Category Archives: Manufacturing

Signs Your Business Technology Needs to be Updated

 

Has your business stagnated?

As an entrepreneur, it’s essential that your business systems are up to date if you want to remain competitive.

However, it can often be difficult to assess which parts of your business are outdated and need to be improved.

Updating your technology regularly is one of the primary ways of improving service quality in a business. When your company is growing, it is imperative that adequate funds are directed toward your IT department so it can implement new systems and technology as required.

If you aren’t confident in identifying technology bottlenecks in your business, this article will discuss the signs to look out for, so you can keep your business running the way you want it to.

#1 – Regular and sustained downtime

If your systems or network are taking too long to respond, it’s really only a matter of time before you lose business and frustrate customers and employees alike.

The slow response might be as a result of poor Internet connectivity, outdated software, or even malfunctioning servers. If your customers regularly connect with your business online, this is a vitally important factor to business success.

The frustration that comes with too much downtime is not only demotivating to staff, but it sends potential and existing customers away. System performance information can be used by your IT support team to fix identified problems and implement technology that will be less problematic.

#2 – Insufficient technology capacity

Most businesses start small and grow. In the early stages of a new business, the technology you needed was sufficient, but has it scaled to meet your operation needs today?

If your company has grown, expanded or developed, then it makes sense to implement technology that will ensure operations are able to be carried out efficiently.

Most modern technology can be comfortably scaled as your business grows, so consider what your business will need now to avoid halting ongoing growth.

Looking for a way to increase your technological capacity to increase the effectiveness of your sales and marketing? Find out more here.

#3 – Weak security

Security

When your network and systems are constantly at risk of cyberattacks or a data breach, it’s about time to update your technology.

More often than not, security breaches are a result of outdated technology that is no longer supported by modern security solutions.

Hackers will always come up with new ways to gain access to a system, and businesses are very lucrative targets. The best way to protect your valuable data and IP is to ensure you have up-to-date security across all IT systems.

#4 – Low staff productivity and slow business processes

Every business has varying IT needs. If you are looking to adjust the focus of your business, chances are your current technology won’t integrate properly with your new goals and objectives.

Perhaps you need your staff to be more mobile in order to increase productivity? Maybe your business requires a better cloud storage solution that allows your employees to work remotely?

Ask yourself where your business is headed, and prepare in advance. If you want to diversify and expand, then you can prevent future issues by upgrading your technology in preparation for future business needs.

#5 – Incompatible and outdated hardware

The primary reasons for utilising technology are to simplify and streamline operations, and increase productivity and efficiency.

A great IT system will unify all departments in your organisation and enable them to communicate and access company data efficiently.

When business hardware is degraded, it becomes a challenge to oversee the various departments of even a medium-sized business in an effective manner.

If your systems can be improved using the latest technology to enable central control and provide a good overview of how your business operates, you’ll be able to make more-informed business decisions.

#6 – High energy bills

There’s no doubt that technology systems account for a significant part of your energy bills. Servers, computers, and other devices are highly common and are rarely disconnected, but if these systems are outdated then you may be drawing an unnecessary amount of power.

Think of it this way: if you could achieve the same business stability with one, high-quality server instead of fifteen, would the cost be worth it?

If you scale this question to match a large business with an immense power bill, the decision to upgrade your hardware becomes very easy.

#7 – Poor customer retention

Productivity

Outdated systems are likely to result in lower-quality services compared to new versions. If productivity is going downhill in your organisation, clients will no doubt move to your competitors, and suddenly you’re losing business.

We live in an era where customers like to be served in a prompt and efficient manner. Ensuring your business is equipped with systems that enable this is vital when attracting and retaining customers.

By updating your business technology, you can ensure your customers, employees, and business will be set for success both now and in the future

If your business does not have the funds immediately accessible, but still wishes to upgrade your technology you could consider a business loan.

Of course, you need to ensure the cost of the finance will be justified with the improvements and efficiencies of your technology investment.

In need of help understanding your business technology needs? Chat to a member of the InterAcct team today!

 

Author Bio: Adrian Springer

 

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Cash Flow Report

A new Cash Flow report has been added to the standard system. Taking it beyond a simple review of Aged Debtors + Bank compared to Aged Creditors. This report looks at outstanding purchases that may require payment if delivered ontime, estimates of payroll based on previous payroll, and other factors. This addition is available all existing and new Users without charge. 

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Extention of End of year reporting.

The ATO has extended the normal cut off for end of year reporting of Payroll info until the 31st of July for this year. 

Single Touch Payroll (STP) changes how you report your employees’ end of financial year (EOFY) information to your employees and the ATO.

 

 

What you need to know

 

 

You no longer need to provide your employees with a payment summary for payments reported through STP. You will have until 31 July to ‘finalise’ your employees’ EOFY payroll information through your STP enabled software for the 2018-19 financial year. You can finalise this information as soon as it is ready after 30 June.
 
You are no longer required to lodge a payment summary annual report for the amounts reported through STP as long as you complete the finalisation declaration by the finalisation date.
 
 

 

 

What you need to do

 

 

You need to tell your employees:

you will not be providing them with a payment summary

their payment summary information will be called an income statement and is available in ATO online in myGov

they will need to log into their myGov account, select ATO online services, select Employment and then Income statements to access this information

if they use a registered agent to lodge their income tax return, their agent will be able to access their income statement information directly from the ATO

if they don’t have access or cannot create a myGov account and don’t use a registered agent they can call us on 13 28 61 and we’ll provide this information to them.

 
If your employees need help creating or logging in to their myGov account and linking to  ATO’s online services, ato.gov.au/onlineservices

 

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TPAR – Reporting Subbies

Starting this year the TPAR report for Subbies has expanded from just the construction Industry. The ATO have the following additional industries now requiring to report how much they are paying each subcontractor and or Consultant. 

 

You may need to lodge a Taxable payments annual report (TPAR) by 28 August each year if you are a:

InterAcct Software has this report available with filters to include whichever industries you happen to be in. 

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Partial Year STP

We have had a number of clients ask questions about reporting part of a year via Single Touch Payroll. If employees were paid earlier in the last financial year before you started Single Touch Payroll but left before you started STP then the ATO prefer that you report via STP their year to date totals.

 

Hi Simon

 

Please find response below:

As long as you have finalised through STP then you don’t need to report through an Empdup file.

The employees who were not paid after STP was implemented can be reported and finalised through a STP update event. This is the preferred option.

If you cannot report those employee’s through STP then you can provide the employees with a payment summary and report through an Empdup file.

 

To avoid the potential for duplicates it is recommended not to include any employees who have been finalised through STP in an Empdup file.

Digital Service Providers

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Low and Middle Income Tax Offset

On 5 July 2019, the Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Act 2019 received Royal Assent.

 

This Act makes changes to lower taxes and builds on the Personal Income Tax Plan as announced as part of the 2019-20 Federal Budget.

We are waiting for the details to come in from the ATO as to the affect of this on the coming years Tax tables and returns. 

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How easy to use is the software

How easy is the InterAcct Software Application? Why will it take me multiple days to learn the software? Is there any help in this process? Well the answer is Yes there is help with videos, manuals, and on screen help text. But there is alot to take in. We have just uploaded a video looking at Training Videos, Manuals, On screen help text and changing the flow of key screens in the software.

We get asked all of the time “why will I need 3-5 days to get an InterAcct system installed, is it not easy to learn?”. Yes, each process covered is normally described as easy but there are loads of processes that you might like to use, so we cover them all. There multiple options and in some cases even change the processes to better suit your needs.

This is a new Video from our Vimeo channel. It covers how easy is InterAcct to use and what help is available.
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Variations to Contract

There is a new Video on the website that looks at producing a Variation to Contract on a Project/Job setup with sub jobs of Phases.

The video is less than 4 minutes long but covers most of the common questions in the process.

This Video looks at Variations to contract
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Custom Manufacturing – Client profile

Mostly when we install a system for a client will have specific needs are that outside of what the standard system can delivery. Sometimes these needs a minor, either removing or adding in some extra data or displaying a report in a different format that what we would normally deal with. Other times these changes have an effect on how the system processes transactions and are more wide spread.

 

One such change that we have made recently was for a Custom Manufacturing site that wanted the structure of the Bill of Materials system but also the flexibility to have optional items in his BOM easily swapped in and out. I will have a profile of this system up on the website shortly that will show some of what we achieved in this change.

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