Single Touch Payroll (STP) Phase 2
Since the introduction of Single Touch Payroll (STP) in 2019-2020, the majority of businesses are now using STP for their payroll reporting processes and most… from Single Touch Payroll (STP) Phase 2
We know this can feel like the boring part and the “must do” of your business management, however it is vital to running a successful business. Also, if you put some simple practices in place, it really can make your life easier.
Here are six steps to simplify and streamline your processes:
1. Allocate dedicated time each week to your books
Regular reviews will keep you abreast of how your business is going and allow you to control your cash flow and invoicing. If you set up reminders to do some book work at regular times, there will be less catching up to do when reporting is due, and your bank balance will reward you.
2. Open a new business bank account for business earnings and expenses.
It is important to keep your private transactions separate from your business transactions. In time, you can apply for a business credit card and apply the same terms.
3. Get accounting software that suits your business needs
If you’re unsure about which software product best suits you, we can help you with the decision making process.
4. Get all your tax and compliance obligations right
This is a fairly straight forward process when it’s done in consultation with us. This covers off items such as registering for an ABN, WorkCover compliance, GST registration and PAYG registration.
Other important things to remember are your monthly/quarterly Business Activity Statements (BAS) with the ATO. Again, if you have set aside time to keep your records up to date, this should be fairly straight forward.
5. Keep your receipts
The ATO requires you to keep records for a minimum of five years. This includes keeping track of sales and service receipts, invoices, records of payments for Super, PAYG and more. Basically you need to retain any financial transactions that occur between your business and another party, and report on it monthly and quarterly.
6. Or, seek help
As you expand your business you may have less and less time to keep track of your records. We can assist you to find the right kind of help to keep your books in order.
Original article sourced from MYOB