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Cut back on super admin so you can focus on growth

Cut back on super admin so you can focus on growth

26 October 2015

Successful business owners work smarter, not harder. Our simple tips can help you streamline your business banking.

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.

Things to know before you Can: This document is intended to provide general information only and does not take into account your individual objectives, financial situation or needs.You should consider seeking independent financial advice before making any decision based on this information. Colonial First State Investments Limited ABN 98 002 348 352, AFS License 232468 (Colonial First State) is the Trustee of Commonwealth Essential Super ABN 56 601 925 435 (Fund) and the issuer of interests in Essential Super which is a product of the Fund. A Product Disclosure Statement (PDS) for Essential Super is available from commbank.com.au/super or by calling 13 4074. You should read the PDS and assess whether the information is appropriate for you before making an investment decision. Colonial First State is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (‘the Bank’).The Bank provides certain distribution and administrative services to the Trustee. The Bank and its subsidiaries do not guarantee the performance of Essential Super or the repayment of capital by Essential Super. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with, or other liability of the Bank or its subsidiaries. An investment in Essential Super is subject to risk, loss of income and capital invested.