Time is a precious commodity for business owners. There’s a constant tension between the fun stuff – growing your business – and the not-so-fun stuff – admin. Make sure you’re dedicating more time to strategic needs with these time-saving tips.
Manage your finances in one place
Managing cash flow can be a complex balancing act. You’ve got to keep one eye on your daily financial operations and expenses, and the other on your staff salary and super contributions.
One way to manage the flux of your financial inputs and outputs is to simplify your processes. Why manage multiple financial systems, each with their different forms, logins and passwords, when you can control it all from one place?
Streamline your super payments with the Superannuation Clearing House
The ATO’s Small Business Superannuation Clearing House is a free government service designed to reduce admin work for employers with fewer than 20 employees. Instead of making individual payments to each of your employees’ different super funds, the Clearing House allows you to make your contributions in one single transaction.
Keep your business accounts and employee super side-by-side
A quick win that many small businesses overlook is selecting an employee super product that can be managed alongside your business banking. With employee super next to your banking you can reduce time spent toggling between systems, and easily benefit from the familiarity of one online environment.
A super fund like Essential Super for your business allows you to easily manage your super obligations alongside your business banking. Essential Super is also MySuper-compliant, meaning you can feel confident you’re meeting government requirements by providing your employees with a simple, fee-competitive super fund with straightforward investment options and pre-approved life insurance cover for Australian residents under the age of 60, living in Australia.