Bookkeeping and Virtual Assistant Support

Cyber Wardens is free e-Learning Platform built by a small business, for small business.

Let’s talk about creating a Cyber Safe Environment
Cyber security is a challenge for us all. The last 12 months have shown us that no business, big or small, is immune to the cyber threat. Successful attacks are costly and significantly impact business reputation. Recovery is hard; we must learn to lock our digital doors to cyber criminals. As online scams and fraud continue to rise, Australia’s almost 5 million small business employees must be supported to upskill their cyber safety knowledge.

By bolstering the cyber capabilities of people who work in small business, we make it easier for small businesses to increase their cyber posture to prevent attacks and be resilient when and if they occur. Just like workplace safety officers help keep small businesses safe from physical hazards, Cyber Wardens will use the same skills to prevent and protect against digital threats.

Cyber Wardens e-Learning Platform
The Cyber Wardens e-Learning Platform has been developed and tailored specifically for small businesses. The program is designed by small business, for small business, giving owners and employees the tools they need to stay safe online. COSBOA’s Cyber Wardens program aims to become Australia’s first cyber safety workplace certification or micro-credential for the small business sector.
The Cyber Wardens program is a simple education tool designed to build a cyber-smart small business workforce. Cyber Wardens training can help you defend against digital break-ins and help you keep cyber criminals out of your business.

Anyone can be a Cyber Warden and help. The best part is that you don’t have to be tech-savvy or an IT wizard to put your hand up. Just like workplace safety officers help keep small businesses safe from physical hazards, Cyber Wardens will use the same skills to prevent and protect against digital threats.

The Vision
Over the next three years, the goal of the Cyber Warden Program is to train 60,000 small business Cyber Wardens. This initiative aims to arm them with the knowledge to:

Identify cyber threats.
Safeguard their businesses from digital threats.
Access ongoing resources for support.

Visit the Cyber Wardens website for more information about the program:
https://www2.icb.org.au/e/963933/2023-10-19/5ggd4/256278759/h/ZJnQIkukwc8YQyA4QUgYXd1LGBQhYMNR7xBGjp4psXw

A continue to my last week post,

If you’re business required to do PAYG instalments, It is so important to know which PAYG instalment method best suits your needs, and please note that a BAS Agent is permitted to make the changes on the BAS – to have the BAS calculate the correct PAYGI based on the information – however, it is not the permitted role of a BAS agent (nor any contractor who is not a Tax Agent) to advise on what a new PAYGI rate should be.

A BAS Agent needs to receive instructions from the correctly authorised person within a business (or the business’s Tax Agent) regarding the new PAYGI rate or outcome. The BAS Agent can then amend the rate on the BAS.

The Tax Agent’s Role

The revision of the PAYGI rate or amounts is the realm of the Tax Agent as it requires the interpretation and application of income tax laws to the business circumstances. Also ATO website has a great resources for all tax matters.

A continue to my last week post,

If you’re business required to do PAYG instalments, It is so important to know which PAYG instalment method best suits your needs.

Please check this link from ATO website:
https://www2.icb.org.au/e/963933/method-best-suits-your-needs--/5ggcx/256278759/h/ZJnQIkukwc8YQyA4QUgYXd1LGBQhYMNR7xBGjp4psXw

A BAS Agent is permitted to make the changes on the BAS – to have the BAS calculate the correct PAYGI based on the information – however, it is not the permitted role of a BAS agent (nor any contractor who is not a Tax Agent) to advise on what a new PAYGI rate should be.

A BAS Agent needs to receive instructions from the correctly authorised person within a business (or the business’s Tax Agent) regarding the new PAYGI rate or outcome. The BAS Agent can then amend the rate on the BAS.

The Tax Agent’s Role

The revision of the PAYGI rate or amounts is the realm of the Tax Agent as it requires the interpretation and application of income tax laws to the business circumstances.

Lets talk about PAYG Instalments

Understanding and Choosing the Right Method for a Business

Pay As You Go Instalments or PAYG Instalments are implemented by the Australian Taxation Office (ATO) to help businesses and individuals meet their income tax obligations throughout the financial year. It is particularly relevant for businesses that expect to have a tax liability at the end of the financial year. PAYG Instalments require businesses to make regular payments toward their expected tax liability, which are credited against their annual income tax assessment.

There are two primary methods to calculate and pay PAYG Instalments:

Instalment Amount: Under this method, the ATO provides an estimate of your expected tax liability based on your previous year’s income and tax return. Businesses then make regular, pre-determined payments throughout the financial year, generally on a quarterly basis. The ATO’s estimate is designed to align with your expected income, ensuring your payments are proportional to your earnings.
Instalment Rate: This method allows businesses to calculate their own PAYG Instalments based on their actual income and business activity. You are required to estimate your expected income for the current financial year and apply the applicable instalment rate, which can vary based on your business type and circumstances. Your payments will then fluctuate with your actual income, ensuring a more precise contribution to your annual tax liability.
Choosing the most suitable method for your business depends on various factors:

Income Stability: If income is relatively stable and consistent from year to year, the Instalment Amount method may be more convenient, as it simplifies payment obligations.
Income Variability: For businesses with fluctuating incomes, the Instalment Rate method offers flexibility by allowing adjustment to payments in accordance with actual earnings.
Accuracy: If a business can make reasonably accurate income projections, the Instalment Rate method may help avoid overpaying or underpaying tax.

Setting up your own business is exciting but can also be challenging. To ensure a smooth start, there are obligations a new business needs to consider. It’s important to note that starting a business is challenging and involves inherent risks and it’s advisable to consult with professionals, mentors, or business advisors to gain further insights and guidance specific to your situation.
Remember that each business is unique, and additional factors may be relevant based on industry, location, and personal circumstances. Considering these aspects can significantly increase your chances of success and help build a strong foundation for your business.
Aside from having knowledge in your chosen industry, running a business requires a wide range of skills such as business, personal and interpersonal skills.
Use the Expertise and Advice finder to search for expert business advisors who can help guide you through starting your business. Contact your local industry association and look at the ATO’s website and small business benchmarks to see how businesses perform in your industry.
Research financial information for your business, starting and running a business requires significant time, effort, commitment and willingness to take on the responsibilities that come with business ownership. Your lifestyle will change a lot as a business owner and will need to work long hours.
Speak with a registered BAS Agent when starting a business is highly beneficial. A BAS Agent is a professional who specialises in financial reporting, including preparing and lodging BAS statements. Engaging their services can ensure your business complies with GST obligations and other reporting requirements. BAS Agents possess in-depth knowledge of tax laws and regulations, enabling them to accurately calculate and report GST, PAYG withholding, and other relevant taxes, they can guide you through the intricacies of financial record-keeping, assist in setting up appropriate accounting systems, and provide valuable advice on bookkeeping practices. They can help you understand your obligations and timelines for BAS lodgement, minimising the risk of late lodgment penalties.

How a Bookkeeper Can Help Assist a Business in Financial Trouble?

Bookkeepers can play a crucial role in identifying the signs of a small business in debt. By closely monitoring the financial records and analysing key financial indicators, they can spot warning signs that indicate a business may be struggling with debt.

Bookkeepers often have the first opportunities to observe changes in a business, both positive and, unfortunately, negative. By getting involved with their clients by asking questions and testing their clients’ knowledge of the business and its key performance indicators, they can spot the danger signs that trouble is approaching or at hand.

Typically, it is not just one factor that points to the demise of a business;
it is generally a culmination of factors, such as:

A lack of working capital.
An overall asset deficiency.
The inability to meet financial obligations.
Creditors being paid outside of their trading terms.
The inability to raise further capital or obtain further borrowings.
Tight cash flow leading to juggling payments.
Making special arrangements with creditors or favouring certain creditors.
Overdue state and federal taxes.
Poorly maintained accounting records.
Rent not being paid on time.
Employees not being paid all their entitlements, particularly superannuation.
Source: Is this business in financial trouble? Spot the danger signs.

https://www2.icb.org.au/e/963933/potting-danger-on-the-horizon-/5ckp1/238112106?h=5viLIcZlvqaSYpglOMIPphFrCkfk3Sr2qvEtuTY2hfk

Bookkeepers maintain awareness of the business and are prepared to assist in various ways, including recommending the use and engagement of Insolvency and Business Recovery Services in some instances.

Recognising financial distress indicators and understanding potential insolvency risks empowers a Bookkeeper to guide businesses toward seeking professional help at the right time. Collaborating with insolvency experts can provide struggling businesses with strategic recovery plans, debt restructuring, and legal guidance to navigate through challenging financial situations.

By offering this recommendation, Bookkeepers contribute to the overall well-being of the business and its stakeholders, ensuring informed decisions are made to achieve the best possible outcome.
Please get in touch for bookkeeping service, BAS, payroll, etc..

I would like to proudly announce that I am now a BAS agent - I am deeply grateful to be a part of the Bookkeepers/BAS agents community. Thank you to all my clients who supported me and believed in me for the last few years. :)

One of the processes business owner’s may need assistance with from time to time, is the Business Name renewal requirement as requested by ASIC – The Australian Securities and Investment Commission.

Bookkeeping and Virtual Assistant Support now takes appointments on their Page.

I had a great time with my friends from uni who are all bookkeepers! What a great start to 2022 and I hope you all have a very happy new year!

Despite everybody having a difficult time during the Covid era, I’m so grateful that technology made us close.. I wish you a Merry Christmas and happy, safe New Year!

Did you know?

That during the 2020–21 Financial Year the ACSC observed that there is over 67,500 cybercrime reports and the self-reported losses from cybercrime total more than $33 billion.

More than 75% of pandemic-related cybercrime reports involved Australians losing money or personal information.
Online shopping scams and online banking scams were the top reported cybercrime types.

We can use a few strategies to protect ourselves from cybercrime

By keeping your operating system and applications up-to-date will protect ourselves from a cyber security incident and by activating the multi-factor authentication which is proven to be one of the most effective ways to protect against unauthorised access to our accounts. Turn on automatic updates and Regular backup.

Small businesses needs our support. Let’s go local first!

Good news to anyone who is paid minimum award wage or the national minimum wage. The increase took effect on the first of July.
Employers needs to check if any awards apply to their business - and assess their employee’s wage agreements for those on minimum wage and advise the relevant employees of the increase.
#2021

Do you have the time and skill to do your own bookkeeping?

Most business owners already have so many responsibilities and doing your own bookkeeping on top of that is difficult

The start of the financial year is here - It’s time to hire a bookkeeper! Get in touch now for a free consultation

🎉 Happy 🥂🙌

#2021

Super Guarantee to increase 10% on 1st of July 2021

⬆Super Guarantee to increase to 10% on 1st July 2021

ℹ️ https://www.icb.org.au/news/newsletter/a/9047

Happy Mother’s Day Australia!

Bookkeeping is vital to any business.

Bookkeeping and Virtual Assistant Support updated their phone number.