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As a business owner, you have many responsibilities. Among them is managing your employees' payroll and ensuring that they receive the proper compensation for their hard work. However, not all businesses have the luxury of having a dedicated payroll department or an experienced accountant on staff. Often, businesses delegate this task to their administrative team. [...]
The Importance of Data Integrity in Your Xero File Are you confident in the accuracy and reliability of the data in your Xero file? In this blog, we'll explore the concept of data integrity and why it is crucial for your business. Data integrity goes beyond just AI or bank reconciliations; it's about having peace [...]
Understanding Profit Margin and Its Impact on Your Business As a savvy business owner, one of the most crucial aspects of your profit and loss statement is your profit margin. In this blog, we'll delve into the top section of your profit and loss statement, where your income and cost of goods are reported. We'll [...]
Effective from the 1st July 2023, employee superannuation will increase to 11%. This is a 0.5% increase. Your electronic payroll software should be able to automatically make this adjustment, provided you have set it up properly. Let us know if we can help with this process. Superannuation will continue to increase an additional 0.5% to [...]
WHAT IS STP PHASE 2? In the 2019–20 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information. Under Single Touch Payroll Phase 2, the Australian Government will require all employers to report additional information through STP on or before each payday. This information will include details such [...]