The gold in our failings

Failure is NOT the opposite of success. It is PART of success......

Secretly, humans are conditioned to love a good fail.  While stories of triumph are inspiring, epic fails are generally more relatable, and certainly more entertaining…

However, we generally forget the key reason we should celebrate failure, which is that failure provides us indispensable learning opportunities.  And, if we can shift our perspective to see our stuff ups as valuable progress, failure is lined with gold.

Here are eight ways to help turn fails into future wins:

 

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Let’s get to the core of the problem

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We are firm believers that everyone comes to work to do a great job – initially anyway.  So why do businesses have poor performers?  Likewise, why do team members find it difficult to deal with conflict in the workplace; that difficult client or demanding boss?

To get answers to these questions we need to look beneath the surface.  Go beyond actions and behaviour and look to the drivers of performance: Core Values.

The Identity Iceberg demonstrates the impact our values have on actions and behaviour.  What’s visible above the surface – our Actions and Behaviours – are the tip of the iceberg.  They’re what we see and experience.  They’re driven by what’s beneath the surface.

Immediately beneath the surface are our Habits – good and bad.  Consider how hard it is to change a habit.  These habits are driven by our Beliefs.

For example, we might believe that a certain team member is disengaged in the business because they’re often late, sick or the first to leave the office at night.  As a result of our beliefs, we create habits like overlooking them for new opportunities or ignoring their positive actions to focus on their bad behaviours.  We find it very difficult to change these beliefs.

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Single Touch Payroll for small employers

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If as an employer you are not ready for Single Touch Payroll (STP) don’t panic!   Although 1 July has rolled around, smaller employers (those with less than 19 employees) have three months from this date (until 1 October 2019) to be STP-compliant. Furthermore, no penalties will be imposed during the initial 12 months of STP, therefore there is no need to be worried.

While for many employers, their STP solution will be to adopt STP-compliant software or outsource their payroll to their registered Accountant or Bookkeeper, many very small employers may be eligible for the micro-employer concessions including:

  • Reporting quarterly through their registered accountant or bookkeeper for two-years until 30 June 2021 (instead of reporting each time you pay your employees).
  • Adopting a free or low-cost, simplified STP solution (as opposed to payroll software).

Micro employers are those with less than five employees at the time of application. Virtually all employees are counted (including casuals, those on leave, and employees working overseas), however closely-held payees are excluded – namely, family members of a family business, directors or shareholders of a company, and beneficiaries of a trust.

In the event that a business is currently a micro employer but later no longer qualifies as it puts on extra staff, the ATO adopts a different approach in respect continued eligibility for the above concessions. While eligibility for quarterly reporting will be unaffected by an increase in staff above four, the ATO expects employers to cease using the simplified, low cost STP reporting solutions if they later cease to qualify as a micro employer. This would then generally mean adopting STP-compliant software, or lodging via your registered accountant or bookkeeper.

Single Touch Payroll compliance made simple seminar 

In respect of the low-cost, simplified STP solutions, an updated list of products now available and currently in development is maintained on the ATO website. There are a wide range of products available including free solutions such as apps to install on your phone that allow employers to simply key in employee payroll information (gross amounts per pay, and tax withheld etc.) and send it to the ATO (and thereby maintain your manual payroll systems if you so choose).

Of course, micro employers can opt to disregard these free or low-cost solutions and instead adopt STP-compliant software and, in doing so, enjoy the advantages of computerizing your payroll processes.

Single Touch Payroll compliance made easy

Tax time: Are you in the ATO’s sights?

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A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected.

Here is a checklist of the key issues.

What’s new

For you

Your Superannuation

Your business

Your Trust

 

If you are concerned about any of the issues raised, please call us – we would be more than happy to help you.

the health of your wealth in 2019 and beyond

Is your business ready for single touch payroll?

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In Breaking news this week…….Single Touch Payroll legislation has passed through Parliament, so our Blog today is a must read for employers of less than 20 employees.

Single Touch Payroll (STP) legislation passed through Parliament this week for employers of all size.  This legislation has applied to businesses employing more than 20 employees since 1 July 2018 and now, with legislation passed through parliament this week, from 1 July 2019 all employers will be required to comply with the Single Touch Payroll requirements.  The ATO website says the following in relation to Single Touch Payroll:

Single Touch Payroll (STP) changes the way employers report their employees’ tax and super information to us.

Using payroll or accounting software that offers STP, employers send their employees’ tax and super information to us each time they run their payroll and pay their employees.

The information is sent to us either directly from the software or through a third party, such as a sending service provider. Software providers can tell you more about how they offer STP reporting.

So what does this mean for small business and employers?

If you currently have employees (including companies where the directors are paid by a salary) and you are not using an online or digital payroll service you will need to update the way you pay your employees and run your payroll system.  The introduction of this reporting system has specifically been designed and implemented to increase the data matching capabilities of the ATO in relation to employers meeting their tax and superannuation obligations.  Whilst this may seem like an additional compliance requirement for employers, research conducted by Xero has revealed that once implemented employers using digital reporting estimate they save on average 3.1 hours per week on payroll requirements.

What should all employers do?

  1. Assess your current payroll system
  2. Confirm the current payroll system being used has the capability to meet the STP reporting requirements
  3. If the current payroll system doesn’t meet the STP requirements contact your client manager at Sage Business Group to discuss your payroll and accounting options

The time to act is NOW – as of this week Single Touch Payroll is a legal requirement for ALL employers from 1 July 2019.  A payroll system compliant with the requirements of Single Touch Payroll MUST be implemented ready for the first payment after 1 July 2019 so it’s important to act now to be ready for the new year.

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How SMEs can manage their cash flow during the festive season.

 

 

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If you’re a small business owner, managing cash flow can be one of the many things that keeps you busy day-to-day, and sometimes awake at night.

With Christmas just around the corner, seasonal fluctuations may be about to impact your bottom line, meaning good news for some and bad news for others.

We wanted to share this editorial from smartcompany that focuses on stories of business owners who share your dilemma, along with their tips on managing cash flow and staying afloat as things fluctuate.

To read the full editorial from smartcompany click on the link here

If your business is struggling with cash flow contact Sage Business Group on (03) 9744 7144 to discuss your personal situation with one of our experienced team members.

 

 

 

How Xero helped this brewery keep a transparent culture

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When Ale Industries started out, it was rare to find a brewery that had a taproom slinging a triple-hopped IPA. Today, these are some of the staples of an ever-evolving industry.

Early on, Morgan foresaw a career for himself in brewing. After getting into homebrewing at the age of 18, he knew that he wanted to own a brewery of his own one day. He knew he would need some commercial experience, and at 21 he was finally able to start looking for work.

To put things in perspective, when Morgan was looking for work there were about eight breweries in the San Francisco Bay Area – so jobs were few and far between. Today, there are more than 200. Morgan eventually secured a volunteer position at a local outfit, and over time worked his way up to the coveted position of Brewmaster.

As Brewmaster, Morgan was charged with decommissioning old equipment and bringing in the new – one day, this gave him an idea. He could take that old equipment and get his own brewery off the ground. After some understandable resistance, the owner came around to the idea and in 2009, Ale Industries’ first beer was brewed.

Morgan says, in the years since, the change the industry has gone through has been huge.

“When we first started, Facebook wasn’t around – everyone was on Myspace,” Morgan remembers. “Social media marketing wasn’t a concept. If you wanted to get your name out there you went to beer festivals, got out and about talking to people, or took out print ads.

“The Internet 2.0 was really in its infancy. Companies had websites, but they were more like landing pages. Spreading the word is completely different today. That’s just one aspect of the business that has changed.”

The other is how we keep track of our financial situation.  Enter Xero Accounting Software.  According to Morgan, using Xero on mobile puts the power of accounting right into the hands of their salespeople or ‘foot soldiers’. They can easily pull up Xero when they’re out visiting customers, place an order or even check on whether they have an outstanding invoice or whether the account is within terms.

This cuts down time chasing up accounts payable and accounts receivable – things that would otherwise get buried, Morgan says. They have also created report templates that enable salespeople to see, in real time, how they’re doing in terms of the goals set for them.

If you would like to learn more about how Xero Accounting Software can help you reach your business goals then register for our FREE Xero Workshops.  Click here to find out more.