Talking Cents

Accounting services in Surry Hills can help reduce compliance burdens

Here at mas accountants we’re all for reducing complexity and bringing simplicity to your life as a small business owner.

One of the biggest administrative nightmares for small businesses is dealing with superannuation for employees. Not only do small business owners need to determine what pay categories to calculate superannuation on and then ensure payments are made on time, employers must also pay superannuation to different superannuation funds. As each employee is entitled to have their superannuation entitlement paid into the fund of their choice, the time taken to allocate payments to multiple accounts can become quite a chore for businesses with more than a handful of employees.

The Federal Government has introduced a free online superannuation payments service to assist small businesses with fewer than twenty employees. Once this clearing house is all set up with your employees details, the quarterly or monthly job of allocating payments to multiple funds and making multiple payments all but disappears. One source of data entry and one payment to the clearing house is all that is required to take care of your obligations. The Government department then takes care of the job of allocating your payment to each employees individual superannuation fund on your behalf.

From our experience with online tools such as being xero bookkeepers, we believe this is another great service to use, being quite user friendly, and is almost certainly guaranteed to reduce the time this task takes the average small business owner each quarter.

If you would like any further help getting this facility up to speed and simplifying your superannuation compliance costs don't hesitate to contact us your small business accountants at our local Surry Hills office for more information.