Author Archives: Megan Davis

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3 Ways For Hospitality and Retail Businesses To Maximise Profits During The Holiday Season

The holiday season is a fantastic time of the year. For most of us, this means food, family and holidays. For those of us in the retail and hospitality sector, it means all this and more. It is a busy time and staffing, wages and stocking can put extra stress on business owners and managers.

We know that problems with increased competition, food waste and changes in food trends are things to be aware of when maximising profits. This makes the busy holiday season critical to ensure that your business stays in the black. We know that your industry is competitive and profit margins can be tight.

We recommend three ways to maximise your profits and keep your sanity.

1. Use A Staff Rostering System

Do not rely on a spreadsheet that relies on people putting in information. Tanda is an integrated rostering and time management app with a few twists to keep things fresh. Tanda is cloud-based, real-time and connects to your point of sale system to capture all your staff’s logged hours.

Tanda’s can sync to your POS to capture all your staff’s logged hours. Staff can clock on and off from any POS terminal, ensuring your staff is accountable and you can track who’s working when.

If you need help with predicting how much staff you will need per shift, Tanda can help there too. The software uses algorithms to predict schedules. This software also has seamless payroll integration, easy employee onboarding and automated award calculators for hospitality Award rates set by Fair Work Australia.

2. Paperless Employee Onboarding

You might need to hire extra temporary staff to cover the workload. Another great option is Ento, a paperless employee rostering and onboarding system. This system has easy ways to onboard casual hires for the busy holiday season.

Your new hires have the ability to join your team with a digital onboarding experience. It is optimised for mobile devices allowing staff to manage every step of their onboarding from a smartphone or tablet. Another bonus is Ento’s digital contracts. Going paperless saves time, reduces errors and eliminates lost documents. Digital signatures allow your new hires to quickly sign all contracts and policies.

3. Start Your Financial Planning Now

October is the time to start planning your December. Speak to a trusted accountant to plan the financial targets you need to hit to maximise your profits during the busy season. Looking at your sales from last year can help project what your upcoming holiday period may look like. Problem areas such as extra staff costs or food waste can be reduced if you start early.

Interested in maximising your profits this December? Now is the time to book in for a free consultation with us.

We look forward to making this season your best quarter yet!


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Stay On Top Of Your Books In The Hospitality And Retail Sectors

Anybody who owns or manages a hospitality or retail business knows how hard it is to stay on top of things like staffing, stock and payment systems — you’re always so busy just keeping the business ticking over. In the following, we highlight the accounting software tools that are available to lighten your load, keeping your books up-to-date and transparent with very little effort on your part.

Accounting Software

The most common issue we encounter with hospitality and retail clients is that there is very little reporting on stock, staff, and profit and loss statements. Rather, business owners and managers in these sectors tend to look at their bank account, and that’s it. This means there is a lack of management of cash flow, which can lead to big issues at tax time, not to mention running out of stock or being under-staffed.

The solution to the above is as easy as investing in an accounting software system, such as Xero, MYOB or Quickbooks. Each system can generate reports on staffing, stock, and payments, and reconcile your books automatically. These systems allow small businesses to keep up-to-date with what’s coming in and going out in real time, giving owners and managers the ability to make informed decisions about staff, stock, and expenditure.

Payment Systems

On top of the above accounting software, there is a range of plugins available that provide specialised oversight and automation of separate aspects of the retail and hospitality sector.

One such plugin is Tyro, which we highly recommend for payments, due to its simplicity and competitive pricing and its ability to integrate with your payment system.

Tyro provides both hospitality and retail businesses with tailored and flexible solutions that recognise the specific needs and variations of each sector. For example, Tyro caters for everything from cafes to bars, to accommodation and retail liquor outlets within the hospitality industry. In terms of retail, Tyro is flexible enough to provide payment solutions to any kind of business, whether it’s a service such as hairdressing, a food store, or a fashion outlet.

Point of Sale

There are a number of other point of sale (POS) systems on the market, many of which target specific industries. Of these, there are three that we would recommend in particular, given their state-of-the-art features, flexibility and integration capabilities.

For retail businesses, we’d encourage you to take a look at Vend. This solution prides itself on being a comprehensive POS system that combines highly advanced technology with ease-of-use. To give you an idea of Vend’s capabilities, here are just two its standout features:

  • Sign in from anywhere at any time: Vend is based in the cloud, so you can sign in and work from anywhere on the globe, easily accessing your sales data, products and reports, even when you’re on your well-earned holiday!
  • Keep selling when the internet goes down: Vend continues to work even when it’s offline and re-syncs your data as soon as the internet comes back on, so you’re never faced with losing a sale or the uncomfortable situation of having to turn customers away.

For hospitality businesses, there are two POS systems that we think offer excellent features and flexibility for cafes, bars, restaurants, accommodation and all things in between. These are:

  • Kounta: A one-stop shop for everything POS for hospitality businesses, featuring the ability for you to customise the system to your exact needs, down to the most minute detail.
  • Square: Not only was Square one of the first POS systems to accept chip and cardless payments, it comes with the free Square POS App that gives you the tools to run every aspect of your hospitality business through your payment software.

If you have any questions about the software solutions mentioned above please get in touch with us at 360 Accounting. We have worked with small businesses in the hospitality and retail space for years and understand your unique challenges.

Book in for your free consultation today!

 

 

 


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4 Things Le Tour De France And Your Accountant Have in Common

You might not immediately think that the most famous cycling race in the world and your accountant have much in common, but we’re here to show you the similarities and how these can benefit your business.

Le Tour De France, Dinard, Brittany, France

  1. Like elite cyclists, accountants train every day
    Not only do accountants have to keep up with constant changes in small business tax and financial obligations, we are always on the look out for the best solutions for our clients. This means we are committed to training on a daily basis, including keeping up-to-date with the latest accounting apps and platforms and how they might improve our ability to provide the best financial advice and services to our clients. Add to this the yearly professional development requirements for CPAs, and you can be assured your accountant is not only fighting fit but also mentally prepared for the challenges ahead.
  2. Accountants are in it for the long haul
    No one takes on Le Tour De France unless they’re committed to seeing it through until the end. The same goes for accountants and our relationship with the businesses we work with. Once we’ve hit the road, we are there beside you through all the twists and turns of a small business, helping you adapt to changing circumstances, taking on the burden of your business bookkeeping, and providing sound financial advice for the long-term. We are committed to seeing that your business not only survives but thrives.
  3. All the best cyclists have a Plan B, and so do we
    Those who follow Le Tour De France know there’s always something that can go wrong that can’t be predicted – the infamous case in 1999, for example, when a photographer jumped out in front of Italian Giuseppe Guerini, who was leading the Alpine climb stage of the race. While the crash wasn’t the most horrific of all time, it does show how even the best can be derailed by the unpredictable. Business accountants are here to prevent the ‘crash’ and get your business back on the road with the minimum of fuss – we always have a Plan B to assist you in dealing with hiccups, such as late payments or cash flow issues. Like Giuseppe Guerini, who went on to win the stage following his encounter with the photographer, your accountant is here to get you back on track and feeling confident in your business again.
  4. Knowing when to leave it to the professionals
    How is this related to Le Tour De France, you might ask. Well, all professional cyclists start out as amateurs and have to learn the ropes from the professionals – a grueling lifestyle by all accounts, and one that only a handful make it through to compete at an international level. The parallel here is, you may be a small business owner, but that doesn’t make you an expert on small business tax or GST or bookkeeping. This is because you are the expert in your industry, which is what you should be focusing on – the day-to-day running of the business. Knowing when to hand over your financials to an accountant is key to a successful small business plan. It may be at the point you need to register for GST, or as your staff, locations and customers grow, or when you need to find ways to reduce your tax liabilities. Whatever stage it is that you find yourself feeling hemmed in by your financial obligations or the demands of growing your business is the time to hand it over to the professionals. After all, business accountants are the elite cyclists of the world of small business financial advice!

If you are at the beginning of your race or reaching your goals around a finish line now might be the right time to book in a free consultation. We are excited to help you on your race of a lifetime!


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Do You Owe Payroll Taxes On Your Contractors or Subcontractors?

Category : Accounting , Bookkeeping , Payoll

There are lots of things to consider as the end of the financial year gets closer. Especially for dynamic businesses where staffing can take a variety of forms.

Contractor or subcontractors are important during busy periods or to cover staff when they are away or ill. Sometimes the line between contract and full-time employment can get blurred.

There are different rules for each state around what constitutes permanent employment. There are some key questions to use as a guide to understanding when a contractor or subcontractor starts looking like a full-time staff member according to employment law.

This can become a grey area, take the quiz below to help you gain clarity!