Training you – Solving Problems – Or We do your books for you! For Business owners and fellow bookkeepers!

Bookkeeping – Train Troubleshoot or we do it for you! MYOB Reckon Xero


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Business Tips – How Recognition of employees helps your business and should be the TOP priority

Business Tips – How Recognition of employees helps your business and should be the TOP priority

Business Tips – How Recognition of employees helps your business and should be the TOP priority

Recognition of Employees should be a top priority of your business – both for the benefit of them and for the business health and happiness! Here are some findings from research and authorities – around the globe and Australia (our emphasis added) –

Stuart Hearn at business.com writes – A recent workplace study conducted by Clear Review, a performance review software system, found the number one workplace frustration to be a lack of appreciation regarding effort and performance. A remarkable 40 percent of employees, from a diverse range of fields and positions, stated that employee recognition was simply not a priority in their business, something that limited their motivation to truly excel.

We have known for a long time that employee recognition is a critical aspect of performance management. As a result, many companies make it a point to acknowledge employee performance during monthly check-ins. But how can employee recognition benefit a company? And how can you give your employees the appreciation they deserve?

Employee recognition improves engagement levels

Many sources will attest to the fact that recognition is a fundamental human need. In order to feel engaged at work, we need to know that what we are doing actually matters, and that it is appreciated. Without this knowledge, employees consider their role purposeless, and employee engagement levels within your organization will plummet. In fact, recognition has consistently been shown to be a top engagement driver. If, however, you dedicate time and resources toward developing an employee recognition program, employees will become more loyal and positive toward their company.

To further demonstrate the effect of recognition on employee engagement, we can look to the following facts and figures:

  • Businesses that spend as little as 1 percent of payroll on recognition have a 79 percent greater likelihood of seeing more positive financial results.

 

An Australian Company, Red Balloon, performs quarterly surveys and in one report finds –

There are six basics or standards required to deliver on expectations and start to engage a workforce; our suggestion is that organisations that do not include these activities as part of their engagement mix stand little chance of breaking past average levels of engagement.

  • Training and Development Programs
  • Recognition Programs
  • Non-Cash Rewards & Incentives

Training and Development is of particular interest as organisations that do not invest in it are highly unlikely to have an employee engagement score of over 40.

  • Parental Leave
  • Time off for Study
  • Flexible Working Arrangements

These last three activities are core ingredients of engagement because organisations scoring <40% are just as likely to invest in them as 80%+ organisations. Investing in them is now a standard that has little uplift in terms of engagement scores but would definitely have a negative effect if not invested in or taken away once they were in place.

What are your thoughts and experience?

Not sure? Call for FREE 30min advice / Strategy session today!

Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia

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Business Tax Tips – Managing Small Business Taxes and Obligations

Business Tax Tips – Managing Small Business Taxes and Obligations

Managing Small Business Taxes and Obligations

Running a small business has many extra requirements – one of the most important is planning for reporting and managing small business taxes. Here are tips for the ATO – Australian Tax Office, to get you organised –

Reporting and paying tax

As soon as you start up your business, you need to plan for how you will pay the tax you will owe each year when you lodge your tax return.

Paying tax in your first year

In your first year of business, you can stay on top of your obligations by:

  • making tax pre-payments into your tax bill account;
  • putting money aside for your expected tax bill;
  • voluntarily entering into instalments.

See also:

Paying tax by instalments

Once you lodge your first income tax return and report a tax-payable amount above a certain threshold, you will automatically enter the pay-as-you-go (PAYG) instalment system.

If you voluntarily enter into instalments prior to lodgment of your first tax return, you will be able to make quarterly payments towards you tax bill.

See also:

Reporting

Once you’re up and running, you’ll need to report your business income and other tax information. The key reports you should be aware of are:

  • Business Activity Statement (BAS) –

    • the main taxes you will report on will be GST (if you’re registered for GST)
    • any tax you withhold from employees’ pay
    • instalments towards your own tax once you are in the pay as you go instalments system;
  • Income tax return  
    • to report your personal and business income and claim deductions.

Most of your business reporting can be done online.

Next steps:

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia