The Australian Payroll Conference took place at the International Convention Centre in Sydney and was informative for all attendees. Payroll is an area that is very important to all businesses and individuals that are in the workforce as it is imperative that employees are paid correctly.
Mike Munro was the MC for the event. I have grown up watching him on Australian television, with my favourite of his appearances being in ‘This is your Life’.
Andrew Griffiths, a well known author, speaker and mentor, opened the conference with “It’s time to become a mighty communicator” and stressed the importance of communicating. Relaying great stories he explained how we are losing the art of communicating. Andrew touched on the differences between the way men and women communicate. He also believed that we need to make the meaningful moments in life count, which signifies living in the moment and devoting your attention to the now. He had us laughing about life and paying each other compliments.
The ‘Changing Landscape of Payroll in Australia’ component was presented by Simon Gallagher- CFO Drake Australia, MD Drake Allegiance. Simon explained to us that there is an increase in self employment and casual workers. They are saying that permanent employment will reduce by 50% moving forward. Work/Life balance is becoming a driver as more people rely on attaining a certain lifestyle. It was interesting to hear that young people will have 17 different jobs in their career. From a technological arena we are seeing the evolution of eye detection technology which is now being used to track employees. A point that Simon made that I regularly reflect upon, is to be more proactive than reactive, embracing technology and automation. By doing this you will gain new skills and become more valuable.
Next year on the 1st July 2018 the Australian Taxation Office is introducing the One Touch Payroll for employers that have over 20 employees and then the following year businesses with smaller numbers of employees will be required to come on board.
In preparation for the Single Touch Payroll businesses are urged to check all employee records ensuring details are correct, especially Name and Date of Birth.
A favourite presenter of mine is always Maria Nikoletatos – Chief Knowledge Officer at Australian Payroll Association. She covered the technical aspects of Long Service Leave and ETP payments and Superannuation. Always entertaining and full of knowledge.
Meanwhile, I had the pleasure of catching up with Leanne Lewis at the Australian Bookkeepers Association stand supporting and uniting bookkeepers and Bas Agents around Australia
Tracy Angwin – CEO at Australian Payroll Association ended the day with the 4 types of analytics one can get from payroll. They are the Descriptive, Diagnostic, Predictive and Prescriptive. I loved her passion for the future of having payroll personnel trained in payroll Administration or payroll Management. Having more individuals qualified in payroll can only improve knowledge in an area that is the backbone of all businesses.
The new year has started and it’s time to start working ON your business!!
For me January always brings a fresh start and I think about new ideas to implement.
In my business I always set aside a day with my team (on a regular basis) to spend working ON the business.
Business owners spend so much time working IN it they don’t realise the importance of what a planning day can have to the entire year.
Here are 10 tips that you can follow:
- Always set an Agenda – as it is easy to forget important items that you want to address.
- Set goals!! – What do you want to achieve this year?
- List items that worked well last year- Ask why these ideas succeeded? What did you do right? Was it pricing? Was it because it was something no-one else did? Or was it because you had so much passion behind it that you found it easy to implement?
- List items that didn’t work so well- You need to look at why these ideas failed and whether or not they can be improved on and kept on the plan for this year.
- Start listing ideas that are in line with your goals and what you want to achieve next? These new ideas need to have a time frame applied next to them.- How long would it take to implement Idea A versus Idea B- Time frame can be 1 week, 6 months etc dependant on how much research or development time it took?
- When you think about the business does anything require attention? It is important to address issues that you may have not had the time to think about during the year. This could be you current premises that you rent. Are you at the end of the lease? Does this premise still tick the boxes or have you outgrown it? Do you need to downsize? Are you a retail business and location is everything
- Are you holding back? What and why are you holding back
- Are you running the business at full potential? It is so easy to get side tracked and avoid the questions.
- Cash flow- Are you getting paid on time? Do you have money to pay your bills?
- Any ideas or problems you have do you need further advice and training? Remember as your business grows it is very difficult to do everything well and that means you may require more staff or outsource?
These 10 items will help you set up a great planning day. Bring in your trusted team and enjoy yourselves brainstorming and make this year your best year yet!!
Need any help… AboveBAS is able to provide you with the support you need in your back office and to you as a business! Just contact us to organise your free check up!
AboveBAS also offers Business Guidance (a helping hand for your business journey). As well as Bookkeeping & BAS Agent services.
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