5 time saving tips to managing your business

Small business owners wear a lot of hats – they are managers, marketers, salesmen, customer liaison officers, human resource managers, workers, bookkeepers and more!

It can be overwhelming at times so smart business owners try to manage these by working smarter. While we cannot tell you how to run your business, if you are using Xero accounting software, there are smarter ways to run your business when it comes to bookkeeping and record keeping, here are 5 of them.

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Are you spending too much time on admin work in your business?

As a small business owner we wear a lot of hats:

  • generating income to the business (aka the bread winner)
  • issuing invoices and following up on overdue invoices from non-paying customers
  • managing bills and payment of such
  • recording transactions and preparing BAS
  • responding to requests from clients/leads
  • checking the mail/emails
  • keeping up with your industry’s regulations
  • Tidying up the office
  • … the list goes on.

Question to you: on average how many hours of admin work do you do every week?

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The one BIG change to small businesses

Have you heard about the introduction of Single Touch Payroll (STP) which is being advertised as one of the biggest changes for small businesses since the introduction of GST?

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Payroll tax – the basics

What is this?

Payroll tax is a tax assessed based on wages paid or payable an employer to its employees. It is a state tax –each state and territory has their own legislation with varying rates and thresholds.  It is also a self-assessed tax, which means that it is the employer’s responsibility to ensure these obligations are met.

Below are some of the basics of payroll tax that every business owner should be aware of.

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