Single Touch Payroll (STP) – The new GST!

By March 15, 2019Blog

Making Your Life Easier with STP

Everyone should be aware of the changes regarding Single Touch Payroll (STP) and the reporting requirements that come with it. For those that need a refresher, we have put together a quick recap.

STP Reporting Start Dates

If you are an employer with 20 or more employees, you will be required to begin reporting on the 1st of April 2019. Businesses who are not ready to begin reporting on this date can apply for a deferral. If you are an employer with 19 or less employees, Parliament has extended the reporting requirements to the 1st of July 2019. This is good news for all employers. If you need assistance applying for a deferral, get in touch with our team today!

Be Ready for STP

The key to being ready for STP is implementing STP software! There are a number of effective software products on the market. The ATO has even asked software developers to build a low-cost solution at or below $10 per month for micro employers (employers with 1-4 employees). This will include simple payroll software, mobile phone apps and portals.

Now is also a great time to review your current accounting software. We’re finding many businesses are stuck using legacy systems and processes which are outdated and holding them back, in many ways costing them real dollars!

Reasons to Investigate what a Robust Cloud Accounting Solution can do For You:

  1. Efficiency
    1. Real-time bank feeds and bank reconciliations.
    2. Real-time access to current up to date figures without having to wait until the end of a period.
    3. Team access from anywhere – even when they’re on the road.
    4. A single source of truth which your team can work from
    5. Additional cloud integrations can often plug in which help save time and can even eliminate repetitive arduous tasks.
    6. With Advivo’s monthly service offering, we can even review and officially ‘close’ your records on a monthly basis, meaning you can have 100% certainty that your information is correct and up to date.
      1. Any queries are asked in the same month so whilst the information is still fresh.
    7. Analytics
      1. With real-time information you can rely on, you will be able to drill down into the key drivers of your business, allowing for better monitoring and decision-making.
      2. Allows for potential problems to be identified before they even occur – saving time and money.
    8. Forecasting
      1. Instead of having to rely on historical information to make your decisions, you can forecast to the foreseeable future which makes planning for resources such as cash staffing easy.
    9. Greater efficiencies with integrations of various processes and data transfer.

Recalling GST

Chris Morris is a partner at Advivo with a wealth of experience in accounting software and incorporating legislative changes into your business processes. Some of the more mature members of the business community may recall the day GST was introduced back in July 2000. Many businesses had their work cut out for them with the paperwork, software upgrades and procedural changes that were required to continue operating. Nowadays, we have more sophisticated software that can be integrated seamlessly with existing platforms when legislative changes come into effect.

When all software systems are working harmoniously, businesses reap the rewards with increased efficiency, more transparent reporting and analytics that deliver a bird’s-eye view of your financials while also meeting legislative requirements.

Once-off Fee Package

We have developed a package for all our clients with a once-off fee. The package includes a review of existing platforms, a software update, support in implementing new procedures and ongoing support solutions to make life generally easier. You can talk to us or make time for a complimentary discussion with our team to ensure that you are ready and not scrambling at the last minute to meet deadlines…we know who you are!

Get in touch to find out more or come along to our next event, Speed Dating with the Business Experts. The event will feature a number of experts available to answer all of your questions about STP, general Bookkeeping, HR solutions, Automation in the Digital age and many more! We are passionate about providing low cost, efficient solutions for our clients through education, seminars and roundtable discussions that benefit business owners and everyone in between.

If you need assistance with STP or require professional payroll and accounting services, please contact us at Advivo. Call us on 07 3226 1800 or send us a message through our Contact page.

You may also visit our office is at Level 12, 300 Ann Street, Brisbane City QLD.

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