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.
Recently I attended the Australian Bookkeepers Network Conference and I felt inspired.
The conference commenced with the inspiring Paul Dunn: Buy1Give1
“The power of any idea is only ever in its implementation. There has never been a time to matter more”
“Know WHY you know WHAT you are doing it then has more impact”
These words were amazing and powerful to all.
This is not just for business owners. This applies to everybody. Do you know why you get up in the morning to do what you do. Paul made us record these words:
“I get up in the morning………so that………..!”
Isn’t that so powerful!!
Then the Australian Tax Office Colin Walker spoke about the future of Single Touch Payroll- imagine no Payment Summaries and no Tax File Number declarations. Every time a payrun happened the information would be sent to the ATO.
“Single touch payroll is the beginning of the new world”
Simplified BAS system by 1/7/17 businesses under 10 million only having to lodge GST on Sales, GST on Purchases and Total Sales. The impact on business will be huge. The owner’s of the business could concentrate and spend more time with their trusted advisors like us with looking at valuable reports and on how to improve their business.
The presentation on Trading Structures was given by Darren Hagarty. And so the question comes to mind: Are you trading under the best structure for your business and family?
Sole Trader- Partnership-Trust-Company are the most common structures.
Business owners need to remember that accounts are organised differently for each structure. It is not a one size fits all approach.
We were also able to see and spend time with representatives from our software providers such as Xero, MYOB and Intuit.
To top of the day we were introduced to the #ABNorangedude. You might have have come across my one in Darling Harbour, Sydney.
Thank you Australian Bookkeepers Network for a wonderful conference and lots of information to take home and share. It was a great opportunity to network with like minded people and develop a strong support network for the industry.
I was recently speaking to a client about a conversion from a MYOB desktop to Xero and it occurred to me that many clients are not sure on what they require, so it makes me think when they convert have they considered these factors:
- How much information do you want to convert?
- Do you want to have just opening balances and start a fresh file? Or are you wanting all the information for the current year included in the conversion?
- Are the accounts going to be tailored the way you do business?
- Do you prefer a basic Chart of accounts, or a more complex one?
- Are comparative balances for each prior month important to you, so when you a reading a report there are comparisons for the prior month there? How many months do you require?
- Do you have employees?
- Do you require your Sales invoice to be set up?
- Do you require a fixed Asset Register?
- Do you require extensive training or just the basics? How much is included?
- Are the accounts going to be tailored the way you do business?
- Do you require Add on software that will integrate seamlessly to your accounting package?
With the correct guidance from an experienced Certified Advisor these questions will all be answered prior to your conversion.
If you require more information about conversions please contact us at AboveBAS as we are more than happy to help you.