Efficiency Partners
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Efficiency Partners
1y ago
Information For Employers & Employees
Employees use the Super Choice Form to choose the superannuation fund into which their employer will pay their superannuation contributions. Employers must provide a standard choice form to employees at the commencement of employment.
The Super Choice Form is required by law, and employers are legally required to make superannuation contributions on behalf of their employees. Employees can complete the form to ensure that their superannuation contributions are paid into a fund that meets their needs and preferences.
For any new employees starting from ..read more
Efficiency Partners
5y ago
Research shows that around 50% of business invoices in Australia are paid late. This is not only extremely frustrating, but it also means that small business owners and managers spend hours tied up with administration and chasing payments.
It can also mean short term cash crunches that cause unnecessary stress for those running the business, and for employees, as bank balances that are short because of unpaid receivables can result in not having the right amount to pay salary and wages.
We’ve heard a lot of stories like this at Efficiency Partners, and we’ve also heard plenty of innovative way ..read more
Efficiency Partners
5y ago
Each year, 30 June can be a stressful time if you are running your own business. The end of the financial year can bring an “oh no” moment as you realise that the bookkeeping, accounting records, invoices, and tax receipts that you have collected over the course of the year need to be put into order and prepared so you can do your year-end reporting.
To help make life simpler, we’ve put together a checklist for what you need to do to get your books and administration in the right shape for their end of year workout.
The Checklist
Profit and Loss
The profit and loss statement is the most easil ..read more
Efficiency Partners
5y ago
Payroll challenges mean that it is not easy for small businesses, and even larger or more mature businesses, to get this crucial function right 100% of the time. But when mistakes in payroll are made, the amount of time taken to identify, unravel and fix underpayments or mistakes can be a huge drain on the time of that business. And that’s without going into the stress it causes employees and staff who are dealing with bills or tax obligations!
We’ve found the most common things that lead to mistakes and payroll issues and put together some practical, simple ways that you can overcome challeng ..read more
Efficiency Partners
5y ago
Remember when the internet was new, and everyone’s guard was up? Many of us were too afraid to give up our first name, never mind our credit card details and personal home address.
Fast-forward to today, and nearly everyone is divulging their personal lives online. Efficiency and increased productivity are two reasons why, but the bolstered security and enhanced safety in providing these details has also allowed us to breathe a lot easier when it comes to sharing our personal information online.
One area that has seen exponential growth is online accounting. Unlike “old school” Excel spreadshe ..read more
Efficiency Partners
5y ago
Small businesses have some big changes coming their way this July when it comes to reporting their finances to the Australian Taxation Office (ATO).
Single touch payroll (STP) isn’t new, having been mandatory for businesses with 20 or more employees since July 2018. As of this year, however, STP (also known as “one touch payroll”) will now be mandatory for all Australian employers regardless of their size.
What is STP?
With this new rule in place, employers are required to report wages and salaries, superannuation, and PAYG withholding to the ATO whenever you pay your employees (weekly or for ..read more
Efficiency Partners
5y ago
A bookkeeper is a person who is responsible for handling. recording and maintaining the financial transactions and affairs for a business. They can be responsible for transactions as simple as entering an expense receipt, up to processing payroll, and preparing financial reports for business owners. Today this work often involves cost-effective software usage. Bookkeepers need to be accurate, efficient, and up to date about debits and credits, accounts payable procedures, accounts receivable procedures, the charts of account, payroll, GST, legislation etc. Bookkeeper’s responsibilities are spe ..read more
Efficiency Partners
5y ago
We often come across clients at vital turning points in their development phase. Business owners find it challenging to manage their business transactions whilst also trying to manage their business. Business owners do not start a business to become a bookkeeper and as it is generally not their area of expertise, it can take them a long time to manage their books. It is known to all business owners that records and transactions play an important role and need to be updated, consistent and accurate. As a solution, the business owners hire in-house bookkeepers, but this is not the best solution ..read more
Efficiency Partners
5y ago
No, it’s not when your spouse says mean things about your reverse parking skills… a ‘Critical Driver’ is a
critically important factor that determines or causes an increase in value or improvement in your business. Identifying & monitoring key Critical Drivers are crucial to boosting profitability. Allow me to explain:
I like to compare Critical Drivers in business to driving a car. When driving a car you monitor the fuel gage, the speedo, the oil (the dashboard). Monitoring this tells you important factors about how fast you’re going and if you’re going to get there with the fuel you hav ..read more
Efficiency Partners
5y ago
Like a yardstick and divining rod in one, your scoreboard is a critical predictive tool for business-owners.
Interpreted correctly, it can help you avoid trouble up ahead and plan for future success. By ‘scoreboard’, I mean your business’ Profit & Loss Statement (P&L), Balance Sheet and Statement of Cash Flow, and how they relate to one another.
The three are inextricably linked and together provide a consolidated view that explains why even though your P&L says you made $100,000 profit, your bank balance may say otherwise. Monitoring your scoreboard helps you gain context around ..read more