Single Touch Payroll

What Geelong accountants want you to know about Single Touch Payroll:

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Imagine not having to prepare Payment Summaries for all your staff at the end of each financial year!  

From July 1, the Single Touch Payroll process will be slowly implemented by the Australian Taxation Office.

Single Touch Payroll will be implemented for businesses with more than 20 employees from July 1, 2018.

This will then expand to smaller businesses with less than 20 employees on July 1 2019. However, this part is subject to legislation being passed through parliament.

What do you have to do to comply? When you process your payroll – whether that be weekly, fortnightly, monthly – you will be required to submit those details to the ATO. Accounting Platforms will have a “Submit to ATO” button within the payroll screen. This will vary depending on the software, but the basis will be the same.

“But, why?” I hear you ask. This process will allow you and the ATO to keep track of your superannuation guarantee obligations and help you stay up to date. It will also make it easier to lodge Payment Summaries at the end of the financial year- who doesn’t like efficiency!?

Single Touch Payroll will be able to be processed through your current software (such as Xero) as long as the software has been updated with the STP changes.

Fun facts to know:

-  Numbers of employees will be based on a headcount made 1 April 2018.
-  Directors are to be excluded from the headcount
-  You do not need to notify the ATO of your employee numbers
-  Numbers of employees include:
o   Full time employees
o   Part time employees
o   Casual employees (who are on your payroll as of 1 April and worked any time in March)
o   Any employee absent or on leave (paid or unpaid)
o   Seasonal employees – this means employees who are engaged short term or have a regular workload).
-  The ATO processes the information submitted within 2 business days
-   Your pay cycle will not change due to Single Touch Payroll
-   Employers can share the details with employees through myGov.
-   In the future, this may eliminate TFN Declarations. All information is expected to be available through myGov.

If a business does not comply with the new ATO regulations surrounding Single Touch Payroll, the ATO will endeavor to assist them with the transition. If this fails, businesses may be subject to penalties, fines or even audits.

I bet you are reading this thinking – how am I supposed to lodge Single Touch Payroll without an Accounting Software?

If you need more information on this process, how it will affect you and your staff or have any questions, please feel free to contact your local Geelong accountants, Next Level Accountants, or visit the ATO website.

Have Geelong accountants and bookkeepers under the one roof!

So, you’re a Geelong small business, and your time is precious.

Yet you get snowed under running around between your bookkeeper, your accountant, BAS, payroll, the bank, the tax department, emails, phone calls, letters…. and you can’t even see whether you are making any money after all!

“Aaarrrrggg! This isn’t how I wanted to spend my time! I’ve got a business to run!”

Time is precious, and we have the solution.

Rather than making three separate appointments for your bookkeeper, accountant and business advisor, make just the one for a fully integrated service.

Unlike many accountants, Next Level Accountants has in-house bookkeepers. This allows our ‘always-up-to-date’ system to keep all books reconciled consistently.

Having your bookkeeper and accountant under the one roof will save you time by removing unnecessary appointments and correspondence.

Successful, tried and measured benefits include:

ants regarding complex transactions as they happen
-          Tax adjustments are made regularly rather than at the year’s end
-          Bookkeepers are also trained in tax and accounting therefore have additional knowledge that can benefit your financials
-          Tax planning can be done efficiently as the file is in the one place
-          If you are going for a loan, we can provide up to date financial statements usually on the same working day because everything is ‘always-up-to-date’.

Next Level Accountants Geelong can take things to the ‘next level’ with our VCFO service. On top of a second-to-none bookkeeping and accounting service, we also provide a high level of financial analysis and advice – without the need for an external Business Advisor. Identify issues and possible improvements with only a single monthly meeting!

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This process simplifies your whole business, allowing you to do what you’re trained to do rather than worrying about all the figures and stats.

We call this: ONE FIRM. ONE SOLUTION!

If you would like to know more about our Always-Up-To-Date and Virtual Chief Financial Officer services, then chat with one of our friendly team members on 03 9040 1520 or go to our website.

Apps Next Level Accountants Geelong Love!

There are so many financial apps to choose from! But what do Geelong accounting firms use? 

Next Level Accountants, located in Geelong, prides itself on being technologically savvy and up to date when it comes to the latest and greatest apps!

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We have gathered information on our favourite apps below to help you be more efficient with your finances. These apps have been made to use in conjunction with Xero!

Xero – Expenses

-          Send deductions to your boss for work related expenses
-          Show all your payslips
-          Request leave on the app – no work diaries
-          See your leave balances
-          Submit timesheets on the app Hubdoc
-          Automatically generates bank statements
-          No need to worry about sending your accountant bank statements at the end of each month

Receipt Bank

-          Upload documentation to receipt bank
-          Automatically extracts information from receipts and invoices
-          Able to auto publish suppliers into xero – for example all Bunnings receipts go to purchases

Tradify

-          Track jobs from quote to invoice
-          Add costs to invoices
-          Able to schedule employees to specific jobs
-          Able to push invoices straight into xero
-          Best for the trade industry

Vend

-          POS software system
-          Easily able to access your sales from anywhere with the latest data

Deputy

-          Great for hospitality users
-          Record staff clock in/out with geo-location or photo verification
-          Able to track daily performance against staff scheduling and wages

Fathom

-          Generate easy to use reports to see exactly how your business is performing
-          Choose from financial or non-financial KPI’S (Key performance indicators)
-          Based off real time xero data

Dear Systems

-          Inventory management system
-          Quick and easy barcode scanning to record stock
-          Full purchase and sale history of stock
-          Stock adjustments
-          Product price history
-          Reorder stock levels

If you are unsure how to set up your finances online to keep on track, Next Level Accountants are the Geelong accounting firm to contact.

Win a voucher for Neighbour, Geelong!

Win a voucher for Neighbour, Geelong!

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We are super excited to announce our competition with Neighbour cafe, located in BOOM Gallery, Newtown.

Competition in conjunction with Neighbour, Geelong.

This competition is running from 1/6/18-22/6/18. Winner will be drawn Tuesday 26th June at 11am.

To be eligible to win you are required to:

1.       Tell us in 25 words or less what the best thing you have spent your tax return on is and why. Comment this below under the competition-related Instagram post.

2.       Follow both @neighbour_geelong and @next.level.accountants on Instagram

3.       Use the hashtag  #neighbourgoesnextlevel

The winner will be chosen at random.
Prize: $50 voucher for Neighbour, Geelong – located at 11 Rutland Street, Newtown.

Winner can collect the prize from Next Level Accountants within a week from the winner being announced. Next Level Accountants are located at ½-6 Rutland Street, Newtown.

Please note: The competition is for Instagram only however will be promoted on Facebook. Competition is no way sponsored, endorsed, administered by or associated with Facebook or Instagram.

Good luck! 

 

Geelong Accountants Team Up With Social Media Experts

Geelong Accountants Team Up With Social Media Experts

KISS Marketing and Next Level Accounting is excited to invite you to our…

SOCIAL MEDIA WORKSHOP!

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“But you’re an accounting firm?” we hear you ask. Yes, we are, but Next Level Accountants is a new-age, informative and community focused firm bringing you workshops and information sessions to take your small business and skills to the ‘next level’.

We have teamed up with digital marketing experts KISS Marketing to bring you an up to date, informative workshop on all things social media. Why? Because social media is essential for all small businesses especially in Geelong. But the catch is, it must be done right. There is no ‘rinse and repeat’ process with KISS marketing and we think that is vital to succeed in the world of social media!

Sonya from KISS Marketing will bring you easy and useful tips on how to grow your following on social media, engage with your customers and ultimately increase your sales and enquiries. This hands-on workshop will give you actionable steps to really make an impact and presence online. If your established business is looking to grow and improve its online presence, this workshop will be perfect for you.

During this 2- hour workshop, you will learn:

·      How to convert likes and fans to life-long customers

·      How to work out which platform your customers are hanging out on (you may be surprised which ones they are taking action on!)

·      What content works best for each platform

·      How to source content when you don't have amazing original photographs and videos

·      Hacks to create and schedule your content in less than 2 hours a month

·      How often you should be posting on each channel

·      The stats that actually matter (hint: it's not 'likes')

·      How to run effective campaigns on social media that convert to new customers and sales.

·      The myths shrouding social media such as 'you have to pay to play' and 'boosting a post is the best way to spend money on Facebook'.

·      The 10 sins of social media. Are you guilty?

·      Budgeting for advertising – how much can your business afford?

The workshop is designed to help Geelong small businesses rocket to the top online and create life-long clients!

Date: Wednesday 13th June 2018

Registration: 5:15pm

Start: 5:30pm

Finish: 7:30pm

Location: 1/2-6 Rutland Street, Newtown

Bring: note pad, pen, device and your lovely self!

Price: $90

Tickets here.

Nibbles and refreshments supplied.

We hope to see you there!