Monthly Archives: March 2018

  • 0

Management Accountant: Who They Are and 3 Reasons to Hire Them

Category : Uncategorized

 

Do you own a small business?

Are you struggling to keep track of where you are and where you want to go both financially and strategically?

If so, then a Management Accountant might make a great addition to your team. Here’s a bit more about who they are and how they can benefit your business.

What is a Management Accountant & What Do They Do?

A management accountant is a highly skilled and educated accounting professional. While bookkeepers and accountants typically keep track of your financial affairs, management accountants prepare management reports and accounts for your business. Their timely financial and statistical information aids managers in creating short-term and long-term decisions.

These reports are designed to measure, interpret, and analyse where your business stands. They also clearly communicate information to your managers to guarantee you move closer to your organizational goals. Their ultimate responsibility is to help your managers make better decisions.z

But why should you hire them for your business?

1. Improve Cash Flow

Budgeting is a huge part of running a small business or organisation. Business owners use budgets to create financial roadmaps to determine business expenditures and more. But when you use a management accountant, they can provide these roadmaps right down to the smallest figure. They go through detailed information to provide an overall budget that can save your company money and improve cash flow.
2. Budgets & Forecasting

Additionally, a management accountant also creates forecasts that enable your business to set long and short-term goals. Each month, management accountants provide reports that work with your budget.

3. Greater Efficiency

Management Accountants are experts in financial reporting and control, which means their more efficient in running these reports. They use managerial reports to offer a clear picture of the many factors that drive daily business operations. To make sense of your financial information, you need a management accountant to help you out. This all leads to greater efficiency.

Summary

To increase the efficiency of your business you need a professional in your corner, one with experience with budgets and analytical data. Save yourself time and money by hiring a management accountant for your business. Call us on 1300 360 749 or visit our website for more information.


  • 0

Single Touch Payroll (STP) – An ATO initiative to simplify your payroll system

What is Single Touch Payroll?

Single Touch Payroll is a Pivotal moment for both ATO and Employers. It is the biggest payroll reporting change in Australian history for all Employers. STP is a method of reporting Payroll data electronically to the ATO. It will enable employers to report payments such as wages and salaries, PAYG Withholding and Super Information directly to the ATO at the same time when employees are being paid.

Who is affected?

  • STP reporting framework will be mandatory from 1st July 2018 for Business with 20 or more employees. It is important to note that Employer needs to do a headcount by April 1st 2018 to determine if they have 20 or more employees.
  • STP is optional for employers with 19 or less employees as it is not required at this stage, but they can report voluntarily by using updated payroll software.
  • Employers with 19 or less employees have another year to prepare, however from 1st July 2019 employers will need to Start Reporting through STP. This will be subject to Legislation being passed in Parliament.

STP TIMELINE:

To know more about STP and how it may impact your business contact us on 1300 360 749 or click here for contacting a consultant.