This month lets look at two business essentials, LastPass and WeTransfer, and how they could help you manage, more efficiently.
LastPass lets you manage all your passwords for multiple websites. You only need to remember one password. LastPass helps you avoid repeating your password across different platforms or making it easy to guess. You may also generate a long, randomised password on the system for additional security against hacking. Generate complex passwords easily and on the fly. It also has an automatic form-fill feature that fills in any website’s form fields with your details such as name, address, credit card number, and more to save your time. You can efficiently use LastPass in any web browser and smartphone.
Another handy feature is the ability to authorise multiple users to your other accounts. Quickly and securely share passwords by just adding users with their email address. When you share, you can choose to reveal the password or only allow LastPass to autofill for the user. If you share passwords without showing them, you won’t have to change it each time you revoke someone’s access. It automatically shares password updates to everyone that you’ve previously given prior permission. It can also actually go through the entire process of changing a password by simulating a user session on your behalf – all with a single click.
Share groups of passwords. This one is particularly useful if you work with specific teams or functions which need access to related accounts in one go. LastPass lets you give emergency access to others. Users with emergency access can request access to your password. You will receive a notification of the request, and if you don’t reject it within a time limit previously set by you, the password is shared. This feature can be quite helpful in case you are unreachable, or there’s an accident.
https://www.lastpass.com/
WeTransfer is a cloud-based computer file transfer service. It is located in the Netherlands and the US and founded in 2009. The core service is free, with more features available for premium accounts. Free users can send files up to 2GB; WeTransfer ‘Plus’ supports sending files up to 20GB and offers features like password protection, channel customisation and 100 GB storage. It works with your email account. You type in your email address and the recipient’s e-mail address, add a message, attach the file, and send.
The benefits of using WeTransfer vs Dropbox is there is no need to give access to that file in your Dropbox account. You can send the data and forget about it.
https://wetransfer.com/
Modern awards have been a feature of the Australian workplace relations system since their implementation in January 2010. Despite this, many employers still say they don’t understand them or don’t even know they exist. This lack of awareness can have very serious consequences.
Here are five key facts about modern awards that business owners need to know:
Australia’s 122 modern awards contain mandatory terms and conditions of employment that must be provided to any employee who is ‘covered’ by a modern award. The modern award entitlements apply in addition to the ten basic entitlements set out in the National Employment Standards (NES).
If an employee is covered by a modern award, you can’t ‘choose’ not to comply with the award – the award applies as a matter of both law and fact and irrespective of whether the employer or employee want the award to apply.
If a modern award applies to an employee, his or her employer must ensure that all award entitlements are provided at all times. For example, many modern awards may impose an entitlement to annual leave loading or other additional allowances.
Similarly, most modern awards contain limits on the ‘daily span’ of working hours and detail when overtime rates must be paid and how these are to be calculated. Employers are legally responsible for providing these entitlements, and penalties are steep.
Many employers mistakenly believe that if they pay an employee a basic rate of pay that is higher than the minimum rate in an applicable modern award, they don’t have to worry about award conditions or provisions.
However, unless the contract of employment makes it clear which modern award entitlements have been incorporated into the ‘over award’ rate of pay, it is more than likely the higher rate will simply be treated as the ‘base rate’ upon which all of the loadings, penalties and allowances in the award must then be calculated.
This means the employee will benefit from a higher base rate as well as higher loadings, penalties, and allowances.
The Fair Work Ombudsman (FWO) – the Commonwealth Agency responsible for investigating employers for breaches of award entitlements – has no ability to definitively tell anyone what award applies to a particular employee. They can only give you ‘general advice’.
It’s still a very good idea to get the Ombudsman to provide their ‘general advice’ in writing for future reference, but nothing can protect employers from future claims that are caused by them applying an incorrect award.
Finally, it’s important to note that modern award rates are generally increased on 1 July each year. This means you need to check the rates currently being paid to ensure they are at least equal to the new minimum rates in the award.
Remember too that it is essential that all award-covered employees are allocated to one of the award’s classifications. If this is not done, it will be impossible to determine whether the correct rates of pay and other entitlements have been or are being provided.
How can SWAG help?
At SWAG Bookkeeping, we compare both time and money data to help our clients find a profitable ‘sweet-spot’ for their business. Contact us for an obligation-free consultation today.
From tracking your hours against projects easily to quickly accessing important documents on the go, there are so many free tools that your small business could benefit from using.
However, we know that researching and understanding what’s on offer can be overwhelming. So, to get you started, we wanted to share three of our favourite, easy-to-use free tools for your business:
Google Drive
A cloud-based tool, Google Drive lets you create, edit and manage documents, spreadsheets and slides for free. It’s just like working with Word, Excel and PowerPoint. To use it, all you need to do is set up a Google account, then you can save your documents to the drive and access them wherever you have internet access. You can also easily send links to your documents, removing the hassle of trying to email huge files.
My Hours
We recently discovered this tool when one of our customers, who charges clients by the hour for consulting work, was having trouble tracking her hours against different clients in Excel spreadsheets. She found and registered for MyHours, and now simply logs in at the start of each day and easily tracks her time against her different clients, even if it’s just 15 minutes here and there. She can now easily view the hours she has worked for each client without stressing about her poorly maintained Excel spreadsheet. MyHours even allows her to quickly and easily turn her records into PDF documents to send to her clients, with visually impressive pie charts automatically created that show her clients how her time was spent.
MailChimp
MailChimp helps you easily set up lists of your customers’ email addresses as well as set up attractive and professional-looking email templates for your regular eNewsletters or other announcements to customers. What’s more, it’s really easy to set up and use! (If you do need help, it’s easy to get someone to help you set up the templates and email lists in a few hours, so that you can start using this really great tool.)
Can we help?
We hope this list of our top three free tools helps you in your business. If we can help further by taking away the burden of your bookkeeping, please just get in touch to see how we can help.
Late payments can cause serious cashflow issues and stress for small-business owners.
According to the early results of an inquiry into payment times and practices that is currently being undertaken by The Australian Small Business and Family Enterprise Ombudsman (ASBEFO), big businesses and some governments in particular are taking longer than ever to pay small businesses, with almost 50 per cent of small businesses experiencing late payments on at least half of the bills owed to them.
Here are five tips to help you deal with slow payers:
The simpler you can make it to pay, the less likely that your customer will put paying you in the “later” basket. There are many apps and programs that you can use to send professional invoices quickly and collect payment online straight through the invoice itself, with a “Pay Now” button to allow immediate payment. Some payers might still wait until the deadline, but some might pay immediately just to get it off their to-do lists.
Accept a range of payment types so that your customers can pay in the way that suits them best. Consider offering the full range of payment options, including credit and debit card, EFT, cash and PayPal.
Keep track of when invoices are due and send a reminder a few days in advance. Perhaps dedicate a certain time each week or day to check your invoices and send reminders to customers who are late or even approaching the due date. Of course, handle it with diplomacy and tact by tailoring the reminder message if possible to ensure that it is polite but also clear about your expectations around payment.
Ask yourself if it might be possible to adjust your payment terms from 30 days to, say, 15 days, to increase the chance you’ll be paid on time.
You could consider offloading the work of reconciling accounts to a trusted bookkeeper like SWAG. We have a range of packages available to take away some or all of this burden for you.
Can we help?
SWAG knows that running a business is busy. There’s little time to spare, and we want you to have one less thing to worry about. Your books, payroll, taxes, debtors, creditors – all those accounting tasks you probably find distracting and disruptive to your business operations – can be handed over to us.
Please get in touch with the SWAG team to find out how we can help you.
The Institute of Certified Bookkeepers recently sent us through this helpful end-of-financial-year timeline, and we thought it was a great little timeline to help you prepare for a stress-free (well, mostly) end-of-year. As they so aptly point out in the introduction to this timeline by quoting Benjamin Franklin, “By failing to prepare, you are preparing to fail.” Strong words perhaps (after all, we are here to help you!), but food for thought nonetheless.
Here’s their helpful timeline:
21 April: Lodge and Pay Monthly IAS/BAS – March
28 April: Lodge and Pay Quarterly BAS – January to March Check employees have signed authority to email payment summaries
Prepare your end-of-year plan
21 May: Lodge and Pay Monthly IAS/BAS – April
28 May: Fringe Benefits Tax annual return – due date for payment
21 June: Lodge and Pay Monthly IAS/BAS – May
25 June: 2017 Fringe Benefits Tax annual return – lodgement due date for tax agents (if lodging electronically). Payment (if required) is due 28 May.
Prior to 30 June: Super Guarantee Contributions must be paid (to fund) by this date to qualify for a tax deduction in the 2016–17 financial year.
30 June: Have stocktake completed
14 July: Prepare and distribute Employee Payment Summaries
21 July: Lodge and Pay Monthly IAS/BAS – June
21 July: Payroll Tax annual reconciliation
28 July: Lodge and pay Quarterly Business Activity Statement, unless extension is available
28 July: Pay June Quarterly Superannuation Guarantee (unless already paid before June 30)
14 August: Lodge Employee Payment Summaries
21 August: Lodge and pay monthly IAS/BAS – July
25 August: Lodge Taxable Payments Annual Reports
Meet with trusted advisor to finalise the ‘end-of-year’ file
Send final ‘end-of-year’ file to accountant
21 September: Lodge and pay monthly IAS/BAS – August
Last month, we wrote a short news update about the fact that fuel tax credit rates increased in February (rates are indexed twice a year, in line with the consumer price index, or CPI). We also included links to the latest rates, as well as the ATO eligibility tool and calculator that you can use to calculate your claim. Today, we wanted to take you through the process of using the ATO’s fuel tax credit calculator.
Where can I access the fuel tax credit calculator?
You can access it here: ATO fuel tax credit calculator
What do I do?
Go to the calculator, then simply click whether you are calculating entitlements for an original BAS or calculating an adjustment or correction for a previous BAS, select the BAS cycle relevant to you (monthly, quarterly or annually), and then select the relevant BAS cycle start date. The options are clear and easy to read.
You can then click on ‘Add’ to select details such as fuel type and business use, then add the quantity in litres (L). You then get an opportunity to make any adjustments (although you do not have to). Finally, click on ‘Calculate’.
The result
The result, as can be seen in the picture above, clearly sets out the exact fuel tax credit amount you are entitled to, even showing you exactly what to write in labels 7D and 7C on your BAS. In the example we did just to test the calculator, we entered 100L.
Can we help?
If you need assistance, please get in touch with the SWAG team. We’ll be glad to help!
Hands Across the Water is an Australian, New Zealand and Thai charity set up by Peter Baines, a former NSW Police Officer sent to Thailand following the 2004 Boxing Day Tsunami. One of their most well known fundraising events is the Business Blueprint Hands Ride, which SWAG Director Sheree has just completed. Here’s what Sheree had to say:
“We did it! 66 riders rode 500 km in 5 days, in temperatures well above 40 degrees. We were pretty much off the beaten track in Thailand, riding along breathtakingly beautiful beaches and through picturesque countryside. There were hills to climb, temples to visit, and friends to be made.
It was challenging but made achievable by the fantastic support from Tour De Asia, who set up our route and provided the bikes, sunscreen and refreshments at every stop to keep us at our best, and the generosity and care of fellow riders who encouraged and educated us novice riders, and stayed by our sides. It was truly a team effort.
We visited the slums of Bangkok and the houses being built there by Hands Across the Water. We took a rather perilous bus ride to meet a group of boys at another Hands home, and planted teak trees with them.
We were joined by Peter Baines on the last day of the ride, who took us to the temple where it all began for him, before riding in to Baan Tham Namchai to meet the children. It was very emotional, seeing their excited faces, giving them hugs , learning their names and giving gifts. The children entertained us with song and dance and we joined them for both lunch and dinner, with the best still to come when they joined us at our hotel for a pool party the next day. It was so much fun!
A heartfelt thanks to all who supported me on the ride and for the contribution they have made to the children of Hands Across the Water. If this is something you think you might like to be a part of next year, please give me a call.”
Sheree
If you use Mozilla Firefox as your browser, you need to make changes to your browser to continue to use your AUSkey. If you don’t make these changes, you won’t be able to access the portals or other government services using your AUSkey.
From 7 March 2017, the latest version of Mozilla Firefox (version 52) will not support AUSkey. A browser extension is now available for Windows users to access services that require an AUSkey in preparation for the Firefox upgrade. Mac users will need to change browsers, for example to Google Chrome, with the Chrome browser extension.
If you need further help:
If you need help or experience issues using AUSkey, contact the AUSkey Technical Helpdesk.
The changes to the superannuation (super) system, announced by the Australian Government in the May 2016 Budget, have now been approved. Most of the changes will commence from 1 July 2017.
Although you might not be affected by the changes now, it is important to be aware of the changes for your future. If you think you are affected or could be in the future, consider seeking financial advice.
Do the super changes affect you?
Keep informed about updates
To stay updated on these changes, check this page on the ATO website.
The Australian Small Business and Family Enterprise Ombudsman (ASBEFO) is currently undertaking an inquiry into payment times and practices in Australia, with preliminary findings confirming that big businesses and some governments are taking longer than ever to pay small businesses.
Early results from the inquiry – which is being conducted by the ASBFEO in partnership with state-based Small Business Commissioners (SBCs), the Council of Small Business Australia (COSBOA), the Australian Institute of Credit Management (AICM) and the Institute of Public Accountants (IPA) – has found almost 50 per cent of small businesses experience late payments on at least half of the bills owed to them.
The inquiry has also found the practice of late payments is getting worse, with approximately 60 per cent of small businesses reporting an increase in the trend over the past 12 months. Almost 70 per cent report that the practice has reduced business profitability, with many business owners acknowledging it has a serious impact on their mental health given the added stress and anxiety late payments – and the associated cash-flow problems – can trigger.
Based on the inquiry survey data, it’s becoming quite clear that big businesses – particularly large multi-nationals – are exploiting the power imbalance that exists in their relationship with small business people who simply aren’t in a position to argue for better payment terms – or to demand immediate payment – for fear of destroying their relationship with the larger company.
The inquiry has also found the practice is not limited to one sector, with the impact of extended and late payments rippling through the entire economy.
You can read more about the inquiry, view the Inquiry Issues Paper, and provide your feedback, at http://asbfeo.gov.au/inquiries/payment-times-and-practices.