Streamline accounting practices by implementing essential rules that enhance operational efficiency and financial accuracy. Discover strategies for effective payroll management, expense tracking, and ensuring compliance within your organization.
According to the Association of Certified Fraud Examiners' 2024 report, organizations lose an estimated 5% of their revenue to fraud each year.
In Australia, cybercriminals are increasingly targeting businesses, leading to global losses of up to $2.9 billion annually.
Accountants and accounts payable professionals are prime phishing targets due to their access to financial transactions, and some may lack cybersecurity awareness. Scammers exploit this through fake invoices, compromised emails, and fraudulent bank detail changes
Companies often lose sight of their financial health due to disorganized processes or lack of regular oversight. This can lead to missed opportunities, unnecessary spending, or even financial instability.
Monthly financial meetings help mitigate these risks by providing clarity, accountability, and actionable insights into your business's performance.
A compliance sheet is a detailed document or tool used by companies to track and manage their compliance obligations. This sheet includes a list of all important lodgements, payments, and other regulatory requirements that need to be fulfilled by specific deadlines.
By systematically recording these obligations, the compliance sheet helps businesses ensure they meet all their legal and financial responsibilities in a timely manner.
In the course of business, you may occasionally provide some services or products to selected customers free of charge or at a discount rate. Often, because you're waiving one rule (the "please pay me" one!), people assume all other rules of service are waived - you should avoid that assumption!
Xero is a great Accounting Software for all small businesses and especially for managing payroll.
Xero Payroll allows for the employee to access their payroll details on web. These details include payslips, leave entitlements, requesting leave, personal information and bank accounts. It is a useful tool and many employees would benefit for long term planning with this kind of access, as well as saving countless hours of admin and back and forth emails for the payroll officer.
Long Service Leave (LSL) is an essential benefit for employees, recognizing their dedication and long-term commitment to a company. Many accounting solutions do not automatically calculate LSL provisions. This lack of automation can lead to transparency issues, as employees may find it difficult to track their LSL balances. Furthermore, the legislation governing LSL varies significantly across regions, adding an extra layer of complexity. For instance, the provisions in Victoria differ from those in New South Wales, necessitating a tailored approach for businesses operating in multiple states.
- Payroll - Do you take advantage of salary sacrificing electronic devices? (Aussie only)
- Do you know how to prevent phishing for payments?
- Operations - Do you tie knowledge of processes to a role instead of an individual?
- Operations - Do you conduct effective monthly financial meetings?
- Operations - Do you have a company compliance sheet?
- Operations - Do you involve cross-checks in your procedures?
- Operations - Do you know the importance of reconciliation in accounting?
- Operations - Do you treat freebies as real customers?
- Payroll - Do you use a Xero mobile app to check your personal payroll?
- Payroll - Do your payslips show Long Service Leave? (Aussie only)
- Payroll - Do you take advantage of salary sacrificing electronic devices? (Aussie only)
- Payroll - Do you take advantage of salary sacrificing cars? (Aussie only)
- Payroll - Do you maximize your Superannuation benefits? (Australia only)
- Payroll - Do you use consistent salary terminology? (Aussie only)
- Payroll - Do you calculate Payroll tax correctly? (Aussie only)
- Do you apply a grey background to cells containing formulas in Excel?
- Payroll - Do your payslips show Certification Rewards?
- Cashflow - Do you maintain a "Gas in the Tank" report?
- Giving Credit - Do you check your customers organization age for prepaid purposes?
- Expenses - Do you pay invoices completely?
- Expenses -Do you manage travel in centralized systems?
- Expenses - Do you know how to claim expense reimbursements?
- Expenses - Do you understand the difference between Tax Invoice and Eftpos Receipt?
- Expenses - Do you use the best mobile app for expenses?
- Expenses - Do you know how to claim expense reimbursements with Xero Expense app?
- Expenses - Do you use Apple/Google Pay for company expenses?
- Expenses - Do you use auto-fetch function for invoices' emails?
- Expenses - Do you track your recurring expenses?
- Expenses - Do you know how to allocate expenses per office?
- Expenses - Do your fields have a good description?
- Expenses - Do you know how to enter and email a Hubdoc receipt?
- Expenses - Do you know how to manage your corporate card?
- Expenses - Do you use Xero to schedule supplier payments?
- Kingdee - Do you know how to set up auxiliary accounting for Accounts Receivables? (China only)