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Bad Business: Workplace Culture Crushers You Should Avoid

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As a workplace leader, it is paramount that you prioritise the development of a good work culture. Some of the many benefits of promoting and cultivating positive workplace culture include improved employee engagement, increased retention and higher rates of productivity amongst many others. Having a strong corporate culture is an achievable goal for any and every business. However, this doesn’t always just happen naturally. In some instances, toxic behaviours can quickly become rampant in the workplace and it is vital that managers and business owners get on top of unpleasant situations sooner rather than later. 

To help you better identify the types of culture and behaviour that should not exist in the workplace, we have prepared a list of 7 workplace culture crushers that you should avoid at all costs. If it is your personal goal to foster a positive environment at the workplace, you definitely need to read on to find out more. 

  1. Overworking Your Employees 

Are your employees constantly working overtime, day after day and month after month? Stress from being overworked can lead to a myriad of health problems such as insomnia, depression, anxiety and in more serious cases, heart disease. Aside from the mental toll overworking can have on an employee, sitting at a desk for hours on end can affect posture, stress levels and overall general health. It will come as no surprise that poor health can result in more sick days, high turnover, and rising health-insurance costs which can have a huge adverse effect on your bottom line.

The Solution: Avoid overloading employees with work they can’t manage during their normal working hours. You can also promote a more active lifestyle by encouraging staff to take daily walks or even consider investing in a few stand-up desks from https://standdesk.com.au. 

  1. Clique Culture

Clique culture doesn’t simply end when you graduate from high school. In fact, 43% of workers who were surveyed say their offices are populated by cliques—which are tightly knit groups of co-workers who socialise in and outside the office, and often exclude others. Of course, there is nothing wrong with having friendly employees who socialise with each other, but when “clique culture” comes into play, it may result in other employees feeling left out and demoralised. In essence, clique culture is the direct opposite of an inclusive culture as it creates an environment where people do not feel free or comfortable being their authentic selves.

The Solution: Eliminating clique culture starts at the very top of the organisation. It is important that upper management model the behaviours and the atmosphere that is expected of staff. Your organisation should also have a list of values that dictates how you treat each other both within and outside the workplace. 

  1. Office Gossip

We’ve all been guilty of spreading gossip at some point in our lives. Unfortunately, when this bad habit is brought into the workplace, employees end up turning against each other, resulting in a divided workforce. The harsh truth is that gossip and rumours have the ability to destroy a person’s self-confidence and affect their self-esteem. If you’re noticing that the rumour mill is churning more often than not in your workplace, it is vital that you address the situation head on.

The Solution: Identify individuals who seem to be involved with gossip most frequently and speak to them on a one-on-one basis. Emphasise the importance of fostering a positive work culture and be sure to also formally address the entire company to communicate that such behaviour will not be tolerated.

  1. Unfriendly Competition

A little healthy competition is always a great thing in the workplace, but when healthy competition inches its way into unhealthy territory, you open your workforce to a myriad of detrimental issues and problems. Having competition as the focal point of your culture can breed animosity between employees and generally sabotages or prevents ‘rival’ success.

The Solution: Avoid placing too much value on performance. Pitting individuals against each other will only frustrate employees and undermine their value as individuals. Instead, stress on the importance of teamwork and create a platform for individuals to congratulate fellow colleagues for a job well done. 

  1. Lack Of Employee Recognition

At the end of the day, we are all human beings who strive to be accepted and recognised for our efforts. If your organisation seems to be lacking on the employee recognition front, you may end up with an unmotivated workforce that doesn’t perform to the best of their ability. Recognition 

helps employees feel like their company values them and creates a sense of security in their value to the company. 

The Solution: Carve out some time in your monthly meeting to recognise and appreciate other employees and implement regular employee spotlights. A simple pat on the back or “you’ve done a great job!” can also do a lot more for morale than you might think. You could even go the extra mile by rewarding your staff with monthly company lunches or get-togethers to show how much you appreciate their efforts. 

  1. No DEI Policy

A diversity, equity and inclusion (DEI) policy is an absolute must have in any modern organisation. DEI policies encourage representation diverse groups of people, including people of different races, abilities and disabilities, genders, religions, cultures, ages and sexual orientation. Failing to have a DEI in place can come across as management simply not giving a damn, which isn’t a good look at all. 

The Solution: If you don’t already have a DEI policy in place, it is time to implement one ASAP. You can do this by working with your HR team to draft and enact a policy that is designed to keep all employees feeling safe at work. 

  1. Poor Management Styles 

Lastly, it can often be the poor management of a company that starts things on a downward trajectory. Warning signs of poor management styles can  include high employee turnover rates, low morale and unhappy team members. In fact, bad management has caused hundreds of organisations to permanently close their doors. The last thing you want is for your business to suffer due to poor management skills. 

The Solution: Ensure that your management staff is properly trained and are generally competent, honest and reliable. Every manager should be equipped with the skills to communicate clearly with employees and have a clear understanding of their responsibilities and role in the company. 

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A strong and positive company culture is vital for your company’s longevity and business success. We hope that this list of negative workplace cultures to look out for aids you in building an exciting culture that will entice job seekers and retain employees for years to come. 

Unfair Dismissal Claims: What Are They & How Do You Avoid Them?

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Operating a business requires a huge commitment from business owners both to the future success of their company and to the well-being of their staff. To ensure that your business continues to thrive moving forward, you need to ensure that your staff are motivated, productive and believe in the mission of your company. Unfair treatment of your staff, even in the case of a dismissal, can wreak havoc on your business and cause chaos within your company.

To avoid an unfair dismissal in Melbourne, business owners need to ensure they follow the correct protocols when letting employees go. An unfair dismissal claim could tarnish the reputation of your business, result in low staff morale and poor relations with the business community in your area going forward. You can be held liable under the Fair Work Act if an employees dismissal is determined to be “harsh, unjust or unreasonable” by the Fair Work Commission. This can be a stressful situation for business owners that can cause irreparable damage to your business, but with the right approach, you can avoid arriving at this unfortunate juncture.

Let’s explore a few ways that you can reduce your risk of facing an unfair dismissal claim in your business.

Don’t Rush A Dismissal

Although you don’t have any legal obligation to issue your employees with any number of warnings before you dismiss them, you need to be careful about how quickly you dismiss your employee. Firing them on the spot, for example, is never advised, as, from a legal standpoint, there are very few times where this is allowed. However, if there is sufficient evidence that the employee has broken the law while at work or has broken your safety protocols, you may be within your rights to dismiss them there and then but tread carefully.

Work With Them

As an employer, it is your job to inform underperforming or uncooperative staff members as to where they are going wrong and what they can do to improve. Failing to offer guidance and an opportunity to improve could be seen to be an unfair dismissal. Meet with the employee in question and outline what the issues are and put a plan in place to help them to reach their work goals. You should meet again in time to review their progress before moving forward with the dismissal. Should there be an unfair dismissal case, the favour will be with you at trial, as you will have offered a solution to the problem and a roadmap to improvement for your employee.

Hear Their Side

If you have any allegations to bring against an employee, whether it is regarding underperformance or misconduct, you need to allow them to respond to the allegations. While this is certainly a fair way to approach the situation, it is also legally required that you take this approach. You are obligated to clearly outline the allegations and communicate them clearly to the employee in writing. They need to be given an opportunity to consider the allegations before you meet with them to discuss the issues. You must give their response genuine consideration or you could end up facing an unfair dismissal trial down the line.

Ensure You Avoid An Unfair Dismissal Case

Employees are dismissed for a variety of reasons and you are completely within your rights as a business owner to dismiss employees who are not performing well, who breach safety protocols or who do not behave appropriately in the workplace. However, before you dismiss an employee, you must take the time to ensure you have not given cause for unfair dismissal. Treating your employees with respect and compassion, even in a dismissal, will ensure your business avoids being hit with an unfair dismissal claim in the future.

4 Common Relocation Mistakes You Should Avoid At All Costs

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They say you commit mistakes to bridge the gap between inexperience and experience. But moving home isn’t exactly the best time for the hit and trial approach.

In fact, relocation is stressful and exhausting. One rookie mistake down the line can cost you a lot of money and energy. Therefore, these mistakes must be avoided at all costs.

In this post, we will talk about the 4 common relocation mistakes to avoid.

Not Curating A Moving Checklist

Most people underestimate the power of moving a checklist, and therefore, start the process without one. Not only does it lead to disorganisation and chaos, but chances are likely that you may forget one or the other important task that has to be done.

So, sit down. And before you start the planning process, write down everything you have to do pre-move, during the move, and post-move.

Once that list is ready, you can move ahead and start the work.

Making It A DIY Project

Many people assume that relocation is a DIY task. Mostly, because they want to save costs associated with hiring a professional moving company.

The truth is relocation is not a one man’s job. And while it may be tempting to avoid moving costs, things can get out of hand if you don’t know what you are doing. Moreover, if you are moving on your own, you will have to hire moving pods, buy various supplies and accessories, which will ultimately cost you a lot of money and energy. Plus, you may not know the tricks to move heavy furniture like the professionals.

So, it is advised that you hire reliable but cheap removalists in Sunshine Coast. Qualified movers have the knowledge and experience to tackle all kinds of relocations.

Waiting Until The Last Minute To Pack And Also, Being A PackRat

When it comes to packing, waiting last minute can lead to chaos that can further make unpacking much more difficult. So, ensure that you start packing as soon as you finalise the moving date.

Now, we are not asking you to pack everything in a go. Rather, go room by room, and wrap things at ease. Packing in haste is a recipe of disaster. So, take things slow, and label each box properly. You can also consider writing down a list of all the items every box contains.

Moreover, avoid making the mistake of packing all your belongings. You may have collected a lot of clothes, utensils, furniture, accessories over these years, but that doesn’t mean they have to gather a place in your new house too. Moving house is a perfect opportunity to declutter. So instead of being a packrat and moving everything you have, dispose of the things that you no longer need/ use.

Nobody likes to keep broken or useless goods with them. So take out some time and assess the stuff that you can donate/ sell or throw away.

For certain items that take a lot of space in your home but are needed only once a year, consider options of storage in Sunshine Coast.

Not Keeping An Essentials Bag For First Week At The New Place

A common mistake that a lot of people make is packing everything all together and forgetting to set out some essential items. Now, that can cause you extreme inconvenience.

So, make sure you pack an essentials bag with all the things you may need for the first week at your new place. With numerous things to look after, you may not get the time to unpack immediately after the relocation.

A bag with essentials can help you transition better.

TIP – Keep some clothes, toiletries, food items, towels, bedsheets, and medicines.

Final Thoughts

Moving can get stressful and overwhelming if you don’t have a set plan. So, plan everything in advance and avoid these mistakes to move without any hassles.

Hopefully, this was helpful.

4 Main Tips to Be a Successful Business Administrator

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Business administration is a great career for you if you’re patient, able to make decisions on your feet and have a keen eye for detail. If you’re not sure where to start, we’ve got you covered. Don’t hesitate to explore this career further even if you don’t tick all the boxes – there is plenty of time to learn and prepare yourself mentally for a stress-free business administrator job. If you are wondering how to be a successful business administrator, check out our 4 tips below and see for yourself.

Never Stop Learning

Whatever career you choose, there is always room for improvement. Business administration courses prepare you for this career and shed light on how you can contribute to companies by working on real projects that prepare you for the competitive business world. The curriculum is practical, so you can demonstrate your theoretical knowledge and gain practical experience which comes in handy when you need to solve real business problems and overcome different business challenges. A diploma of business administration is proof that you’re able to apply yourself to the task and know every nook and cranny of the business or a company you represent.

Organization

Being organized and able to work under pressure are two key skills a successful business administrator has to possess. People rely on you to help the business evolve, show off your critical thinking skills and come up with creative solutions to problems if there is need to. This is also a great way to prosper in your career. Job duties include managing files and data, managing meetings and helping the business run smoothly by using a range of specialized managerial techniques. The core of all these job duties lies in organization and time management. Prioritize your daily goals according to their importance for the company to maximize the profit and minimize the time necessary for completing the task.

Be Inquisitive

As a beginner, don’t be afraid to ask questions or make mistakes. While interacting with different experts in the field, you can learn a lot about case studies or presentations that are relevant for your future career growth, if you’re interested in climbing up the ladder one day. Pay attention to details, and how you communicate with others. First impression does matter. When a new client arrives, it is your job to make him feel welcome and keep him in the loop about meetings and day-to-day business operations. While speaking to him, you can find out more information about the way he conducts his business and the approaches he prefers.

Adept in Technology

Computer literacy is a pretty common job requirement these days. Creating reports, data entry forms or a calendar that includes important dates doesn’t require advanced computer literacy. However, you have to be proficient in the Microsoft Office package and efficiently use it to accomplish your daily tasks. A thorough understanding of operating systems the company uses, customer relationship management systems and different applications for scheduling or responding to e-mails is necessary. In addition, it would be helpful to have great keyboarding speed and accuracy. Furthermore, your verbal and written communication skills will be the icing on the cake for your employee that will most likely seal the deal.

It’s important not to be afraid of constructive criticism or any type of feedback. Don’t take it personally. The feedback is there to help you do your job better and make necessary changes, if necessary. What do you like the most about this career and what skills should a successful business administrator possess? Tell us all about your opinion in the comment section below!

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.

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.

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.