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Common mistakes people do with Bookkeeping Software

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Many business owners saying I don’t need a Bookkeeper, because the software is so easy it does it for me.

I see many times when a client comes to me who has been doing their own books and entering data into the software and being honest, have completed excuse the expression ‘stuffed things up’.

People are allocating bank feeds to the corresponding income or expense account and saying I have completed my bank reconciliation but this is not a bank reconciliation you need to physically match your bank feeds to your physical bank statement to make sure the software says you have the same amount in the bank as your statement, without doing this you could be getting into a big mess.

I see many people coding incorrectly.

You  need to code your GST correctly as not every transaction attracts GST. Not every expense you put through your business account is a deductable business expense.

Another common mistake is not differentially between employees and contractors.

This one is another mistake, not going over your financial statements, the amount of times I see this happen, astounds me.

Not keeping receipts for business purchases, a simple but yet common mistake, so therefore what you are entering into your bookkeeping software is incorrect and people will then try to just put an approximate value, which is wrong.

Recording transfers as income is another big no no. Doing this can obviously inflate your revenue which in turn will increase the taxes you pay.

That is why outsourcing to a professional Bookkeeper is the only way to do business.

Call me today and let me explain how I can help you.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

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!!

Subbies and ABN check

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Now what does Subbies and ABN’s have in common?

Think about it, when was the last time you checked your subbies ABN’s?

Just because you are a business and you trust your subbies who work for you, when you are being invoiced for GST, are they actually registered for GST.

Have you checked this?

You’re probably thinking, but I’ve had the same subbies work for me for years. That doesn’t mean they may not be GST registered anymore,

It’s good business practice every 6 months is to go in and check each subbies ABN is GST registered by following this link

Link:  www.abr.business.gov.au

Because you may have been getting charged over time for GST and not realise it and the subbie has been pocketing the extra money, without your knowledge.

Don’t always believe in trust and the hand shake. During difficult times, people do silly things.

So, check your subbies ABN and check they are actually registered for GST.

Or better still, give me a call and I will check out their details for you.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

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!!

 

 

1st October 2020 marks the start of the Job Keeper Extension

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From 1st October, Job keeper 2 or the extension to Job Keeper has started, this link here provides a little bit more information.

I have received a number of calls from clients not sure how to determine not only if there are eligible but also what tier their employees or even themselves as business owner will be on.

People will need to total what their September Quarter sales were for 2020 and the same with 2019,.

If you have had a reduction of 30% or more, you will definitely be entitled to the Job Keeper extension.

Then you just need to use the reference period of Feb 2020 to determine if you or your staff worked more or less then the 80 hours in the month to determine the Tier.

If, you are still stuck and don’t have any idea what to do, please give me a call on
0429 363 047.

https://www.mybusiness.com.au/tax-accounting/7398-ato-releases-jobkeeper-extension-guidance-setting-out-post-september-procedures?utm_source=MyBusiness&utm_campaign=07_09_20&utm_medium=email&utm_content=1&utm_emailID=a4e9c39a71c818b32f3ea4e19578eb08e4c1bb37f2731e2f53df0320a967ae57

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!!

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!!

What is my point of difference?

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Maree’s point of difference is she has over 20 years’ experience and qualifications as a Bookkeeper.

She is also a qualified BAS agent.

She isn’t a newcomer to the industry still learning the ropes. She is experienced in all facets of Bookkeeping.

She works hard for all her clients.

She is only a phone call away if you have a question.

She works for you. It’s not just a job to Maree, she loves what she does and this shows in the extra care and due diligence she provides to all her clients.

If you asked Bookkeepers what their point of difference is compared to others, you may not get an answer, because many bookkeepers wouldn’t be able to answer that. Where Maree can….she is there to serve her client, to provide advice, she is always on the end of the phone answering your question at any time, day or night.

This is what separates Maree from many other Bookkeepers in Australia. This isn’t just a job to Maree, of course it helps her family and pays the bills, but it is way more then that.

She works as a virtual arm to your business; she cares about your business, just like you do.

So, what are you waiting for?

Call Maree direct 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!!

Why choose a Bookkeeper over an Accountant?

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A Bookkeeper like Maree who has owned and operated Maree’s Mobile Bookkeeping for over 20 plus years is a Registered BAS Agent who is professional, certified, qualified and registered.

Bookkeepers usually work as freelancers for small businesses. Bookkeepers maintain daily accounting records, posting debits and credits, generating invoices for client as well as handling payroll.

Whereas Accountants usually work in larger businesses and are degree qualified.

The reason a Bookkeeper who is a registered BAS agent should be utilized over an Accountant is they still do the same role; they are still certified and a Bookkeeper does cost much less than utilizing an Accountant.

If I had the choice of either one, I would always use a Bookkeeper for anyone who is in small business for themselves. Bookkeepers niche their service and their target market is small to medium sized businesses, whereas accountants’ market themselves to larger organisations, you may think otherwise, but 99.9% of the time they do.

A Bookkeeper provides the following services and as a small business owner why would you choose otherwise?

BAS & ATO Compliance ~ Monthly IAS, Quarterly BAS, Annual Reconciliations, Payroll Processing.  Your BAS will always be lodged on time.

Payroll & Superannuation Processing ~ Why worry about the complexity of all the different awards and obligations.  A bookkeeper can take care of all of this for you and you can take care of your business.

Cost Effective ~ Much more affordable than employing and training bookkeeping staff.  They have packages designed specifically for small – medium business owners and sole traders, to ensure you get exactly what you need for a low-cost, fixed price.

Accurate & Reliable ~ Your financial information is accurate and kept up-to-date.  I can deal directly with your accountant if you wish.

Experienced & Qualified – Qualified and Registered BAS Agent

Small Business Expertise ~They understand the needs of small businesses, as they are one too.

Business Reporting ~ Profit & Loss, Balance Sheet, Debtors, Creditors and more.

Versatile ~ Can complete your bookkeeping fortnightly, monthly or quarterly.  They can do as little or as much of your bookkeeping as you want.

Confidentiality Assured ~ All information is kept strictly confidential and secure.  I will never talk about you or your finances to anyone else, without your permission.

If you are on a tight budget as a small business owner, why not utilize a Bookkeeper over an Accountant. Contact Maree, she has different packages she offers to suit your needs or can custom one 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!!

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!!

Did you know that NSW Agriculture is facing significant labour shortage due to COVID-19?

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“The Help harvest NSW program is aimed at assisting residents find seasonal employment opportunities with farm producers and agribusiness during COVID-19. The NSW Government web hub has a range of jobs on offer including fruit picking, grain harvesting and working on a cattle station”

More information can be found clicking on this link below.

https://www.nsw.gov.au/covid-19/help-harvest-nsw

It is sad to think that there is a labour shortage in this important area of agriculture, where so many people are looking for work.

Maybe people need to be more open to other forms of work, yes it involves physical work, heavy lifting and bending, but as a Country many people have had to pivot in what they may have done before. I have heard of Pilots who have been flying for 20 plus years, now doing cleaning.

For those in the Agricultural field that are looking for seasonal work, we cannot pick and choose what we want to do in this current climate, so hopefully they will find more people that will put their hand up and do this work.

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!!

ASIC is extremely wary of phoenixing on the rise

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‘The onset of the COVID-19 pandemic has raised concerns within the corporate regulator that companies facing financial burdens may use the pandemic as a mask (or excuse) for engaging in phoenixing.

 As well as drawing on the policing assets of the ATO, ASIC says it is looking at cracking down on examples of illegal phoenixing that it finds’

What phoenixing means in layman terms is:
When a new company is created to continue the business of a company that has been deliberately liquidated to avoid paying debts, taxes, creditors, employee entitlements.

Because of COVID-19, the ATO are noticing an increase of many companies doing this and this will have a huge impact in Australia and will cost the country money.

If you know of a business that is doing this, the ATO need to be informed straight away so they can investigate further. You can always make an anonymous call to the ATO if you fear of any retribution.

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 2 is now legislated

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With all what is happening in Australia with COVID-19, the Government has reviewed and legislated the Job keeper 2 Package.

Find more information here: https://treasury.gov.au/coronavirus/jobkeeper/extension

If you are confused about the breakdowns or what this means to you for your business, then please do not hesitate to 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

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!!

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!!

 

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!!

 

Insource your Payroll & Bookkeeping Business for only $60.00 per week.

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It is cost effective to utilise Maree Punzet from Maree’s Mobile Bookkeeping?

Answer: ABSOLUTELY!!!! YES!!!!

Why, you should ask?

If your charge out rate is $100.00 per hour for example and you waste an hour or more a week doing your own Bookkeeping, then why wouldn’t you call Maree to do the same for as little as $60.00 per week.

That’s a saving of $40.00, plus that hour or so you have wasted could have been better spent working on your own business and making even more money.

The $60.00 covers 0-50 transaction bracket and also included data entry, Bank Reconciliation and BAS Reconciliation and lodgement.

For an extra $35.00 a week you can also get your payroll handled as well including payroll processing, single touch payroll and super reconciliation.

So, when you add both of these amounts your looking at $95.00, your still in front by $5.00 if you charge $100.00 an hour yourself and most businesses hourly rate is much more, this is just an example only. For as little as $95.00 a week, you can get all your bookkeeping and payroll handled.

So why wouldn’t you?

It makes good financial sense!!!

Many people still have the mindset that insource, I like to call it insource, not outsource your bookkeeping is too expensive, but you can see in the example above, that you are actually coming out in front and you don’t have the headache of doing it yourself.

Maree is a qualified Bookkeeper and BAS Agent, are you? Do you know the ins/outs of bookkeeping, the legislative changes, I bet your shaking your head, no….
That’s right, because you haven’t studied Bookkeeping, you are brilliant in your trade or business in what you do. We should always let others who have the expertise and knowledge do the work, without trying to learn it ourselves. Your time is better spent working on your business.

If you want to find out more, call 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

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

The Fair Work Ombudsman is prioritizing COVID-19 workplace disruptions which include the Job keeper payment compliance

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What that means is over the next 12 months, the Fair Work Ombudsman (FWO) are reviewing any underpayments in large corporations.

‘Fair Work Ombudsman Sandra Parker has confirmed that Aussie workplaces can expect a degree of flexibility in the FWO’s enforcement approach in the new financial year, especially those sectors heavily impacted by the coronavirus crisis’

There have been many sectors within the Australian economy that have been seriously impacted by COVID-19. The FWO will enforce workplaces of their financial positions and review the challenges each are facing whilst recovering from the health disruption. The FWO are trying to uphold the integrity of the Jobkeeper scheme through these appropriate compliance activities.

“Due to the impact of COVID-19 on Australian workplaces, the number of employers and employees seeking our assistance has grown significantly,” Ms Parker said.

“More than 60 businesses have come forward to self-disclose workplace law breaches, with a total of half a billion dollars owed to workers — and that’s just what we know about,” Ms Parker said’

In other words, many large organisations in Australia need to prioritise and review workplace relations systems to ensure their paying workers are receiving the entitlements. Areas such as the fast food industry, cafes, restaurants, horticulture sector, franchisors and sham contracting.

‘Ms Parker did, however, explain that the agency will provide education, advice, tools and resources to small business and those hardest hit by COVID-19’

The FWO will take into account those businesses and their financial circumstances.

Excerpts taken from https://www.fairwork.gov.au/about-us/news-and-media-releases/2020-media-releases/july-2020/20200713-media-release-2020-21-priorities

If you have any questions or queries, please do not hesitate to contact me direct on 0429 363 047.

Maree Puznet
Marees Mobile Bookkeeping
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

What’s your thoughts on the minimum wage rise?

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https://www.smh.com.au/politics/federal/minimum-wage-up-13-a-week-despite-coronavirus-recession-20200619-p55471.html

This excerpt is from the Sydney Morning Herald

‘Workers on the minimum wage will earn $753.80 a week, or $19.84 an hour after the rise, but employees in the sectors hardest hit by the coronavirus, including tourism and aviation, will have their wage increase delayed until February. Healthcare and other essential workers will get their rise in July while the rest of the workforce will have a pay boost in November. The wage increase also affects 2.2 million employees on industry awards tied to the minimum wage’

These are the industries that the minimum wage will affect.

Minimum wage increases by industry

From July 1 — frontline worker:

    • Frontline health care and social assistance
    • Teaching and child care
    • Other essential services
  • From November 1 — most industries:
    • Construction
    • Manufacturing
    • Most other industries
  • From February 1, 2021 — hardest-hit industries:
    • Accommodation
    • Arts and recreation
    • Aviation
    • Retail
    • Tourism

Does this affect you as a business owner and do you have a business in any of these industries?

If you are not sure if you are paying the correct rates or paying your employees the correct award, let Maree help you today.

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

Do you know what TPAR is?

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TPAR stands for Taxable Payment Annual Report.

In a nutshell TPAR tells us about payments that are made to contractors for providing services.

When you think contractors, these can include consultants, independent contractors, subcontractors, they can be operating as sole traders (individuals), companies, partnerships or trusts.

When you look at the report which is generally found on the invoice you receive, it should have the following

  1. ABN (Australian Business Number)
  2. The person’s name and address
  3. The gross amount you paid to them, for the financial year (including any GST)

The ATO will use this information to identify the contractor/s who may have not met their tax obligations, hence why this report is so important.

If your business falls under one of these categories.

  1. Cleaning
  2. Building & Construction Industry
  3. Courier/road freight/delivery
  4. IT (Information Technology)
  5. Security, surveillance & investigation

If you have a business under one of these categories, they you may need to lodge a Taxable Payments Annual Report (TPAR), under the taxable payment reporting system (TPRS), by the 28th August 2020.

If your business is offering new or expanded services (as listed), due to the response of COVID-19 and the restrictions implied and you have been paying contractors to provide these services, then if you do not lodge your TPAR, the ATO can penalise for late or non-lodgement.

That is why it’s so important to make sure this is completed within the due date.

If you are concerned or need assistance, Maree is a Registered BAS agent and can lodge your TPAR.

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

You had me at Hello!

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Did I get your attention?

Have you considered outsourcing your Bookkeeping and Accounting Functions, but not really sure what you exactly need?

Well…

Maree’s Mobile Bookkeeping has introduced the best thing possible…a Free Questionnaire.

Just fill in – it takes only 1 minute…

Click here below

https://www.mareesmobilebookkeeping.com.au/bookkeeping-questionnaire/

For your chance to win a Bookkeeping Package to the value of $500.00

Drawn 1st July 2020

Are you a spender or a saver?

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This is a personal question for so many, including myself, but why I asked this question is, sometimes it is better to be a spender rather than a saver if that means it will help you and your business continue during the COVID -19 Crisis and beyond.

Frankly, I’m personally a saver, where I can I will try to put some money away for a rainy day, but when it comes to these unprecedented times during the COVID-19 Crisis and beyond, many businesses are spending money to pivot, to bring in new resources into their business, retraining staff into other areas.

We have been taught since we have been young to save, save, save, and I encourage everyone if they can put some money away as a buffer in business, then definitely do that, especially now.

But if it means keeping your business afloat, paying bills, paying suppliers, paying contractors and keeping your business ticking along, then yes, spending now is a great idea.

So where are you at today?

Are you spending more on your business?

Are you saving and keeping a buffer aside moving forward after COVID-19?

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

 

Has the Job keeper package helped you stay afloat in your business or not?

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For many business owners, I have answered many questions about the Job Keeper Package that the Government brought out for those that had lost 30% or more in income since COVID-19 hit our shores in Australia.

It is encouraging to see many business owners who took the stimulus package to put that money back into their business.

But has it actually helped you in your business stay afloat?

Has it made a huge impact in the day to day operations of your business?

Will you be able to still survive when the stimulus package finishes in September 2020?

Have you had your books looked over by a Bookkeeper?

You may be one of many businesses that may need a Bookkeeper to go over your books with a fine tooth comb, because let’s face it, just the stress of all this  and keeping your business afloat, many businesses slack off when it comes to bookkeeping and this is an important time to have a health check and your bookwork reviewed.

Let me help you today, let’s have a chat and let me help you keep your business afloat.

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

Don’t market yourself as a Bookkeeper, unless you are qualified

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As a qualified Bookkeeper, with over 20 plus years’ experience and also a qualified BAS agent, it makes it difficult to see so many business people market themselves as a Bookkeeper, when they are not qualified.

Firstly, it’s false advertising and I see many Virtual Assistants and Consultants that advertise as another service they provide is bookkeeping. Bookkeeping isn’t just a side service offered to clients. Bookkeepers in this profession have spent years crafting their business, years of study, years of completing courses and updating their skills on a yearly basis, this is all part of the Bookkeeping Industry.

We cannot just advertise and never do anymore study on a yearly basis, because in this industry, you must keep up with the ever-changing rules and regulations and new software.

When I see people advertise they do bookkeeping, it’s not just data entry we do and that’s it, there is so much more and way more behind the scenes work we do.

So if you do outsource your work to someone that mentions they do Bookkeeping, make sure you actually see their qualifications because I would hate to see business owners learning down the track that an amateur, someone that hasn’t a clue about the ins and outs of the bookkeeping industry to be looking at your books, paying your staff, because as the old saying goes, ‘you pay peanuts, you get monkeys’.

If you are looking for a Bookkeeper that is highly experienced and easy to work with, then please give me a call, my details are below.

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

It’s that time of year again, EOFY, let Maree take care of you and your business.

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Let Maree take care of you and your business.

Ask her anything about EOFY, tax, Job keeper or Job seeker packages, anything, she is your go too lady.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047