Why are you paying overtime for salaried staff?
Ontrack Bookkeeping
by Di Crawford-Errington
2d ago
Paying overtime to salaried staff has many consequences that a lot of employers are not aware of. The purpose of a salary is to pay an all-inclusive rate that is a fixed, regular payment to an employee for the work they perform. It allows a business to plan and forecast labour costs on an annual basis and can also provide concise data for business planning over the coming years, as the cost of labour is a major factor in any future business decision. A salary, if constructed correctly is a cost-effective way to pay an employee. The same payment is made to an employee in each pay period along w ..read more
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Completing Holidays Act 2003 Remediation Calcuations
Ontrack Bookkeeping
by Di Crawford-Errington
1w ago
Remediation of your payroll system can seem extremely intimidating.  There is a lot involved in the process of checking payroll for Holidays Act 2003 compliance.  This information comes from the FAQ section of the Labour Inspectorate website so we thought we would share some of this here. How far back should re-calculations go? Once non-compliance with the Holidays Act 2003 is identified, the expectation of the Labour Inspectorate is that the employer will remediate any arrears owing to employees at least six years from the date on which the non-compliance first became known, or shou ..read more
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Are you dealing with the Rocks or the Sand?
Ontrack Bookkeeping
by Di Crawford-Errington
1w ago
We so often complain about how busy we are and that there is not enough time for everything. But what is it that you are actually focusing on? Are you including all the things that are important and necessary for your health and wellbeing? If you are, then you will be living a life that is meaningful and leads to optimal health and wellbeing. If you are not, you will merely be filling your days with frantic busy-ness on a path to physical and mental illness. This well-known story will inspire you to think about what you are spending your time doing. Sand, Rock, Pebbles v Rock Pebbles SandThe ..read more
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5 key steps to prepare for the successful sale of your business
Ontrack Bookkeeping
by Ontrack Bookkeeping Ltd
1w ago
If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as attractive as possible. Step 1: Understand what buyers want Buyers are in the market for a profitable business that stands out from the competition. They want to know what sets your business apart and h ..read more
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Is the 4-Day Work Week for You? Pros, Cons and Tips
Ontrack Bookkeeping
by Di Crawford-Errington
1w ago
When was the last time you felt that you had a week’s worth of energy to pour into just four days of work? As COVID-19 has reshaped our work-life balance and continues to redefine what is essential in our professional world, the concept of a shorter workweek is gaining traction. With proposed legislation in various states and countries, and the ongoing conversation among professionals, it’s evident that the discussion around the 4-day work week is much more than a passing trend. In the din of supporters and cynics, where do you and your small business stand? Let’s delve into the nuances of th ..read more
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Stop putting off the little things
Ontrack Bookkeeping
by Ontrack Bookkeeping Ltd
1w ago
As a business owner, you often find yourself pulled in different directions by competing responsibilities. It can feel daunting to classify tasks and tackle the most time-consuming ones first. But why is it so hard for us to start – or even finish – seemingly insignificant tasks? Why do these tiny tasks become the bane of our existence, tempting us into procrastination limbo? Let’s explore why we get stuck on even the most minuscule duties and how that might be holding you back. Understanding the psychology behind procrastination Procrastination plagues many people. It’s a common problem that ..read more
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The benefits of outsourcing for small businesses
Ontrack Bookkeeping
by Ontrack Bookkeeping Ltd
1w ago
For small businesses in today’s competitive market, outsourcing can offer a range of advantages. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. By working with external professionals or firms who work in certain areas, small businesses have the opportunity to streamline operations, increase productivity and scale faster than ever before. Here are some benefits of outsourcing for small businesses and how they can help your business succeed. The advantages ..read more
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Make life easier with AI
Ontrack Bookkeeping
by Ontrack Bookkeeping Ltd
1w ago
AI (Artificial intelligence) has been both a huge disrupter and enabler for businesses of all shapes and sizes. (AI) is no longer just a pipe dream of science-fiction. It has become a vital aspect of today’s world and has meant businesses or employees can and are becoming more productive by leveraging the many AI tools for business activities.  In the past, the application of AI was limited to big corporations and technology-based businesses. Only they could afford the high costs of developing and implementing such systems. However, AI technology is now easily available and accessible to ..read more
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1st April 2024 Changes – What do you need to know?
Ontrack Bookkeeping
by Danie Payne
1w ago
It’s almost the end of the Financial Year (again? I know we say this every year, but doesn’t time just fly by?) Here is a summary of the 1st April 2024 changes you need to know:   Minimum Wage Increase: The Adult minimum wage will increase from $22.70 per hour to $23.15 per hour The Starting Out/Training wage will increase from $18.16 per hour to $18.52 per hour   ACC Earner Levy Threshold:   The ACC Maximum Earnings threshold has increased from $139,384 to $142,283 The ACC Earner Levy has increase from 1.53% to 1.60% The maximum ACC Earner Levy payable is $2,276.52 per annum &n ..read more
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How do you prepare for minimum wage increases coming 1st April 2024?
Ontrack Bookkeeping
by Di Crawford-Errington
2w ago
As a business owner or manager, you need to be ready for the minimum wage rates increase from 1 April 2024. The details of the increase are: Adult minimum wage will go up from $22.70 to $23.15 per hour. Starting-out and training minimum wage will go up from $18.16 to $18.52 per hour. All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child support. If you have not yet talked to your accountant, payroll provider or your finance/HR teams,  now is the time. It is also a great opportunity to check your employment records and up to date, and ..read more
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