Posts

Did you know about the Single Touch Payroll Phase 2

/in , , , , /by

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!!

The most common accounting errors all small businesses should avoid.

/in , , , , , , , , , , /by

What do you think Number 1 would be, can I hear you….yes, your right?
BAD BUDGETING.

Bad budgeting might sound cliché but budgeting can make or break any business. A budget needs to give you a clear idea of how your business is tracking, whether you are breaking even or making a profit.

The next one is UNDERSTAND THE DIFFERENCE BETWEEN EMPLOYEES AND CONTRACTORS.

Hiring staff can sound exciting, when you tell your friends and family, I’m hiring staff because my business is going well. There are many pro’s and cons to both. Hiring an employee or a contractor has massive differences in terms of insurance, payroll tax, legalities and when it comes to staff who are actually employed by you, then you need to review if you need this help temporarily or on a long-term basis. Remember contractors are businesses themselves, they invoice you for the hours spent on the agree job.

The next one is NO ORGANISATION OR PAPERWORK.
It is so important to make sure your paperwork is in order, especially when it comes to tax time. Have a checklist of tasks to complete and keep your paperwork organised, legally you might hold files either digitally or physical for seven years in Australia

Oh, this one I see way to often MIXING PERSONAL FINANCES WITH BUSINESS

Many businesses say they don’t have a separate bank account for their business and that is a risky situation. Mixing up financial accounts for their business is difficult when you are trying to sort out your personal expenses (which are not tax deductible). Unless you are a sole trader, opening up a separate business account and not mixing business and personal expenses is a good idea, though I do suggest sole traders to separate the two as well.

The last one is NOT HIRING A BOOKKEEPER OR ONE AT ALL.

Many small businesses think that it will cost the earth to outsource, but there are so many benefits to outsourcing help, from saving time doing the books, hiring someone that knows the ins and outs of business finance, they will get to know your business and help you achieve your goals and address any weak areas in your budgeting or cash flow. They will keep you organised and your documentation will be correct and in order. Lastly, they take away the stress out of money management.

If this resonates with you, 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 worst bookkeeping mistakes that most business owners don’t realise

/in , , , , /by

There are a number of mistakes business owners don’t even realise they are doing and in my years of bookkeeping experience, I have seen so many.

  1. Not setting up your chart of accounts
    If you are doing your bookkeeping yourself, try not to use what the bookkeeping software provides as it may not be relevant. It’s beneficial to build your own and also make sure your GST codes are correct.
  2. Setting up your Petty Cash account in Assets
    If you have an office petty cash tin, it is not an asset. So, don’t setup an account for it.
  3. Not setting up payroll correctly
    Oh, boy have I seen some doozies in my time. It is extremely important that payroll and employees have been setup correctly. Include the employees DOB, TF and ensure their penalty rates are correct and also don’t forget that your linked accounts are correct, which includes tax, superannuation etc.
  4. Reconciling incorrectly
    This includes all bank and credit card reconciliation, BAS reconciliation and payment summaries and superannuation.
  5. Assets or liabilities as expenses
    By now you should know the difference between the two, but many business owners don’t. I can definitely help you and explain the difference.

It sounds simple, but why would you do this yourself, when you can outsource this to me.
Call 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!!

The NSW Government hands down the 2020-21 Budget

/in , , , /by

I have to applaud the NSW Government during COVID-19, this year has been tough for so many both personally and professionally.

Recently the NSW Government announced it’s $1 billion Working for NSW Fund, which will help sustain businesses and create much needed cash flow and help businesses retain employees across government and non-government businesses.

They also announced that over $6 billion, that’s right $6 billion dollars will go towards waiving or deferring taxes, levies and fees, which includes payroll tax and licensing and registration fees to support businesses.

Due to the impact of COVID-19 on certain industries in NSW, the Government announced assistance for the following

$50million for arts rescue and restart, $27.3 million for sports and $11.6 million to support the taxi industry.

That is an incredible amount of money and the Government has advised the will also extend funding of $39.3 million for the Business Connect Program, which assist businesses in need of advice with those facing the multitude of challenges of COVID-19.

Let’s face it, the NSW Government are trying to serve and support local and small business, because as we know, we are the backbone of the country. If you didn’t have the local and small business, NSW / Australia wouldn’t function, pure and simple.

I support the NSW Government as they hand down the budget and we all know the future is uncertain, but this will definitely help many for a more positive 2021.

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 for tradesmen and tradeswomen

/in , , , , /by

This industry is as we know it in 2020, flat out for tradies, anyone that works on the tools, electricians, plumbers, carpenters,  tradies spend a lot of time mastering their trade and the last thing they want to do when they get home is bookkeeping.

Many might say, I have a wife or girlfriend that can do that for me.

Well, the amount of tradies paperwork I see the partner has been doing, is a complete mess. It isn’t always the best decision to let your loved one do your books.

You need to also remember the time you spend or your partner spends on bookkeeping, is either time you could be charging out or in some case time you should be recharging your batteries ready for the next work day and also if you are in a partnership or married, you won’t be heading to the courts to get divorced.

Keep your business separate and outsource today to a Bookkeeper 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!!

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

/in , , , , /by

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!!

Maree does more than just Bookkeeping!

/in /by

If you haven’t already, you must check out Maree Punzet’s website, the link is www.mareesmobilebookkeeping.com.au

Maree doesn’t only do just Bookkeeping, Tax returns and BAS Statements, she also does Financial Management.

Maree has been in business over 20 years and has years of experience when it comes to Financial Management.

Wouldn’t you prefer to outsource this area of your business? I know I would!

These are the areas that Maree Punzet can help you with:

Accounts Management/Accounts Receivable

·       Invoicing, and basic debt collection cost is $70 a month up to 15 invoices.

·       Extra invoices are charged at $3 per invoice

Accounts Payable

·       She can process your supplier payments for you. Cost is $70 a month for up to 15 suppliers.

·       Extra supplier payments are charged at $5 per invoice.

Prepare all financial reports

·       Profit and loss, graphs to compare sales from one quarter to the next, or one year to another.

·       This is $200 a month per report and included will be dot point on trends and analysis.

Payroll Processing

·       1-5 employees = $110/month

·       5-10 employees = $150/month

·       10+ employees = $220/month

·       Includes payroll processing, superannuation calculation and lodgement, preparation of end-of-year payment summaries and electronic reporting with the ATO

So for the cost of actually outsourcing these tasks to Maree is small in comparison to your time. So if you want someone that can get the job done accurately and on time, then do not hesitate to contact Maree Punzet from Maree’s Mobile Bookkeeping on 0429 363 047.