I’ve just returned from a one-day intensive course all about Fair Work legislation. What an eye opening experience. Did you know that in Australia we have the most complex employment laws in the world?
Working out what employees are entitled to, which award they are covered under and how much to pay them can be a convoluted process. It is essential to get this right because failure to comply with the law can lead to big fines. Up to $54,000 per breach if you’re caught doing the wrong thing. No wonder payroll and employee management causes so much stress for business owners!
The best way to avoid these pitfalls is to be educated. Let’s start with the National Employment standards. These are the 10 minimum entitlements that apply to all Australian employees. Every employer must comply with these standards and they cover the following areas:
These 10 entitlements cover the basic entitlements for employees. For more information and to download your copy of the Fair Work Information statement visit www.fairwork.gov.au.
The majority of workers are also covered by a Modern Award. See A Beginners Guide: Modern Awards for the next instalment.
A lot of small business owners start out doing their own bookwork. This works just fine when you are starting out but what happens when your business starts to take off? You get busier, sales increase and you starting making money - which is great! But your paperwork starts to build up and can very quickly get out of control.
There are a multitude of benefits of having an expert do your bookkeeping but here are my top five…
• Free you up to focus on your business. I bet you didn’t start your business to do paperwork. However, with all the added perks and benefits of being your own boss, along comes all those accounting and administration tasks that never seem to end. Outsourcing your bookkeeping gives you back hours in your day to do what you do best – run your business!
• Save you money. Yes, you got that right. Think about how much more you could earn for your business if you weren’t spending time keeping your books. An additional bonus is getting your invoices sent out promptly which means you get paid sooner – winner!
• Your records are kept up to date. Keeping on top of your paperwork means you can have access to how your business is tracking with the click of a button. No more wondering how much customers owe you or how much you need to have set aside to pay the BAS. Real time tracking means you can stop looking back and start to look forward and plan for the future.
• We can do it faster and more accurately. Bookkeeping is what we do for a job. We have the experience and know how that makes bookwork a breeze. We correctly code your transactions first time, which means you save money from our efficiencies and expertise.
• You wouldn’t have an amateur fix your car. Errors in your bookkeeping can cost you money! Get it done right the first time. Amanda is a fully qualified accountant and registered BAS agent. With over 10 years’ experience in management accounting and bookkeeping we know the rules and what you need to do to remain compliant.
That’s where we come in. At Your Mini CFO, we are experts at bookwork. In fact, bookkeeping is what we love! We believe small business should have access to the same support available to bigger companies. We offer tailored packages to suit your individual requirements, providing a level of support that fits your unique circumstances.
Call us today for you no obligation 1hr free consultation
Phone 0409 301 087
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