ticking clock

Can we help you streamline your accounts process?

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If you need the team at Notch Above Bookkeeping to help you, we will.

We love this stuff! Here’s how we can help:

Book your Next Action Discussion with us so we can go through:

  • Where the money has gone in your business and how to stop this happening again.
     
  • Why there is never any money left to pay the BAS and what processes to put in place to ensure there is next time.
     
  • How you and your staff can save time with admin processes in your business right now.
     
  • How you can reduce the time it takes your customers to pay you so the money is in your bank sooner.
     
  • Which KPI’s would be useful to track in your business so that you can really push your business forward.
     
  • Anything else you wanted to have a chat on … well, nearly anything.

We have a great team who just want to know if you need our help.

And so, in 15 minutes, you can tell us what the biggest financial issue in your business is right now. Your business is worth that time. Here is that link again for booking a slot with us soon. We look forward to talking with you!

small business bookkeeping notch above bookkeeping brisbane

How precious is your time?

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Time-saving tips for savvy business owners

According to the World Bank, the average Australian lives for 82 years, the equivalent of 718,000 hours. That is a long time.

Or is it?

On average, a person sleeps for 7.5 hours a night. That means we spend a third of our lives asleep! We fill up the remaining waking hours (some 493,000 hours) getting an education, having a career, exploring the world, maintaining friendships and relationships, and raising children.

Some aspects of our waking lives consume more of our time than others.

A person’s education can take up to anywhere from ten years to 24 years, or a quarter of a lifetime. Australian employees spend on average 32 hours a week working, which equates to 27 per cent of a salaried worker’s waking hours or 66,560 hours over the course of 40 working years.

On average, Australian small business owners work considerably longer hours than employees. According to a study published by the Department of Innovation, Industry, Science and Research, 50 per cent of Australian small business owners work longer than 40 hours a week, with a quarter of small business owners averaging 50 hours or six-day workweeks.

For 18 per cent of small business owners, a 60-hour workweek is not uncommon. A 60-hour work week leaves just 55 hours a week, or a meagre seven hours a day to live and love.

While reducing a life to hours might seem like a depressing exercise, it just goes to show how precious time is. The good news is that if we can identify the time-wasters in our lives, we can either eliminate these tasks, automate them, or get someone else to do them, freeing us up to grow successful businesses, all while living enriching lives.

Notch Above Bookkeeping has your business up and running with Xero quickly and accurately. We can help you install the software, configure your security settings, import your business data (chart of accounts/suppliers/debtors/employees) as well as set up your invoicing, payroll and taxation requirements.

Contact Notch Above Bookkeeping today to get Xero, the world’s easiest accounting system setup and working for your business and saving you time so you can concentrate on making the most of work and personal life.

financial stream of consciousness

SG amnesty

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Proposed SG amnesty legislation not enacted

If you’ve missed a payment or haven’t paid an employee’s super on time, you are required to lodge a Super guarantee charge statement and pay the super guarantee (SG) charge.

This includes the application of the mandatory administration component of $20 per employee per period to SG charge statements lodged.

The legislation to give effect to the proposed amnesty was introduced into Parliament on 24 May 2018. However, the legislation was not enacted and did not become law when Parliament concluded on 3 April 2019.

What this means for employers

If you took action to get your SG obligations back on track in anticipation of the proposed amnesty, the ATO will write to you to provide further detail.

If you have any concerns in the meantime, please call the team at Notch Above Bookkeeping in Brisbane on 1300 015 130.

Source ATO

woman cheering at desk

Small Business Superannuation Clearing House errors

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3 tips to avoid common Small Business Superannuation Clearing House errors

When you use the Small Business Superannuation Clearing House (SBSCH), it is important to enter valid and accurate employee details.

This ensures super funds accept the payment for the benefit of your employees.

Tips to ensure payments are accepted

  1. Check the following are correct:
    • Unique Superannuation Identifier (USI), commonly known as a super fund product for APRA regulated funds
    • Australian business number (ABN), bank account and electronic service address for self-managed super funds (SMSFs)
    • Super fund member account number
  2. Make sure the super fund name only includes alphanumeric characters and no symbols (such as ‘&’)
  3. Check the payment matches the payment instructions and use the correct Payment reference number (PRN) when making the payment.

If an employee’s details change after submission of a payment instruction, but before it has been processed, you will need to delete and re-lodge the payment instruction.

Once a payment has been received by the SBSCH and successfully sent on to the nominated super fund, you can see it in the clearing house under the Historical tab.

Addressing errors

If there are errors with an employee’s details, super funds may send the payment back to the ATO who will then contact you and ask for the information to be updated within seven business days.

If the information is updated, the ATO will resend the payment to the super fund with the new details. If not, the payment will be refunded back to the employer.

Notch Above Bookkeeping are certified Xero bookkeepers offering agreed-price monthly fees so you know exactly where you stand. No hidden extras and no ticking clock. Browse our range of Xero bookkeeping services and get in touch with us on 1300 015 130 to discuss the Xero File and plan which best suits the needs of your business.

Source ATO

Xero Platinum Partner

Brisbane Xero Platinum Partners

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Brisbane goes platinum with new Xero Platinum Partner, Notch Above

The team at Notch Above Bookkeeping is delighted to announce that this month we have become a Xero Platinum Partner!

What does going Platinum mean?

For our clients, this means that we will simply continue to provide the same exceptional service and support we always have.

Being a Xero Platinum Partner is also recognition that we’re not a one-person bookkeeping firm – we have sophisticated systems and processes that allow us to support businesses by providing high-quality bookkeeping services across Eastern Australia.

Notch Above Bookkeeping was Brisbane’s first Certified Xero Platinum Bookkeeping Partner. We exclusively use Xero as well as many Xero apps, add-ons and integrations. Becoming a Platinum Partner is something we’re really proud of. It’s recognition of our hard work and all that our incredible team has given to grow our business and help our clients.

Our primary goal was always to be a successful bookkeeping provider in Brisbane that offers a streamlined service to business owners and accountants. Off this strong foundation, we have expanded our business, now providing our services to businesses in New South Wales and Victoria.

This is a great stepping-stone as we continue to extend our capabilities beyond Brisbane.

Being a Platinum Partner also means a lot to our team.

When we first introduced Xero there was definitely a buzz about bookkeeping in ‘the cloud’. We still believe Xero is the right playbook as it frees up so much time for users, allowing business owners to concentrate on running their businesses.

“Going Platinum is a great recognition of our consistency in delivering a high-quality service to our clients. We’ve worked hard to achieve this goal, and the status shows our efforts have paid off,” said Founder & Head of Delivery Jac Gallagher.

Notch Above Bookkeeping can have your business up and running with Xero quickly and accurately. We can help you set up the software, configure your security settings, import your business data as well as streamline your invoicing, payroll and BAS reporting. We also provide advice on the best Xero package for your needs. Contact Notch Above Bookkeeping on 1300 015 130 to get Xero, the world’s easiest accounting system, set up and working for your business this financial year.

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STP reporting for small employers started 1 July

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Small business clients need to be ready for STP by 30 September

Reporting through Single Touch Payroll (STP) for small employers started on 1 July.

Your small business has until 30 September 2019 to take action and there is a range of resources available to help:

  • Introductory guide for small employers – to help small employers understand the basics of STP, what your options are, as well as a decision tree.
  • Concessional reporting options – eligibility for these concessions depends on your circumstances. More information can be found at ato.gov.au/concessionalreporting.
  • Product lists – there are two product lists of STP-ready solutions:
    • a product register which provides a list of commercially available STP solutions at api.gov.au/productregister
    • a low and no cost register for micro employers (those with 1-4 employees) at ato.gov.au/stpsolutions; this list includes mobile apps, simple reporting solutions and portals.

There may be circumstances where a business won’t be able to report before 30 September. We can help apply for extra time for you to get ready. More information about STP deferrals can be found at ato.gov.au/stpdeferrals.

Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll processing, invoicing and debtor management and BAS returns. We set up systems and checklists to ensure nothing is missed and things are processed when it suits you. We can be involved as little or as much as you like, we give you the flexibility to decide what’s best for your business. Call us today on 1300 015 130.

Source ATO

woman working at laptop

The human cost of late payments

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Late payments affect business from financial and operational perspective

It’s an issue that’s close to our hearts and a conversation that matters.

But another conversation, one that’s often lost amid all the talk about lost revenues, invoice-chasing and the rest is the human cost of late payments. Because when businesses aren’t paid on time, it doesn’t just affect the bottom line – it affects people.

Xero teamed up with PayPal to find out more about how late payments affect, not just businesses but their owners too. 500 small and medium business (SMB) owners shared how they dealt with this ongoing issue.

Here are the key findings:

Impact on personal finances 

Businesses are comprised of people – and people need to be paid on time if they’re going to avoid stress and enjoy their work. It goes for entrepreneurs just as much as employees.

Overall, 35% of SMB owners claimed late payments meant an increased risk of debt – and 52% said they’d used their own money, or that of their friends and family, just to keep going.

Late payments can stop entrepreneurs from tending to relationships and their wellbeing. If you’re not getting paid on time, you might not be at your best.

So, it’s no surprise that 73% feel much more optimistic about their business when they have positive cash flow. The more reliable and regular your income, the better!

Impact on personal wellbeing 

Running a business is an act of love, but it can also place a strain on entrepreneurs – particularly if they don’t know when the money they’re owed is coming in. Late payments can affect:

  • Mental health. More than two-fifths of SMB owners claim that late payments have affected their mental health.
  • Sleep. 43% say they’ve been kept up worrying about their business’ cash flow.
  • Self-esteem. Some 45% of business owners feel they’ve failed their companies when they’re cash flow negative.
  • Outlook and optimism. Overall, 37% of entrepreneurs have considered giving up the ghost because of cash flow issues.

We don’t want small and medium business owners to give up. They’re essential to the economy – they make up 99.9% of registered businesses, after all.

Making late payments history

What if late payments were no longer an issue? What if every entrepreneur was paid on time and in full? The survey found it would make a real difference to finances, wellbeing, and overall attitude. When asked, business owners said:

  • It would make running the business feel ‘worth it’. Over three-quarters of entrepreneurs (76%) think being paid on time would make the work more rewarding.
  • They’d feel more optimistic about their businesses. 73% claim it would make them more hopeful about their prospects.
  • They’d enjoy better health. 26% say they’d have better physical fitness, and 21% say they’d spend more time on interests and hobbies.

Happier, healthier business owners

Small business owners have enough on their plates. Running a business is hard enough as it is, without losing sleep over a late invoice.

There are things entrepreneurs can do to minimise these issues and bring more positivity into the workplace. Automated accounting tools make managing invoices simple and straightforward.

But, beyond that, we’d encourage everyone across all links of a supply chain to pay their invoices promptly and without fuss. It’s not just the business that’s affected: it’s the people who work for it. Everyone benefits when everyone is paid on time. Let’s make late payments history.

Notch Above Bookkeeping are Xero Platinum bookkeepers and BAS Agents. Get in touch on 1300 015 130 to speak to one of our Xero certified advisors about how to get the most out of Xero for your business.

Source: Xero