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What Are The Warning Signs of a Gas Leak?

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A gas leak is a very serious problem that requires immediate attention. If left unchecked, this may lead to serious consequences. For one, inhaling high concentrations from a natural gas leak can cause asphyxia (when you don’t get enough oxygen).

This then can lead to death. Aside from that, a gas leak may also cause a fire or an explosion. So if you notice a gas leak, it is important to act and call for help immediately.

If you feel you have a gas emergency, you must leave the premises immediately, turn your gas supply off, if it is safe to do so. Once you have done this, you can call a gas fitting Sydney plumber to help you repair the cause of the leak.

Here are the gas leak warning signs you should look out for:

1. Rotten egg smell

The first and most common sign you will notice when there’s a gas leak is a horrid smell. Initially, natural gas in its pure form is colourless and odourless. But since this makes it difficult to notice, experts added a chemical called mercaptan to make it easier to detect whenever it starts leaking. So while this rotten egg smell may be awful, it can save your life.

2. Hissing noise

When you hear a hissing or whistling sound near your gas line or around your yard, make the call. This may just be the sound of gas escaping through a crack or a leak in the pipe. 

3. Mist or cloud

Another warning sign to take note of is a mist or cloud. This is usually caused by a tear or a rupture on a gas line. If you reside in Sydney, make sure to contact a gas fitting Sydney professional once you see this white fog or cloud.

4. Dead or unhealthy plants

If you notice that the grass, plants, or vegetation in your yard is unhealthy, dead, or discoloured, there might be a bigger problem than just forgetting to water them. See, gas lines can leak even under the soil. When this happens, it restricts oxygen from the plants.

Additionally, a gas leak can also cause bubbles in still water or blow dirt around your yard. So you see, never ignore little things.

5. Physical symptoms

When the amount of oxygen in the air is reduced, you may feel some of the physical symptoms of a gas leak. These can include any of the following:

· Dizziness

· Fatigue or drowsiness

· Headache

· Difficulty in breathing

· Flu-like symptoms

· Chest pain

· Loss of appetite

· Blistering (when in direct contact with gas)

· Nausea

· Nosebleed

· Eyes and throat irritation

If you have pets, they might also experience some physical symptoms caused by a gas leak. These are symptoms you should watch out for in your pet:

· Difficulty in breathing

· Lethargy

· Watering or red eyes

· Vomiting

· Change in mood or behaviour

· Loss of appetite

· Sore throat

For very high levels of gas, your pet may become unconscious or may even die.

6. Higher than your normal gas bill

If you notice a big change in your gas bill, call your local gas fitting Sydney service provider as this can be an indication that gas is leaking through your pipes or lines. Have them check and inspect your systems to see what’s causing the sudden rise in your bill. Also, this way, they will be able to find the faults and risks and prevent them from causing any more problems in the future.

The Rostering Revolution: How to Effectively Track a Remote Workforce

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As the world sees a huge shift towards remote working in the last few months, businesses and offices all around the globe have had to find effective ways to manage and track their workforce. Managing staff in an office setting can be difficult enough, let alone managing a workforce that is situated all around the country. Whilst tracking a remote workforce can take a little time and effort on the part of a business owner, it is not an impossible feat. In today’s article, we have a look at how business owners can effectively track a remote workforce by using various tools and strategies that help streamline the tracking process. Read on to find out more!

  1. Software is Essential

When it comes to tracking schedules and work hours, software is an absolute essential. Relying on word of mouth or manual ways of tracking hours is almost always a recipe for disaster. This is why it is so important that business owners make use of tools such as an app for rostering your staff when engaging with a remote workforce. With the help of a timesheet and scheduling app, you will be able to effectively and closely monitor employee hours, shifts and schedules. Software essentially does the work for you, thus greatly reducing the burden on your shoulders whilst at the same time tracking your workforce with utmost precision and accuracy.

  1. Face-To-Face Interaction

Face-to-face interaction when it comes to managing a remote workforce is actually more important than you may think. It can be all too easy for both employers and employees to feel disconnected when working from home, which can ultimately prove to reduce motivation and efficiency levels. In order to prevent this, it is incredibly important that business owners engage in face-to-face interaction with employees at least once a week. This could be in the form of a team meeting, a one-on-one meeting with staff or even just an online socialising session that allows everyone to come together and let their hair down. Never underestimate the power of face-to-face interaction when it comes to tracking a remote workforce.

  1. A Culture of Accountability

Once a business has implemented its time tracking and scheduling software, it is important for those who are higher in the hierarchy to lead by example. This can come in the form of sharing your own timesheet with your employees and encouraging everyone to do the same. Openly sharing timesheets can greatly improve employee motivation and can easily set a benchmark for performance, efficiency and productivity amongst the workforce. Sharing this information also helps to foster a culture of accountability amongst your workers which will inevitably make your job of tracking them much easier in the long run.

  1. Focus On Deadlines

One of the best ways to encourage productivity and efficiency with remote workers is to set strict deadlines that workers have to meet. Ensuring that your team fully understands the scope of their work and being firm with deadlines is a fantastic way to ensure that every monitoring activity will be focused on one singular outcome instead of getting your team to collaborate together towards a shared goal. Individual deadlines can keep employees on their toes, thus ensuring that everyone is giving their 110% and reducing the need for business owners to constantly be checking up on activity and efficiency levels.

  1. End Of Day Report Summaries

With the number of tasks that your team has to deal with, it can be easy for them to lose track of what they have accomplished during the day. This is why introducing end of day report summaries is such a great idea. These summaries can be used as a tool to help both employer and employee identify opportunities for improvement, iron out any potential issues and keep track of their activity on a daily basis. Summaries should be paired with regular team meetings in order to make sure everyone is on the right track and no one is left lagging behind.

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Tracking and managing a remote workforce can be a challenging job, but it certainly isn’t one that is impossible. By utilising a wide variety of tools and ensuring clear and effective communication channels with your workforce, you’ll find that managing your team is a lot easier than you had ever imagined.

Isolation Innovation – 5 Tips for Small Business Owners Working from Home

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Across the world, business owners and employees are being urged to work from home. For some, it’s an effortless process, and one they may have already been doing to some degree. For others, it’s foreign territory that can take a while to navigate and explore. Here are a few different things that can help make that adjustment period a bit more comfortable:

Keep Your Professional Support Contacts

Working from home may mean you’re working in a different setting, but it doesn’t mean you aren’t going to face the same challenges as you would in your office. Don’t cut contact with those other businesses that keep yours going. Stay in touch with your small business IT support guru and remember to keep your accountant informed with business operations.

Everyone you needed to run your business at the office will still be required while you work from home.

Don’t Change Your Routine

Working from an office has always promoted a sense of routine. You rise at the same time every day, get in the car or jump on public transport, then spend the working week doing the same things. While your morning commute is now from the bedroom to the dining room, that doesn’t mean your work routine must change.

Wake up at the same time, have a shower, get dressed in tidy attire, and start the working day at the same time. The sameness of your routine can ensure you achieve the same level of work as you would if you were in your office.

Educate Your Family

Your spouses and kids know that when you’re at the office, you’re not available to make them lunch, help with chores, and answer the door when there’s a knock. After all, how can you do those things when you’re not home?

Once you’re working from home, though, it can be easy to forget that you’re in work mode. When the working week kicks off, offer a gentle reminder that interruptions can be disruptive to how much work you achieve. Of course, spend time with your family, but set aside a few hours of your day just for you and your regular work routine.

Be Comfortable

Most people have their work station set up ergonomically at their place of business. Once you get home, though, you’re more likely to learn over a laptop in bed or stare down your phone with your neck at a crooked angle. Working at home should mean the same ergonomic principles apply.

Use a comfortable chair and desk, keep your monitor an arm’s length away, and adjust your chair height, so your hips and knees are level with each other. The more comfortable you are, the more you can achieve.

Use Apps

Working from home can mean you go without some of the creature comforts of the office. You may not have the same conferencing software, dedicated room for meetings, or microphones and camera equipment. Things are different, but there are some apps online that can make your working-from-home experience better.

Try apps like Skype, Slack, Trello, and Calmly. Whether you need fewer distractions or a working platform for you and your team, you’ll find plenty of options online.

Working from home may not be something you are familiar with, but that doesn’t mean it has to impact how much work you get done. Stick with your routine, talk to your family, and keep your same professional contacts so that your business operates like a well-oiled machine. You’d be surprised at how convenient and effortless working from home can be.

World’s Best Boss – 5 Tips For Keeping Employee Morale Up During The Coronavirus Pandemic

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As the coronavirus pandemic continues to wreak havoc on the world’s economy, many people are worried about their current and future state of employment. While workers deemed “essential” are still fortifying the work front, many laid-off workers wonder if and when they will return to their jobs.

Although times are uncertain right now, employers can do a lot to boost morale and ease the minds of their employees. If you’re an employer, take a look at the suggestions below to keep your workers’ spirits up as this worldwide crisis continues.

1. Give the Gift of Appreciation

COVID-19 has separated and isolated the public at large. As such, workers may feel disconnected at home and taken for granted in the workplace. As an employer, you can help your workers, both at home and in-office, feel connected and valued by giving corporate gifts of appreciation.

You’d be surprised at how much small gifts can help during this trying time. It will remind your employees that they are part of a larger group and that they are still valued as a member of the team.

2. Keep the Lines of Communication Open

Because times are uncertain right now, it’s important to keep the lines of communication open. Whether your employees are working from home, working in-person, or laid off during this time, you must keep them apprised of any and all changes taking place. By adopting an “open-door” policy, your employees still feel connected and able to discuss their concerns about work, family, and health with you.

3. Embrace Virtual Technology

As the coronavirus spreads, many people are forced to work from home. Aside from the traditional phone call or email, employers should adopt other forms of virtual tech to help employees feel less disconnected. Facetime, Skype, Zoom, and other online technologies make it possible to conduct one-on-one video calls as well as group video conferences over a wi-fi signal. As an employer, you should use as many virtual enhancements as possible to help your workers feel as if it’s business as usual, even if they’re quarantined at home.

4. Give Working Parents a Break

The rapid spread of the coronavirus has led to the mandatory closing of schools as well as some childcare centers. This leaves working parents struggling to balance their jobs with childcare. As the boss, it’s up to you to recognize this struggle and give your working parents a break when you can.

If their job isn’t one that needs to be done during normal business hours, you can allow them to work when it’s convenient for them. Alternately, you could relax project deadlines to give them more time to complete their work.

5. Make Sure Your Network Can Handle Remote Work

Despite the many reasons to be feeling down about COVID-19, many people are still motivated to do their jobs well. As such, your company’s network must be able to handle the influx of remote work that’s taking place. If it can’t, your workers may begin to feel dejected with an attitude of “why bother?”

If you notice that your IT infrastructure isn’t keeping up with the demand, you should get the expert help it takes to get things running smoothly for your employees. If you don’t have the funds for in-house IT workers, small business IT support services can save you in these difficult times.

No one knows just how long the coronavirus is going to continue to wreak havoc on the world. Until it’s all over, though, employers can help boost the morale of their employees by adopting some or all the suggestions listed above.

Small Loans – Getting Financial Help When You Need it Most

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Staying safe and helping each other through COVID has become a focus for us all right now, and safety means our well being – physically, mentally, and financially.

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We all need to focus on what matters in our lives and keep things as simple as possible – as there has been a lot of change for us all to get used to.

One of the most important things for us to do though is keep those necessities going – the little things in our lives that we see as essential to our well being.

That’s where a small loan can help, and with social distancing, and the temporary closure of many face-to-face businesses, it’s helpful to know that the application can be completed 100% online.

Unlike large loans say for houses or cars, a small loan is designed to help with life’s necessities. For some of us, those necessities are yoga classes which we can do online, and for others of us, it might mean purchasing a breadmaker so we can make gluten-free baked goods and be self-sufficient at home.

Whatever your situation, we are all in this together, and we all need to focus on what matters most to us and the people we care about.

Whether it’s realising that you now need to purchase a laptop or a tablet so the kids can keep learning from home, or being able to pay a higher than usual utility bill because you are housebound, a small loan may help relieve the pressures we are experiencing right now.

Rates have been officially frozen in Australia by the RBA, so there are no more increases to come while we take measures to look after our health, and plan for life during and after COVID.

If you are looking for a small loan to help, here are a few tips on what to look for online:

1. Is the process simple?

When situations are stressful, and we are all experiencing a lot of change both socially and financially with COVID, you want to keep any processes simple. Look for a small loan online that is straightforward, and that is easy for you to complete. Expect to answer a few simple questions, so look for online applications that can be completed in a relatively short time frame (less than an hour).

2. Are the repayment terms clear?

You want to make sure that you can manage your repayment cycle, and that there are no hidden fees with any small loan. Look for how you access the money, what the interest rate is, and whether you have a short repayment term like three months, or a long repayment term. It can be easy to understand repayment amounts if the loan company has an online tool.

3. Does it fit with your pay cycle?

Be sure that you can fit the repayment with your pay cycle. This can make it easier for you to manage, as you will know when the money will come out of your account.

4. Can you speak to a customer service team easily?

You want to be able to contact a customer service representative of the company when you need them. Check for their operating hours, and whether you will be able to speak with them, email them or phone them.

5. What are other customers saying about the small loans?

Look at what other customers are saying. This will help verify that the online application is as easy as the loan company says it is.

If you are looking for a small loans, remember that simplicity is key.

Look for a small loan that can help you cover the essentials for your family when finances are a little stretched in the short term. It might just be the positive difference you all need in your life to keep you focused on what matters most – the health and safety of your family.

Financial Framework – Four Tips That Can Help You Get Out Of Debt On Any Income

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If creditors have been hounding you for payment, you may be wondering how in the world you’ll ever get out of debt. Many people fear they will never get out of their financial strife because what they owe is more than what they can afford to pay back in the foreseeable future.

The good news is that even if you’re living paycheck to paycheck, there’s light at the end of that stifling tunnel. You can get out of debt sooner rather than later by following the tips listed below.

1. Create a Budget that Works for You

Every person’s debt profile is different. This means you may have to explore multiple solutions to get out of debt before you find one that works for you.

Before you panic or throw your hands up in despair at the mountains of debt you owe, take a minute to look closely at how much you have coming in and going out. Evaluate the things that are necessary and not and find ways to cut expenses where you can. When you create a budget like this and stick with it, your eyes are opened to how much you really spend (get ready for a shock), and you often find funds you didn’t even know you had.

2. Make a Plan for Repayment

Most creditors are willing to work with you as long as you let them know about your situation. It’s when you ignore their repeated attempts to contact you that they begin to get nasty. If you’re experiencing financial hardship or can’t afford to pay as much as they’re asking each month, just contact the creditor and work out a payment plan. Keeping them in the loop makes them much more understanding and willing to work with you.

3. Get a Lower Interest Rate

There are a few different options for obtaining a lower interest rate on your lines of credit. First, you can simply call the creditor and ask for a lower interest rate. If you have a history of on-time payments, the creditor may be more inclined to grant you the more reasonable rate you seek.

Second, you could transfer high-interest balances to a lower-interest bearing credit card. Some of these cards have introductory periods with no interest for a specified amount of time. If you plan to pay the balance off during that time, you could save a ton in interest.

Having said that, if you don’t pay off the balance during that introductory period, you could end up owing more than you originally started with once the interest rate kicks in.

The last of these options to consider is a debt consolidation loan that allows you to combine all your high-interest loans into one lower-rate loan. Alternatively, you could also work with a debt management service who will advocate on your behalf to your creditors for lower monthly payments.

4. Stop Using Credit Cards

Credit card use seems to be what drives the economy these days, but if you’ve over-extended yourself (it’s easy to do), credit cards can be a nightmare to pay off. The easiest way to pay off debt is to stop adding to it with more credit card spending. Cut your cards up, put them in the freezer – whatever you have to do to keep yourself from using them.

Facing excess debt is never fun, but regardless of your income level, you can pay it down and achieve financial freedom. If you find yourself feeling hopeless about the financial hole you’ve gotten into, use the tips above to pull yourself out.

Building A Successful Business By Boosting Employee Satisfaction

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It’s been said by experts that employee satisfaction is key to a business’ success. An organisation will fall behind if it isn’t able to retain its employees. Even when the job market is weak, top talent will be able to find plenty of job opportunities. How can a business attract excellent employees and retain them?

When it comes to employee management, there aren’t any strict guidelines that you need to comply by. With that said, you’ll want to make sure you have a clear picture of how your employees are motivated.

Finding Intangible Sources Of Motivation

Naturally, a company will need to offer competitive wages and strong benefits if they want to get the attention of top talent. Unfortunately, paying well may not be enough to retain workers that have a lot of opportunities. Wages and benefits aren’t the only things that employees consider when they’re trying to decide whether or not they should leave a job. Some of the best ways to improve the satisfaction of your workers won’t cost you anything at all.

Some of the intangible things workers look for include:

● Workers want company leaders to communicate with them. They don’t want to find major developments via gossip or press releases. They want to hear about new strategies and plans for the future.

● Workers want to feel appreciated. They want to hear from leaders about the impact their activities are having on the company.

● Employees want to work with leaders who are willing to listen to them.

This is why it’s so important for managers to have regular meetings with the members of their team. During these meetings, leaders should pass along essential information, invite workers to ask questions and encourage them to give feedback. Companies should have an open communication policy that begins with senior management. From there, these policies will spread throughout the business. These values are something that should be expressed in employee handbooks and in any job descriptions that are posted.

Realising the Important Roles of Management

No matter what an employee’s title is, it’s likely that they’ll want to contribute to the organisation they’re working for through their leadership skills. Workers want to be involved in the decision-making process, especially when it comes to decisions relevant to their role at the company. They also want to be recognised for the contributions that they make.

Small business advisors at Lend say “employees quit bosses rather than jobs.In fact, a research proves that 57 percent of employees have left a job because of their manager. Moreover, 14 percent have left multiple jobs because of their managers. An additional 32 percent have seriously considered leaving because of their manager. ” They suggest, “employers need to evaluate the process they are using to select, develop, and train people in management or supervisory positions.

Helping in Career Development

The majority of employees want to develop and advance in their career. This is especially likely to be true when it comes to top talent. If people aren’t able to do their job properly, they won’t stay in that position for long. Training and developing an employee shows workers that their employer is willing to invest in them. Costly training isn’t always necessary. In many cases, companies already have experts on their staff that can train employees. This does two things: it provides the trainer with recognition and a development opportunity, and it gives trainees a chance to learn new skills and information.

Having a Flexible Work Environment

In 2013, The Australian Bureau of Statistics pushed through the Flexible Working Environment (FWE). That same year, a change in the office environment and supporting policies and guidelines were first trialled.

Over the past years, a focus on -People, Place and Technology which are the three key contributing factors needed to build a flexible workforce, has seen a positive cultural shift in flexible working attitudes.

Nowadays,workers are looking for employers that acknowledge that they have responsibilities and interests beyond their job. Employees appreciate benefits like flextime, job sharing, telecommuting, and modified schedules. When used appropriately, these benefits can do a lot to boost employee retention. FindLaw has an article on this subject that goes over some of the benefits and drawbacks of telecommuting.

It’s also crucial that workers have choices and flexible options. It’s important to remember that not all workers are going to be motivated by the same thing. Parents may be interested in on-site child care. Single adults might be drawn to fitness centres or gym discounts. Other workers might want a company phone or car. It’s becoming increasingly common for companies to do away with rigidly defined categories when it comes to time off work. Instead, businesses are offering flexible policies that allow workers to take a day off when it makes sense for them.

Being a Good Listener

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If you listen to your workers, you won’t need to wonder what they want. They’ll tell you. Surveys, suggestion boxes, and exit interviews are all excellent ways to get more information about what employees are looking for. Any company that does conduct exit interviews will want to take the time to analyse these interviews. This can help a business to determine where changes need to be made.

Seeking Legal Assistance

When it comes to job retention strategies, companies can’t take a one-size-fits-all approach. If you have questions about human resources management, you may want to consult with an attorney that specialises in employment law.

Tax Talk: How to Handle Taxation as an Australian Business Owne

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Taxation is one of those things that most of us dread. Let’s face it – it’s not the most fun of activities and requires a great deal of accuracy. If you are a new business owner, sorting your taxes out for the first time can be an incredibly daunting experience. Thankfully, today we’re here to guide you through all the steps you need to take as a small business owner when it comes to handling your taxes. Read on to find out more!

  1.    Do Your Research

The best thing you could do for your business taxes is to do your research. Do you know other business owners? Why not ask them for tips or guidance on how you can go about sorting your business taxes in the easiest and most efficient and compliant way possible. We also highly recommend looking up various Australian tax invoice templates to get a rough idea on how you should go about organising and preparing your small business taxes.

  1.    Ensure You Are STP Compliant

As of 2019, all businesses in Australia are required to be STP compliant. STP, or Single Touch Payroll, is a system that was introduced by the ATO in 2018. STP requires business owners to send employee payroll information including wages, salary, superannuation and PAYG withholding to the ATO on a payment-to-payment basis. Previously, employers only needed to do this on an annual basis. Ensuring that you are STP compliant is incredibly important in order to not land your business in hot water or accrue fines from the ATO.

  1.    Keep Strong Records

Keeping strong records is always recommended to any business owner as this allows for ease of filing taxes at the end of the financial year. It is never too early to start keeping records, and we highly recommend utilising various software such as payroll software, invoicing software and so on to ensure that your data is as accurate as possible. Most software can now integrate with one another (including automated STP software), ensuring that your processes are automated and kept complaint at all times.

  1.    Get On Those Deductions

It is always recommended that small business owners claim as many appropriate deductions as they can. This can include costs for utilities, rent, legal services and repairs for your business. It is also recommended by experts that business owners pre-pay for these expenses if possible, in order to bring forward as many expense deductions prior to the July 1st deadline. Always remember that anything deducted has to be directly related to earning your business income and that you have full and in-depth data on how you have calculated these costs.

  1.    Get Superannuation In On Time

The golden rule is to always get your superannuation in on time and before the 30th of June. Failing to do so will result in the loss of your opportunity for a deduction. Always remember that superannuation needs to be paid to your staff 28 days after the end of each yearly quarter. Failing to meet these guidelines will result in you losing your eligibility for tax deduction.

  1.    Utilise Income Tax Offset

The income tax offset can see you shaving up to $1000 off your taxes if you earn a revenue of under 5 million dollars annually. At this moment in time, the offset is set at 8% of tax payable, but it is estimated that this figure will grow up to as much as 16% over the next decade or so. This offset applies to sole traders and micro-business owners and is an incredibly helpful resource and tool for new business owners.

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Handling your taxation as an Australian business owner needn’t be a stressful or miserable task. We hope that the tips we have brought to you today have assisted you in further understanding the process of sorting out your business taxes.

How To Handle Employee Payments As A New Business

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Setting up a new business is filled with uncertainty and lots of learning. Many new business owners may start out with a great idea and a solid business plan but run into the harsh reality of bringing that plan to life. Things like payroll processes, for example, can seem like a trivial detail but they require careful attention to get them right.

Heeding the advice of a professional payroll service provider is a good option for new business owners with little payroll experience. However, for an overview of some of the most salient things to consider when setting up your payroll, let’s look at the best ways to handle employee payments as a new business.

Make A Budget

As a new business, it can be tricky to know where your money is being spent. There are a lot of capital costs that need to be covered right at the outset including securing an office and furnishing the place if you have a brick and mortar shop, or website design fees and the like if you are going the e-commerce route. With all of this, you may quickly become overwhelmed and wind up with insufficient funds to pay your employees.

Making a budget will help you avoid this disastrous scenario. If you want to retain your staff, then you will need to maintain a set amount of your budget for payroll. As an added bonus, set a maximum cap for your payroll expenses to keep enough money around for all of the other expenses. The more work that you can do yourself, the fewer staff you will need to hire, and the higher your profits will be.

Inform Yourself About Payroll Legislation

It is important to be fully aware of payroll rules and regulations that apply to your business. Complying with these for your employees will allow both you and them to stay on the right side of the law. This includes things like making the appropriate deductions for social security and keeping track of benefit payments. Paying your employees under the table may seem like an easy way to avoid extra tax expenses, though this will end up with you in hot water.

These details can often be overwhelming for new business owners, so be sure to seek out professional guidance from someone who knows the ins and outs of these topics.

Use Payroll Software

If you lack the funds to hire a professional accountant or payroll manager, make sure to invest in high-quality payroll software that works for your business. Contemporary payroll software is easy to use and can be customized to the needs of your payroll structure. Even the least computer-savvy business owners will be pleasantly surprised at the ease of use and flexibility of these programs.

Consider Wage Or Salary Payment

There are many different payment and payroll structures to choose from when deciding on how to compensate your employees. Salary payments can make the matter much more straightforward, as your employees will receive the same amount each year and each pay period. Wage payments are a bit more labour-intensive, as hours need to be tracked and verified on a regular basis.

As another option, you can also hire freelance workers on a project basis for a bit of extra help when you need it.

Take Your Time To Learn The Basics

As a new business owner, it is important to set aside enough time to learn the basics of payroll processes before you get started. Having a solid background in best practices and legal requirements will allow you to launch your business and get it off of the ground without running into any hiccups along the way.

What the digital banking revolution means for Australian banks

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The future of banking is digital, and the Australian financial services industry needs to brace itself for a transformative year ahead.

“A digital transformation is inevitable in the Australian marketplace,” says Myles Bertrand, Managing Director APAC for Mambu, “however many of our established institutions are in dire need of a cultural overhaul before they can really embrace this brand-new world. Banks need to start thinking and operating like fintechs in order to maintain their position at the forefront of the Australian financial services industry.”

Mambu – launched in Germany but operating globally, including in Australia – works with banks, fintechs and telcos to help create a technology-first approach to banking, opening up new opportunities to optimise operations, ensure regulatory compliance and increase customer acquisitions.

In Australia in particular, it is the impact on regulatory compliance that is a key area of interest when it comes to the new era of digital banking.

“The good news is that digital banking is actually going to make it easier for financial institutions to comply with all of the different regulations,” says Bertrand. “It’s going to make it easier to track transactions, keep data safe and will also reduce duplication. So those organisations that make the transition from less secure legacy systems to cloud-based digital platforms, where security improvements are constantly made, can boast greater peace of mind and set themselves ahead of competitors.”

To stay in the game, banks need to be able to roll out products and services at a rapid pace, adding new features to platforms, while simultaneously enhancing existing ones. This kind of agility is next to impossible to achieve with most institutions’ legacy systems. However, composable banking architecture – the quick and flexible assembly of independent systems on a cloud platform – can provide the opportunity for organisations to create a dynamic platform with intuitive, responsive features that can be quickly and continuously updated.

A truly agile platform undergoes short, regular updates with a constant pipeline of improvements that are automatically layered on top of existing cloud technology and allows business to run uninterrupted on the front end. This allows financial institutions to make minor changes regularly, rather than major, infrequent updates that can cause significant disruption and draw the ire of customers, as has been the case with some traditional transformations.

With so many new players arriving in the marketplace looking to capitalise on the impending digital transformation of the industry, the key to successfully transitioning to digital banking is to look for proven, reliable fintech partners with experience and a successful track record in helping financial institutions make the switch. By working collaboratively with a proven digital engine, banks and financial institutions can build innovative integrations into new or existing product channels, creating simple, streamlined and automated customer experiences.

“I think the whole financial services industry – globally, not just in Australia or the APAC region – is going to be turned on its head over the next 12 to 24 months,” concludes Bertrand. “We really want to help banks take the leap and make the necessary changes to embrace the opportunities that digital banking can offer and set themselves up for success.

“As the looming fintech age forces institutions to digitise, innovate and scale to adapt to customer needs, those banks and financial institutions that can move at the pace of a technology company while remaining committed to strength, security and service will be the leaders of this new era.”

Myles Bertrand is the Managing Director, Asia-Pacific, for Mambu, the market leading cloud-based banking platform.