Annual Leave: Common mistakes for public holiday payroll
Leave entitlements are complicated enough on their own, but what happens when you throw public holidays into the mix? It is not uncommon for employers to get penalised or caught in legal problems due to oversight in employees’ rights. We have come up with a list of common mistakes when it comes to handling payrolls during […]
Tax Planning Opportunities from COVID-19 Federal Budget Measures
The COVID-19 Federal Budget announced on 6 October 2020 has given way to new measures that can create tax planning opportunities for businesses. This includes new loss carry back rules and temporary 100% instant depreciating asset write off. Photo by De an Sun on Unsplash Loss Carry Back Rules The new loss carry back rules […]
To-do: Christmas shutdown procedure for businesses
With Christmas right around the corner, you and your team are probably preparing for the holiday shutdown period and settling your annual leave. That being said, the process is not as simple as closing your doors and turning off your lights, although those are definitely things you should do and not take lightly! Here is a […]
5 tips for preparing payroll during the Christmas period
The payroll procedure during the Christmas period is a little trickier than usual. But not to worry – these few tips should be able to get you sorted. Photo by Jonathan Borba on Unsplash 1. Get a plan going It’s always best to sort out administrative issues ahead of time, especially when heading into holiday […]
Landmark Federal Court ruling decides that casual workers are entitled to paid leave
In a landmark ruling, the Federal Court decided that Robert Rossato, a casual mining worker employed by labour-hire firm WorkPac was entitled to paid leave. The decision could significantly affect payroll costs for many businesses. The judgement of the case decided that Rossato was entitled to annual, sick and carer’s leave. The reason for this […]
Case Study #3 – Sally (Beauty Salon)
Beauty does not require pain. Meet Sally*. The owner of a beauty salon, Sally enjoys the art of accentuating one’s feminine beauty. She relishes in the creativity behind the process of beautifying her clients. More importantly, she believes that helping other people look their best is her vocation. Sally considers herself extremely fortunate to run a […]
Case Study #2 – Bob (Builder)
BOB THE BUILDER Here’s the story of Bob* the builder. Bob is one of our favourite stories that we feel embody how PAQ intends to save the world through bookkeeping. Your average man with a vision and a love for building things, Bob decided to work on a start up of his own. Eventually, with some […]
Case Study #1 – Anthony (SME) – Catch Up Bookkeeping
How we helped a client catch up on over a YEARS-WORTH OF BOOKKEEPING IN LESS THAN A MONTH, and SAVE THEM MONEY in the process. How Anthony Started Anthony* is your typical small business owner. The type that absolutely loves what he does,but does not give much of a care about much else, ESPECIALLY […]
How to Prepare, Survive and Thrive?
Update your cash flow forecast and budget out ongoing operational cost Got a cash flow forecast and a budget? This is the perfect time to review it! By calculating your ‘fixed operational expenses’ , revised sales estimates and wages, you can adjust yourworkforce and reserve requirements accordingly. This will allow us to take the necessary action […]
What is the difference between accounting and bookkeeping?
Many people wonder what the difference between accounting and bookkeeping is. Accounting is a matter of analysis. Accountants are charged with examining financial information and presenting what they discover in a format that is useful to a business. Bookkeeping is basically recordkeeping. Bookkeepers’ responsibilities are less complex; they are tasked with entering all the necessary information […]