nicole – Page 18 – Streamline Management

Syft Analytics

Why are we loving Syft? It can combine multiple Xero files together to create consolidated reports and better yet – consolidated cashflow!
You’ll know when your whole group could run out of cash or when to move funds between the businesses.
Lets look at an example
Connecting Syft to the Xero files allows us to combine all 3 entities in the group and view a combined cashflow projection. We can use a combination of computer guesswork + our knowledge of what is in the pipeline to project what the overall bank balance would looks like.
Think it might be time to consolidate your business group for streamlined 😉 reporting? Ask us for a Syft demo.

22/10/2024

Commonwealth Bank issues

Last Friday the Commonwealth Bank charged customers twice for purchases.
CBA say they have since rectified this.
If you notice duplicate transactions, please let us know so we can fix up in your accounts.

21/10/2024

Late super penalties

What happens if super doesn’t reach employees funds on time?
Bad things happen.

The expense is no longer tax deductible, it is calculated on all payments to employees (like overtime and allowances), fines are payable to the ATO, interest is payable to the fund for the employee, and directors will be personally chased for the payment. Its bad to be just a little late.

ATO says:
Once you become a director, you are responsible for ensuring the company meets its PAYGW, net GST and SGC obligations in full by the due date.
Need help to keep on top of all the deadlines? Ask us to give you a hand.

18/10/2024

Boss Day

Be your own boss! (We don’t mean a mob boss!)
We make it look easy, but there are lots of traps for young players.

At 30 June 2024 there were 2,662,998 actively trading businesses in the Australian economy. 97% of those are small businesses according to ABS.
UTS says: one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year.
What can you do to increase your odds of surviving and thriving?
There are lots of free tools available.
If you decide to go ahead and be the boss – prepare yourself for a wild ride!

16/10/2024

September Quarter Super Due Soon

July-September super contributions, at the new rate of 11.5%, must be received (by fund) by 28th October, regardless if you pay monthly or quarterly.
Severe penalties will apply for late payments.

08/10/2024

ABN coffee club

No October Australian Bookkeeper Network coffee club meeting today – we’ll see you at the conference later this week instead!

07/10/2024

September 2024 BAS time

It’s time to start preparing your September BAS

Make sure everything is uploaded to ReceiptBank / Dext so we can get to work.
Please send bank statement pdfs so we can reconcile your bank accounts.
Using our BAS agent extension – the due date is 25th November.

04/10/2024

October 2024

Here we are at the end of another quarter!

What do you need to keep an eye on this month?
Start by enjoying the day off next Monday!
Then celebrate being the boss (even if it doesn’t always feel like you are in control), then make sure you’ve paid all the super for your staff (& some contractors) for the July – September quarter.
And get moving on preparing your July-September BAS.
Then celebrate with some treats!

01/10/2024

August monthly IAS due!

Don’t forget to arrange payment of your August IAS.

If you are unable to pay in full by Monday, contact the ATO on 13 72 26 to arrange a payment plan.

21/09/2024

Tradesmen Day

The 3rd Friday in September is reserved to honour tradies – are you taking an RDO to celebrate yourselves?
Or will a day off the tools give you a chance to catchup on the books? How frustrating!
Contact us if you’ve decided you’d rather be on the tools than stuck behind the desk.

20/09/2024

Author: nicole