Streamline Management News
* This is generic info to give you a few pointers and should never be relied on as specific accounting advice.
Contact your expert (not your mates at a BBQ or the guy trying to sell you something) to discuss your situation.
November 2024
Party season is ramping up!
Don’t forget to make sure you are meeting ATO deadlines.
And hoover up some fairy bread 😋
What’s New Wednesday – Receiptbank / Dext menus
The new streamlined look of Receiptbank/Dext has a collapsible menus for more workspace.
The main menu isn’t needed very often, so we keep in minimised all the time, now we can also shut down the secondary menu so we can see more of what we are working on.
Collapse the menus to see a better summary of your inbox.
Nicole is featuring on Dext webinar:10 ways bookkeeping automation drives compliance
Nicole will be discussing 10 great ReceiptBank features with real world examples next week – book your seat now!
Congratuations Katherine!
Happy Work-versary Katherine – 9 years as a key member of the stream team!
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.
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.
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.
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!
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.
ABN coffee club
No October Australian Bookkeeper Network coffee club meeting today – we’ll see you at the conference later this week instead!
