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.
Tax Advice for SMBs in Australia
One of the biggest benefits of having an HR function in small and medium sized business is that it can help bring structure and consistency to the business. In a smaller business, where resources are often limited, having HR can provide guidance on policies and procedures which can help mitigate potential risks and ensure compliance with employment laws and regulations.
Outsourced Accounting Services for SMBs
Outsourced accounting services can provide a unique and invaluable service to SMBs, allowing them to focus on the big picture rather than the tiny details associated with financial administration.
The Value of a Trusted Strategic Advisor
There is no question that small and medium size businesses (SMBs) in Australia need to focus on going digital in order to remain competitive. This is especially true when it comes to staying ahead of the curve and keeping up with the ever-changing digital landscape.
What many SMBs may not realise is the importance of having a trusted strategic advisor to help them navigate these waters.
Upgrading Your Current Technology Solution
Upgrading your current technology solution can have numerous benefits for Australian small and medium-sized businesses. Here are some of the benefits our clients are seeing across our technology projects.
1. Increased Efficiency
2. Improved Security
3. Enhanced Collaboration
4. Cost Savings
5. Increased Profits
The Benefits of HR function in SMBs
One of the biggest benefits of having an HR function in small and medium sized business is that it can help bring structure and consistency to the business. In a smaller business, where resources are often limited, having HR can provide guidance on policies and procedures which can help mitigate potential risks and ensure compliance with employment laws and regulations.
Australian Workplace Law Changes - January 2023
As your trusted business partner, The Halkin HR Team will always stay on top of the current and upcoming changes regarding workplace law and best practice to ensure that all our clients receive the most up to date information.
Our team of dedicated HR consultants have done their research and attended relevant webinars and compiled this easy-to-digest analysis of the new workplace law changes.
Please reach out to us for any assistance regarding the implementation thereof.
National Minimum Wage and Award Increases
The Fair Work Commission has handed down the 2022 Annual Wage Review decision, granting a 5.2% increase to the national minimum wage and a 4.6%, or a minimum of $40 per week, increase to modern award minimum wages.
In determining a proportional increase to modern awards, the Fair Work Commission determined that wages contained within modern awards that are above $869.60 per week will be increased by 4.6%, with rates below this figure to be adjusted by $40 per week.
This is the perfect time to consider what these increases will mean for you and your business. The increase this year is significant, so if you haven’t recently reviewed your employees’ rates and salaries to ensure they are still meeting the minimum requirements, now is the time.
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.
