not hesitate to contact me anytime on 0429 363 047.

https://www.dss.gov.au/sites/default/files/documents/05_2020/dss-carer-payment-jobkeeper-payment-easy-read-fact-sheet.pdf

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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Businesses have survived COVID-19 with the help of a Bookkeeper

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There has been so much negativity in the news in Australia about businesses closing, people losing their jobs. But there have been many businesses that have thrived and survived during COVID because of the help of a Bookkeeper.

Not one of my present clients have had to cease my services, to be honest, my clients have contacted me during this time, to help them with all the changes of the Job Keeper, Job seeker and EOFY, so it’s been quite the opposite.

The clients I look after range from all different industries and all have survived this health pandemic and economic uncertainty. It proves that many businesses did not have to lay off staff, some have pivoted and looked at other ways to sell their products or services.

As a Bookkeeper and BAS agent, my work has probably increased a little due to more discussions on the phone, face time, emails with questions, but that is part of my job and I love helping my clients.

If you feel that it’s time to look at obtaining a Bookkeeper to help guide you through the COVID crisis, then please give me a call anytime.

I have worked in the industry for over 20 plus years, with qualifications and experience that is second to none.

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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

 

Virtually insource your PAYROLL, no need for an onsite Bookkeeper!

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Since COVID started in 2020, the world as we know it and how we do business has become very different.

As a Bookkeeper I have spent years working with clients all around Australia, so COVID didn’t impact my business at all.

Many people who were making the long trip into work are now working from home.

With border closures, states in lockdown, second waves and the virus still spreading, why would you take the chance and have an onsite Bookkeeper?

For your own safety and that of your family, there is absolutely no need in 2020 and into the future, utilizing an onsite Bookkeeper.

Since COVID, my inquiry has increased because many businesses didn’t know about virtual bookkeeping. I have been in this business for over 20 years and 99.9% of all my clients I have looked after, I have never met in person face to face, because it’s all virtual.

Virtual is the new word of 2020.

I can email, I have Zoom meetings with my clients, I can pick up the phone and call a client or visa-versa if there are any questions, PM, DM, social media.

At the end of the day, the client is safe, I am safe, our families are safe, there is no spread of any virus, because I work virtually. All work is completed in the same manner, if I was physically onsite.

So if you are a business give me a call and give me 10 minutes of your time, because I know by the end of the conversation, you will never use an onsite Bookkeeper again.

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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!!

Will you still be eligible for JobKeeper after September 2020?

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Recently the Prime Minister and the Treasurer have indicated what the JobKeeper program will look like moving forward after September 2020 through to 20th March 2021.

For those that are currently on JobKeeper, the current arrangements will be staying in place to September 25th, that’s when things are changing.

Beyond September 25th 2020 until March 20th 2021, the Government has brought out the new two tier system at a lower rate for businesses who may be eligible. The reason they are doing this as they know many businesses are doing it tough, but not to completely cut off funding, they have reduced and brought in this system, which personally I feel is extremely generous, as the Government could have stopped the payments after September 2020.

1. But who is eligible?

If you need assistance and not sure, this is where I can assist and help you.

To apply for JobKeeper 2.0 support for the quarter ending 27th December 2020, a business will need to meet the required downturn (30% or more) for both the June 2020 and September 2020 quarters.

To apply for the following quarter, ending 28th March 2021, a business will need to meet the downturn (30% or more) for each of the June 2020, September 2020 and December 2020 quarters.

2. So will the JobKeeper payments be reduced?

The answer is YES.

After September 25th 2020, the current rate of $1500.00 per employee payments will no longer apply. In the next phases there will be two tiers of payments and reductions each quarter.
The first level will be for people working 20 hours or more a week.

The payments for these employees will be reduced to $1200 per fortnight for the Dec 2020 quarter and further reduced to $1000 per fortnight for the Mar 2021 quarter
The second level will be for people working less than 20 hours a week.

The payments for these employees will be reduced to $750 per fortnight for the Dec 2020 quarter and further reduced to $650 per fortnight for the Mar 2021 quarter.

This is in line with new changes to the JobSeeker payments.

The exact details around these changes are of course still to be legislated, and as a result subject to change, but this is what we know now.

Of course, if you have any questions, please don’t hesitate to contact us.

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. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

The COVID-19 pandemic is having a wider economic impact then just financially, the concern is the mental health of small business owners

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https://www.mybusiness.com.au/human-resources/7156-covid-19-wreaking-havoc-on-small-business-mental-health?utm_source=MyBusiness&utm_campaign=14_07_20&utm_medium=email&utm_content=2&utm_emailID=a4e9c39a71c818b32f3ea4e19578eb08e4c1bb37f2731e2f53df0320a967ae57

Many businesses according to recent research is showing that one of the highest related challenges is mental health, followed by financial concerns due to cash flow.

Due to the COVID-19 Pandemic, many small businesses are feeling the direct impact of this pandemic with one in five business owners suffering from stress, anxiety and some have those owners are also suffering from depression.

“Businesses whose owners and operators are aged between 18 and 39 were most likely to agree that they had felt anxiety or stress (68 per cent agreed).”

The survey found retail and hospitality businesses were most likely to state the key business-related cause of mental health challenges was the COVID-19 pandemic and its economic impact (46 per cent)”

With the possibility of the Jobkeeper to be reduced or removed after September, this will have a direct impact on small business owners finances and cash flow, which will flow on to their mental wellbeing.

If you are going through a tough time at present, there are companies like Lifeline on 13 11 44 who help in Crisis Support.

Even though I am a Bookkeeper, I am speaking regularly with my clients who are going through hardship and anxiety. Not that I am a Counsellor, but if you have any concerns relating to your financial circumstances, I am only a phone call away.

Maree Punzet – Marees Mobile Bookkeeping
M: 0429 363 047
W: www.mareesmobilebookkeeping.com.au

Watch Out!!! The ATO is chasing those Job Keeper cheaters

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https://www.news.com.au/finance/money/how-jobkeeper-cheats-will-get-caught-by-atos-allseeing-eye/news-story/ad0f088e04a423634100f21028ea5aa6

It makes you wonder how many businesses out there that are doing the wrong thing and so many are really in financial hardship.

Stories of people turning down business, claiming for payment for family members who don’t actually work within the business or full time workers who have not lost any hours, but still are claiming the Job keeper illegally.

It makes you think how this is going to affect our country, not only now, but years and years down the track. This money has to be repaid back, it’s not just the taxpayers, but our children and grandchildren who will suffer.

I just hope the ATO are able to chase the cheaters.

But if you yourself are not 100% sure that your legally entitled to Job keeper, then please contact me and we can go through everything, or if you know of anyone that is reporting illegally, the ATO have a Tip Off line on 1800 060 062.

Otherwise, call me on 0429 363 047 and we can go through this together.

Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au

 

ATO to begin Debt Collection in September 2020

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Don’t get too excited as the ATO has cautioned that it has its eyes out and will be starting the debt collection restart.

The ATO are looking at recommencing the debt and lodgement intervention in September after it hit a pause earlier this year due to COVID-19

It will be a bit of a cliff-hanger if the government stimulus package such as Job Keeper comes to an end. They are calling it the September ‘cliff’

The ATO are focusing on small business which is currently the majority of tax debts, which hit $16.5 billion in the 2018-2019 financial year.

Did you know that almost one in five small businesses entered into a payment plan with the ATO during this time?

If you are needing assistance and need to get on top of your books before the ATO comes knocking, then contact Maree today.

Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au