Here at Penrith Bookkeeping Services, we like to keep you abreast of the various changes the government implements for small businesses each year in regards to compliance requirements.  One change for this current financial year is the way that you report your Reportable Employer Superannuation Contributions.  These changes will require you to report any salary sacrifice or employer’s additional payments beginning on 1 July 2009.  You will have to report these on your employees payment summary statements.

Other compliance requirements can also change. If you use payroll/accounting software, you will probably need to update it also to ensure that it adds these changes to the program.  Make sure your software is enabled to receive these updates as they become available.

Planning for 2009/10 Realistically

Now is a great opportunity to set yourself up for success this financial year, if you have not yet started.  New work practices and making improvements to existing practices can guarantee that next year will be much easier and less stressful.  A common concern is to keep your existing customer base while creating even more business.  Planning early will give you a lot more time to focus on this.

Some tips to help make your time and work practices more efficient can include:

• Setting goals and planning business strategies
• Keeping your financial goals realistic and sticking to a budget

A great way to see if you are meeting these goals is to let Penrith Bookkeeping help you with:

• Keeping all of your records and accounts up to date. (Enter the data into your software on a regular basis).
• Running comparative analysis reports that compare each year.
• Keeping an eye on your cashflow, especially when people owe you money or inventory.

The best overall tip is to simply make sure your inventory is organised to prevent losses and follow your schedule and list of tasks to the letter.  This will keep you on task and you will be much more likely to keep up with your administrative functions.

If you have not done so already, now is the perfect time for all business owners to start getting all the required paperwork in order for your accountant. If you are behind in your paperwork, don’t stress. Call Irena at Bookkeeping Services Penrith on 1800 733 497 to help you get your books in order.