Example 1
Two people started a new business venture – a registered partnership. Although they did not want to hire any outside employees, they did want to pay one of the partners officially as an employee via the payroll system.
Whilst familiar with their invoicing system, the partners had never setup a payroll system. They needed guidance. Gdfoster was delighted to help them with:
- The initial payroll system setup
- Explaining that although the employee was a partner in the business, (not an arms-length employee) the fairwork award, amounts and obligations must be adhered to.
- Identify the fairwork award
- Identify the fairwork classification
- How to manage the weekly payroll system
- How to manage super payments
- How to lodge STP reports to the ATO
Example 2
A sole trader had always created their sales invoices using a spreadsheet. When the time came to move to a modern invoicing system we jumped at the opportunity to help by:
- Setting up invoice terms and payment due date
- Explaining how to send statements and reminders
- Installing the business logo
- Explaining how to add, edit contacts
Example 3
Managers of a business asked gdfoster if there was anyway they could simplify their payroll and employee management system. We eagerly reviewed their current system and suggested simple tweaks:
- Change the payroll period
- Push back the pay date
- Review payroll deductions and set limits
And some not so simple tweaks
- Implement a modern employee management system
- Automate employee onboarding
- Automate employee contracts
- Automate employee licence/ticket tracking
Example 4
Sadly, the first contact we have with some businesses is when they are on the brink of financial calapse. Oddly perhaps, these are our favourite conversations (if you are in this situation then please call us***).
Pro-active management of creditors is an essential first step. At the end of the day the only reason why your business is still trading is because of the mercy of your creditors, (and the fact that they want their money). Clients in these circumstances enjoy some relief when gdfoster:
- Acts as creditor manager
- Negotiates without ‘emotional baggage’
- Only makes payment promises that can be delivered
- Enforces delivery of payment promises
- Proactively contacts creditors prior to due date
Our proudest achievements have been helping clients trade out of financial doom. Truthfully, each of these achievements has been a ‘long and wild ride’ so to speak, but invariably resulted in a stronger and profitable business.
***If your business is in financial trouble please call us. You must drive the business in a recovery direction as soon as possible to avoid more trouble. There are no obligations and we don’t care if you don’t become our client – we just want to point you in the right direction.