You’ve got all the IDEAS!

Workplace Policies

Strengthen your ‘back of house’

Challenges that you may face:

You’re an expert in your field but not sure if you are looking after your books (financials)/employees correctly
Time Poor: are you doing your bookwork late at night? On the weekends? When you should be spending time with your loved ones
Don’t want to ask anyone for help as its seen as sign of weakness
Can’t keep up with the changes that ATO/Fair Work bring out
Not educated enough in understanding compliance matters for various external stakeholders, e.g. ATO, super funds, tax, BAS, PAYG, pay rates
The spine of your business is the back of house operations:
Financials: bookkeeping, AP/AR, reporting to ATO (BAS/IAS)
Human Resources: retaining your talent or if a sole-trader – when to employ/outsource
Compliance: systems, policies and procedures for Quality and WHS that outline processes in your business
Always looking for continual improvement
The synergy of these three areas will ensure the business is compliant and sustainable within the industry.

FINANCES + HR + COMPLIANCE = TRIPLE BOTTOM LINE
Let’s break each of these components down to get a full understanding of what you need to focus on.

FINANCIALS
Financials for a business is not just the money you are making. It’s being able to forecast and budget for expenses, capital expenditure and ensuring there is enough cashflow to stay in front. You can look at your financials by:

Setting the business up right the first time
Correct entity structure
Good relationships with accountants/financial advisors for direction and guidance
Account codes in software package are relevant to your business an industry
Insurances, leases and equipment is all in place or there is plan for the future
Outsource bookkeeping or BAS preparation and lodgement to ensure compliance with ATO
Training on tips/tricks with software if you are doing the bookwork yourself
Time-management and organisation is required to be consistent and productive
If you have employees, do you understand the new STP requirements? Why has the ATO bought this in?
Are you up to date with payroll changes and new rates of pay from July 1? The changes to penalty rates? If not, did you know that you could face fines from the ATO? This could lead to the closure of your business if not dealt with in the correct manner.

HUMAN RESOURCES
If you are self-employed or have just started up your business you may not need to employ anyone else, however your business goals should include growth and expansion Whether it is 1 or 20 employees, your business should have a solid Human Resources process that will be the same for any new person that begins employment with you. Focus points should include:

HR processes and policies that are in line with Fair Work
Consistency of all processes
Know the laws (Fair Work Act, WHS, Discrimination, Harassment, Equal Opportunity, Privacy and so on)
Awards & Agreements
Rates of pay and record keeping
Workers Compensation
PAYG & Super


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