Using Technology to Grow

26/10/2021 | Seeton Consulting

Modernise your Financial Department

It is not uncommon for startups and small businesses to operate with limited resources. But smart technology tools can enable small teams to operate at a larger level, giving them a competitive edge despite their size.

This Forbes article discusses how you can take a modern approach to finance and adopt a strategy that encourages business growth.

Employ more strategic cash flow management. Improving simple practices such as sending invoices as soon as possible, using online invoicing tools, evaluating where you can reduce expenses, and adjusting inventory.
Schedule regular financial forecasts to gauge profitability. Financial forecasting is critical for both short- and long-term scenario planning, and an effective tool to estimate profitability.
Invest in the right technology. Automation can make manual processes much more efficient, increasing the importance of an organisation’s finance tech stack.

Modernising financial management is not as difficult as it seems. However, it takes dedication to ensure your team is on the right track. If you need some guidance with your business finances, get in touch with us today.

Change in Super Rules from 1 November for Your New Employees

There’s an upcoming change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.

Starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.

You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!

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