Welcome to the halkin blog.
Your source for weekly stories and advice on local business, the economy in general and what’s happening in Sydney this weekend.
The Importance of an Efficient AP Automation System
Technology is increasingly playing a part in how business is run. For SMEs, the use of cloud-based platforms and apps enabled affordable and agile improvements. Integrated platforms can automate processes and eliminate errors in manual and paper-based tasks.
Whether you’ve already decided on your automation system, or need help to define what are the next steps, the halkin technology team is ready to take your business to the next level.
Federal Budget 2022-23
On Tuesday 29th March the Australian public received the 2022-23 Federal Budget.
With the nation emerging from the midst of the COVID pandemic and an election looming, we expected to see a budget that would be particularly favourable for smaller businesses, individuals, and households.
The Government has created the budget with macroeconomic indicators exhibiting an expanding economy with record low unemployment, increased consumption, increased household expenditure (albeit through higher inflation) and sustained business growth and investment.
Enhance your Superannuation: How New Legislation Impacts Your Retirement
Retirement planning often takes a back-seat to life, but the newly passed legislation relating to superannuation in Australia is worth paying attention to this year. We’re taking a look at what the changes are, when they take effect, and how they create opportunities for you to improve your financial situation through well-thought-out planning and contributions.
Employee or Independent Contractor: Why it Matters
This year, two important court cases on workplace contracts have finally been settled in February. If they slipped by you, you’re not alone – but as a business owner, these were full of “don’t miss out” information.
Key Considerations When Choosing a New Inventory Management System (IMS)
For product-based companies, inventory management is a vital component to the business' health, competitiveness, and growth. However, nearly 50% of small and medium enterprises (SMEs) either don’t track inventory or use a manual method of doing so.
Growing SMEs must appreciate the benefits of a robust inventory management system (IMS), and might consider a system migration to a platform that can sustain and propel business growth.
What Is Cloud Computing?
Should I or Shouldn’t I?
That is the question plagued by small to medium sized business’s who when starting out didn’t have the time nor see faith in putting their data in the cloud.
Fast forward a few years and that’s all everyone talks about when it comes to collaboration and making your life easier tech wise. Now sure the idea of putting your valuable information somewhere in the digital sky is somewhat daunting but in today you are prompted at every step and turn with 2FA (which is a nice way of security at the club making sure you are in fact who you say you are) and secure passwords to make sure your data is safe up there. Much more safe than that non patched desktop server that your local IT guy installed 3 years ago and “monitors weekly”.
What to Expect from 2022 for SME's Technology?
In 2021 Small and Medium Enterprises (SMEs) embraced technology like never before. The Australian spending on digital services (such as software and apps) almost doubled between 2009 to 2019, and reached new levels during the pandemic, with ICT expenditure up 13% in Australia between March 2020 and June 2021.
In 2022, technological change will maintain its importance as businesses find ways to strengthen their connection with employees and customers. With growing expectations and the pressure to make a profit in times of economic recovery, SMEs are likely to have a big year ahead.
Why Your Annual Financial Review Should Include Your Will and Estate Plan
As we close out the year, it’s an important time to turn your attention towards your financial position. The holidays are approaching, you’ve already spent some time ensuring your finances are in order to close out the calendar year, and you might be feeling pretty well prepared. However, there’s one thing that’s often overlooked: Your Will.
Business Process Mapping: The Key to Streamlining Your Business
What is process mapping?
Process mapping is an exercise to capture the key steps and deliverables of a company or area. The primary outcomes of a process mapping project must be visual and clear, so they can be easily understood by the business and used to spot improvement opportunities.
Phase 2 of Single Touch Payroll is Coming – Are You Ready?
As a business owner, you should already be aware of the Australian Government’s transition to Single Touch Payroll (STP). In the 2019-20 budget, the government also announced that STP would be expanded with additional information.
As required under the announcement, Phase 2 reporting is mandatory from 1 January 2022 onwards. The ATO will offer a flexible approach to the phase 2 rollout to ensure a smooth transition, depending on individual business circumstances.
Why You Need To Know Your Director ID
If you’re a company director, are you aware you need a new Director ID as of November 2021? If you haven’t verified your identity and secured your ID number yet, here’s what you need to know.
What is a Director ID?
The new director identification number (director ID) is a 15-digit ID number unique to each individual, intended to combat fraud and false identity issues. The director ID applies for directors of all companies, including registered foreign companies and Aboriginal and Torres Strait Islander corporations. Once your director ID has been assigned, it will never change. This ID number will stay the same, even if you move, change companies, or cease to work as a company director.
What You Could (and Should) Automate in Your Business, and Why
It’s no secret that businesses must operate with a lean structure to be efficient, stay competitive, and enhance profitability. Additionally, in recent times the pandemic forced business owners into multitasking and being more creative to deal with the daily challenges of managing the company’s operations.
3 Common Problems Affecting Product-based Businesses
Effective inventory management requires reducing errors that frequently occur. These errors involving inventory can impact the business significantly. On average, inventory represents approximately 15% of total firm assets. Add the high inventory carrying costs (which can be over 40% of a company's average inventory investment), and it's clear why maintaining inventory consistency is amongst companies' top priorities.
A Roadmap for the Future: Restructuring your Business
If you’re a business owner, the thought of restructuring doesn’t need to strike fear into your heart. This process doesn’t necessarily indicate layoffs or upheaval. Truth be told, for a business to progress and grow, restructuring is necessary – and something that should be planned out with a clear roadmap, including key milestones that will trigger your restructuring roadmap.
We know that good people are the most important asset any business has; ensuring your roadmap includes succession planning is a key to successful restructuring. Think about this: if your highest-performing employees can’t see a clear path to progress in the company, you’re likely to lose their motivation, interest, and eventually, the employee. A well-planned roadmap means that managers at all levels can see where they may move next and guide their teams appropriately.
Super Choice Rules Will Change from 1 November 2021
From 1 November 2021, if you have new employees start, you may have an extra step to comply with the choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from us.
A stapled super fund is an existing super account that is linked, or 'stapled,' to an individual employee so that it follows them as they change jobs.
If you don't meet your choice of super fund obligations, additional penalties may apply. The change aims to reduce account fees by stopping new super accounts from being opened every time an employee starts a new job. Per the ATO, these are the steps you will need to take from November 1 onwards.
Three Ways the Right Dashboard can Help Your Business
A business intelligence dashboard is an information management tool that uses data visualisation technology to analyse and display information visually in a practical and valuable way. BI dashboards can access data from multiple sources, analyse and display it via browser or mobile applications instead of manually compiling spreadsheets. The rapid analysis of a dashboard gives business owners transparency and, ideally, the opportunity to make immediate adjustments.
Will the Annual Wage Review Affect Your Business?
The annual wage review conducted by the Fair Work Commission resulted in a 2.5% increase to both minimum wage and all award wages. You may not realise that these changes are rolling out in three clear stages – and there are still two stages to go.
So, let’s take a look at what you – and your HR department – need to be aware of. Here are the basics:
Meet halkinbp.
Change is like a vacation, or holiday depending on where you live.
Since there hasn't been much of either lately, we decided to put some high-level effort into updating our brand and communications; and expanding and improving our practice.
How Changing Casual Employment Legislation and Student Visa Rules Will Affect Your Business
Whether you’re a small business owner or CEO of a mid-to-large-sized company, if you employ casual workers, you should be aware of some key changes to the Fair Work Act and Student Visa regulations under COVID-19. Regarding the changed Fair Work Act, employers need to provide all casual workers with an updated copy of the Casual Employment Information Statement (CEIS) before workers start jobs.
Is This the Year to Switch to A Self-Managed Super Fund?
If you’ve been thinking about a self-managed super fund (SMSF) for a while, this just might be the year to take the leap. Many individuals have spent time during the pandemic thinking about their retirement savings, learning more about the markets, and taking a more active role in their investment portfolios. If you fall into any of these categories, or even if you’re just curious, a self-managed super fund can allow you to take a much more proactive role in your retirement investments.
