Always check with your accountant or certified bookkeeper to ensure that you are calculating the correct amount of superannuation based on Ordinary Time Earnings. There are a number of ‘ordinary time earnings’ that must be taken into consideration during payroll and superannuation contributions.
Bilanz for Business, located in North Fremantle, Western Australia, has experienced bookkeepers and accountants available to help answer any super related questions. Part of our service that we provide is to manage your business’s superannuation payments, on time, every time. For small businesses in Perth, Bilanz can provide crucial forecasts and help to manage cash flow so that there is adequate cash available in order to pay each quarter. Don’t get stuck in a financial deficit each time super is due. We offer competitive pricing for Payroll Packages (Which includes superannuation reconciliation and reporting).
Jane Betschel, head of customer marketing and direct sales at MYOB states that for the businesses that do make superannuation payments, almost a quarter (24 per cent) of operators surveyed revealed they had issues meeting payments due to cashflow issues.
“We know that cashflow is one of the big pain points for businesses, particularly small and medium sized enterprises,” Betschel said. “Owner operators may sacrifice their own super payments to ensure that payments owing to staff are met. They may also decide to pay bills that will keep the doors open today, at the expense of future, personal financial security.
This is a reality for many small businesses.