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Maintaining proper payroll records

Posted by   |   June 26th, 2014   |   Categories: Business Fundamentals

I know the end of the financial year hasn’t occurred but its a good idea to start thinking about it. And one of the things that needs to be seriously considered is your business’s payroll record keeping.

 

I know it sounds easy to keep records regarding employee details, pay and leave. You can keep these records either electronically or in a handwritten format.

 

But here’s the thing. You have to keep these records accessible for seven whole years. If a stern looking officer from the ATO taps you on the shoulder requesting certain documents, can you lay your hands on them pronto.

 

You can store handwritten records in archive boxes or somewhere in the office. But for computerised records, you’re best to archive data either to a CD, memory stick or in the cloud.

 

I always advise my clients to store their records off-site. Importantly, if there is a password connected to the memory media, make sure it’s close by. Can you imagine the nightmare if you had changed the password on your accounting software in later years and couldn’t open the backup copies from previous years because the passwords are different. It happens!

 

If you need to discuss how to maintain payroll records, please contact info@bookkeepingconcepts.com.au

 

How to create a Customer Card

Posted by   |   June 26th, 2014   |   Categories: MYOB Tutorials

When I see a new client who has begun using Myob, I’m sometimes amazed at the lack of information they put into their accounting software. Myob is really a combination spreadsheet and database.
By including information into the customer card, Myob provides business owners and managers with very valuable information that can be extracted to make important managerial decisions regarding that customer. Some examples are below:

  • Payment terms
  • Credit Limits
  • Creating personalised letters
  • Discounts for early payments
  • Phone/fax/email details
  • Income classification
  • Contact Log

Another area of the customer card that is often overlooked is the Actions button. Once clicked you will see many options to view essential information or create transactions or reports, communicate with customers via email.
If you’ve found this information valuable, check out the video on How to Create a Customer card at myobtrainer.com.au

A Timely Reminder

Posted by   |   June 10th, 2014   |   Categories: Business Fundamentals

Got a call this week from a lady I’ve known a long time. She said she desperately needed help. I said okay what’s the problem. She said, are you sitting down. I became intrigued with that comment. She hesitated, I waited. Finally she in a whisper said; I have not lodged my tax return or BAS statement for eight years. read more

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