How To Get Back To Work Safely
June 8, 2020
With the Australian economy slowly reopening, many businesses will be welcoming their employees back after several months of shut down. This is a critical juncture where we need to ensure we can operate efficiently to grow our businesses and keep everyone safe.
This return to trading will not be business as usual and extra care and precautions to ensure the safety of staff, clients and service providers is necessary.
We have put together a list of recommendations that will help businesses navigate these complex times. Businesses must stay profitable while managing sick leave, structuring offerings to reduce wastage and keeping their staff safe.
Sick Leave Entitlements
It is important to understand how to use and apply sick leave during this phase of reopening. We have provided answers for some of the most common questions we receive at 360 Accounting:
- In addition to 10 days paid sick leave how do I process additional sick leave or unpaid leave for isolation?- If the employee is sick, they can use their sick leave balance
- If the employee is not sick but needs to self-isolate, they cannot use sick leave, since technically they are not sick, The Fair Work Commission has introduced 2 weeks’ unpaid pandemic leave in 99 awards. An eligible employee taking unpaid pandemic leave must receive at least the amount of the JobKeeper payment from their qualifying employer if they meet the eligibility conditions for the JobKeeper scheme
- Do you have any recommendations for casual staff who may have been exposed to the virus and can't work? What arrangements can be made for them?
- Casuals are not entitled to any additional payment of sick leave for any shifts they do not work as they have already been paid an additional loading in lieu of other entitlements including sick leave
Increasing Retail And Hospitality Profit Margins
This is a critical time for retail and hospitality businesses that have been either shut, operating at a break even or a loss for months. During this reopening phase businesses should focus on only the services that produce the highest amount of profit. We have some recommendations for menus and distancing rules to improve profits with a reduced amount of clientele:
- Keep the menu simple and utilise the same ingredients across multiple dishes, to guarantee a greater profit margin with less food wastage
- Encourage bookings for two seatings per night, for example 6 and 8 pm
- Promote online, via an email database, and on social media. There are best practice hashtags and keywords businesses can use to increase their visibility. It is important to reinforce through your messaging your ongoing commitment to reducing contamination via cleaning changes and social distancing protocols within your business.
Safety Checklists For Staff
As employees return to work, it will be important to communicate with them about their health and wellbeing on a regular basis. Being proactive with staff to understand if someone is ill before reporting to work or beginning a shift is a step that could suppress an outbreak at your location. Here are some ways to ensure you and your team members are safe.
- Deputy, an online rostering system, has recently launched Clock In Questions, a pre-shift health check, which will help protect your business and limit the risk of sick employees and staff being exposed to COVID-19 in your workplace. If you are not already using Deputy sign up for a free trial account here.
- Prior to each shift you can have your employees record a response to whether they are experiencing COVID-19 symptoms, this will protect you from any liability of exposing any of your employees to the virus
- Schedule meetings with staff to discuss their concerns and any recommendations they may have to reduce exposure. Your staff may see areas where they can make improvements and feel safer in the process
Questions?
We know that many of you have been feeling overwhelmed with the changes. If you have questions, please get in touch. Many businesses have a current accountant in place, but with the end of the financial year around the bend, it is always a good time to schedule a review of your current systems or providers.
We understand that now is a pivotal moment as we reopen our economy, and profits must be maximised. We are not here to merely reconcile accounts. We are a strategic growth partner for your business.
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Running a small business requires wearing many hats, and for a long time, you might have managed to handle the bookkeeping yourself. However, as your business grows, so does the complexity and volume of your financial records. Trying to keep up can lead to stress, errors, and missed opportunities. If you are debating whether or not it’s time to bring in professional help, here are five clear signs that you should stop delaying and hire a virtual bookkeeper. 1. You’re Spending More Time on Books Than Business Time is your most valuable resource. When you first started, a couple of hours a week might have been enough to manage your transactions. Now, if you find yourself regularly working late or dedicating entire weekends just to categorise expenses, reconcile accounts, and chase down receipts, it’s a red flag. A virtual bookkeeper can take these essential but time-consuming tasks off your plate. This frees you up to focus on core business activities, strategy, and client service—the things that actually generate revenue and help your business grow. 2. You’re Constantly Missing Deadlines (or Filing Extensions) Tax season always seems to sneak up, and if you’re consistently scrambling to prepare the necessary financial statements or missing key filing deadlines, you need help. A virtual bookkeeper keeps your books organised and up-to-date year-round, ensuring that all necessary documents are prepared well in advance of deadlines. If you are preparing for tax season, you can also ensure all your necessary files are ready by reviewing the File. 3. You Don't Truly Know Where Your Business Stands Do you really know your profit margins? Are you unsure which services or products are your most profitable? If you have to guess the answers to crucial financial questions, your current bookkeeping method is failing you. Good bookkeeping provides a clear, real-time picture of your company's financial health. A virtual bookkeeper provides consistent reporting and analysis, giving you the accurate data needed to make informed business decisions, such as when to expand, purchase new equipment, or increase pricing. Without this insight, you are effectively running your business blind. 4. You Are Afraid of an Audit Fear and anxiety around financial records are clear indicators that your system is disorganised. If the thought of a tax audit makes you panic because your receipts are a mess, or your records are incomplete, it’s time to seek professional organisation. A virtual bookkeeper implements a solid, cloud-based system that organises all your financial documents logically and securely. They ensure every transaction is recorded correctly, backed by documentation, and compliant with current regulations. This professional structure eliminates audit fear and provides peace of mind. 5. Your Business is Growing Rapidly Business growth is exciting, but it almost always means increased financial complexity. More transactions, new employees, international sales, or taking on debt all complicate the bookkeeping process. What worked for your business when it was small won't work when it's scaling rapidly. Don’t let growth become a burden. Bringing in a virtual bookkeeper allows you to sustain your expansion without sacrificing the accuracy of your financial data. They can seamlessly integrate with your existing processes and grow with you. Next Steps If any of these signs resonate with your current situation, it's time to explore the benefits of outsourcing your financial records. Ready to see how a virtual bookkeeper can save you time and money? Schedule a consultation today! Phone us on 1300 360 749.
Running a successful trades business requires more than just skilled craftsmanship; it also demands meticulous bookkeeping. Effective financial management can mean the difference between thriving and merely surviving. This blog post offers essential bookkeeping tips tailored specifically for professionals in the trades. 1. Separate Business and Personal Finances This is fundamental. Using a separate bank account and credit card for your business not only simplifies tracking income and expenses but also protects your personal assets in case of a business audit or liability. 2. Track Every Expense, No Matter How Small Every dollar spent on your business is a potential tax deduction. Keep detailed records of all your expenses, including: ● Materials and supplies: Lu mber, pipes, wiring, paint, etc. ● Tools and equipment: Purchases, rentals, and repairs. ● Vehicle expenses: Fuel, maintenance, insurance, and registration for your work vehicles. ● Subcontractor costs: Payments to other professionals you hire. ● Marketing and advertising: Website fees and online ads. ● Insurance: General liability, professional indemnity, and workers' compensation. ● Training and certifications: Keeping your skills up-to-date. ● Office supplies: Software subscriptions, stationery, computers...e ven small items add up. Consider using an expense tracking app to easily capture receipts on the go - dext, xero, etc. 3. Understand Your Revenue Streams Do you charge per project, hourly, or have retainers? Clearly categorising your income helps you analyse profitability and identify your most lucrative services. This information can inform your pricing strategies and future business decisions. 4. Master Invoicing and Collections Timely invoicing is crucial for cash flow. Ensure your invoices are clear, detailed, and include: ● Your business name, address, and contact information ● Client's name and contact information ● Invoice number and date: Date ● Description of services or materials provided ● Quantity and unit price ● Total amount due ● Payment terms and due date ● Accepted payment methods Don't be afraid to follow up on overdue invoices promptly and professionally. 5. Reconcile Your Accounts Regularly Reconciliation involves comparing your bank statements with your bookkeeping records. This process helps you: ● Catch errors or discrepancies. ● Identify missing transactions. ● Prevent fraud. ● Ensure your records are accurate for tax purposes. Aim to reconcile your accounts at least monthly. 6. Utilise Bookkeeping Software Gone are the days of manual ledgers. Modern bookkeeping software like QuickBooks, Xero, or MYOB can automate many tasks, including: ● Categorising transactions ● Generating invoices ● Tracking expenses ● Producing financial reports ● Integrating with your bank accounts Investing in good software can save you significant time and reduce errors. 7. Plan for Taxes As a business owner in the trades, you'll likely need to pay estimated taxes quarterly. Set aside a portion of your income specifically for taxes to avoid a large bill at the end of the financial year. Consult with a tax professional to understand your obligations and maximise deductions. 8. Monitor Your Cash Flow Cash flow is the lifeblood of any business. Regularly review your cash inflow and outflow to ensure you have enough money to cover your operational costs. A healthy cash flow allows you to take on new projects, invest in equipment, and handle unexpected expenses. 9. Seek Professional Help While these tips provide a solid foundation, don't hesitate to engage a professional bookkeeper or accountant. They can provide expert advice, ensure compliance with tax laws, and help you make informed financial decisions. Their expertise can free up your time to focus on what you do best – your trade. For a consultation, contact Person at File. By implementing these bookkeeping tips, you can gain better control over your finances, make more informed business decisions, and ultimately build a more stable and profitable trades business.
Running a small business requires wearing many hats, and for a long time, you might have managed to handle the bookkeeping yourself. However, as your business grows, so does the complexity and volume of your financial records. Trying to keep up can lead to stress, errors, and missed opportunities. If you are debating whether or not it’s time to bring in professional help, here are five clear signs that you should stop delaying and hire a virtual bookkeeper. 1. You’re Spending More Time on Books Than Business Time is your most valuable resource. When you first started, a couple of hours a week might have been enough to manage your transactions. Now, if you find yourself regularly working late or dedicating entire weekends just to categorise expenses, reconcile accounts, and chase down receipts, it’s a red flag. A virtual bookkeeper can take these essential but time-consuming tasks off your plate. This frees you up to focus on core business activities, strategy, and client service—the things that actually generate revenue and help your business grow. 2. You’re Constantly Missing Deadlines (or Filing Extensions) Tax season always seems to sneak up, and if you’re consistently scrambling to prepare the necessary financial statements or missing key filing deadlines, you need help. A virtual bookkeeper keeps your books organised and up-to-date year-round, ensuring that all necessary documents are prepared well in advance of deadlines. If you are preparing for tax season, you can also ensure all your necessary files are ready by reviewing the File. 3. You Don't Truly Know Where Your Business Stands Do you really know your profit margins? Are you unsure which services or products are your most profitable? If you have to guess the answers to crucial financial questions, your current bookkeeping method is failing you. Good bookkeeping provides a clear, real-time picture of your company's financial health. A virtual bookkeeper provides consistent reporting and analysis, giving you the accurate data needed to make informed business decisions, such as when to expand, purchase new equipment, or increase pricing. Without this insight, you are effectively running your business blind. 4. You Are Afraid of an Audit Fear and anxiety around financial records are clear indicators that your system is disorganised. If the thought of a tax audit makes you panic because your receipts are a mess, or your records are incomplete, it’s time to seek professional organisation. A virtual bookkeeper implements a solid, cloud-based system that organises all your financial documents logically and securely. They ensure every transaction is recorded correctly, backed by documentation, and compliant with current regulations. This professional structure eliminates audit fear and provides peace of mind. 5. Your Business is Growing Rapidly Business growth is exciting, but it almost always means increased financial complexity. More transactions, new employees, international sales, or taking on debt all complicate the bookkeeping process. What worked for your business when it was small won't work when it's scaling rapidly. Don’t let growth become a burden. Bringing in a virtual bookkeeper allows you to sustain your expansion without sacrificing the accuracy of your financial data. They can seamlessly integrate with your existing processes and grow with you. Next Steps If any of these signs resonate with your current situation, it's time to explore the benefits of outsourcing your financial records. Ready to see how a virtual bookkeeper can save you time and money? Schedule a consultation today! Phone us on 1300 360 749.
Running a successful trades business requires more than just skilled craftsmanship; it also demands meticulous bookkeeping. Effective financial management can mean the difference between thriving and merely surviving. This blog post offers essential bookkeeping tips tailored specifically for professionals in the trades. 1. Separate Business and Personal Finances This is fundamental. Using a separate bank account and credit card for your business not only simplifies tracking income and expenses but also protects your personal assets in case of a business audit or liability. 2. Track Every Expense, No Matter How Small Every dollar spent on your business is a potential tax deduction. Keep detailed records of all your expenses, including: ● Materials and supplies: Lu mber, pipes, wiring, paint, etc. ● Tools and equipment: Purchases, rentals, and repairs. ● Vehicle expenses: Fuel, maintenance, insurance, and registration for your work vehicles. ● Subcontractor costs: Payments to other professionals you hire. ● Marketing and advertising: Website fees and online ads. ● Insurance: General liability, professional indemnity, and workers' compensation. ● Training and certifications: Keeping your skills up-to-date. ● Office supplies: Software subscriptions, stationery, computers...e ven small items add up. Consider using an expense tracking app to easily capture receipts on the go - dext, xero, etc. 3. Understand Your Revenue Streams Do you charge per project, hourly, or have retainers? Clearly categorising your income helps you analyse profitability and identify your most lucrative services. This information can inform your pricing strategies and future business decisions. 4. Master Invoicing and Collections Timely invoicing is crucial for cash flow. Ensure your invoices are clear, detailed, and include: ● Your business name, address, and contact information ● Client's name and contact information ● Invoice number and date: Date ● Description of services or materials provided ● Quantity and unit price ● Total amount due ● Payment terms and due date ● Accepted payment methods Don't be afraid to follow up on overdue invoices promptly and professionally. 5. Reconcile Your Accounts Regularly Reconciliation involves comparing your bank statements with your bookkeeping records. This process helps you: ● Catch errors or discrepancies. ● Identify missing transactions. ● Prevent fraud. ● Ensure your records are accurate for tax purposes. Aim to reconcile your accounts at least monthly. 6. Utilise Bookkeeping Software Gone are the days of manual ledgers. Modern bookkeeping software like QuickBooks, Xero, or MYOB can automate many tasks, including: ● Categorising transactions ● Generating invoices ● Tracking expenses ● Producing financial reports ● Integrating with your bank accounts Investing in good software can save you significant time and reduce errors. 7. Plan for Taxes As a business owner in the trades, you'll likely need to pay estimated taxes quarterly. Set aside a portion of your income specifically for taxes to avoid a large bill at the end of the financial year. Consult with a tax professional to understand your obligations and maximise deductions. 8. Monitor Your Cash Flow Cash flow is the lifeblood of any business. Regularly review your cash inflow and outflow to ensure you have enough money to cover your operational costs. A healthy cash flow allows you to take on new projects, invest in equipment, and handle unexpected expenses. 9. Seek Professional Help While these tips provide a solid foundation, don't hesitate to engage a professional bookkeeper or accountant. They can provide expert advice, ensure compliance with tax laws, and help you make informed financial decisions. Their expertise can free up your time to focus on what you do best – your trade. For a consultation, contact Person at File. By implementing these bookkeeping tips, you can gain better control over your finances, make more informed business decisions, and ultimately build a more stable and profitable trades business.
