The rollout of Single Touch Payroll seems like just yesterday, but we now have the second phase lurking on the horizon. In this episode of Accountants Daily Insider, host Jotham Lian is joined by the Institute of Certified Bookkeepers executive director, Matthew Addison, to explore everything related to STP Phase 2 to help prepare practitioners and their clients for the 1 January 2022 deadline. Matthew goes over why the change is happening, what advisers need to be doing now and key dates to remember. He also discusses the upcoming end of STP concessions for micro-employers and closely held payees, and explores the government’s mandate for e-invoicing.

Single Touch Payroll Phase 2: What we know so far

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Management

Cooper Grace Ward Lawyers partner Sarah Lancaster provides an update on the payroll tax issues continuing to plague medical practices and the critical planning needed in this area. In this episode, Lancaster shares some of the highlights from her upcoming presentation at the ACE Accounting Conference & Expo next month. She discusses the potential audit risks facing medical and allied health practices following the rulings that were issued by various revenue offices last year and what firms need to be doing now to manage these risks. Lancaster also sheds light on other payroll tax issues being audited by state revenue offices and where businesses need to improve their record keeping.

The latest on payroll tax and the issues impacting medical practices

A bids and tender specialist has seen a dramatic increase in small to medium accounting firms bidding for government contracts in the past year.  In this episode, Jason Cooney, director at The Tender Team, explains why smaller accounting firms have become more courageous with bids for government contracts more recently and some of the reasons for their success.  Cooney discusses the types of contracts that smaller accounting firms are winning and how they can stand out from other competing firms.  He also offers tips and considerations for the tender process and how firms can prepare to make the process smoother.

Why smaller accounting firms are landing government contracts

Michael Fingland explains the vital role that stress testing can play for businesses in an economy "teetering on the edge of recession". In this latest episode, Vantage Performance chief executive Michael Fingland gives a rundown on the concept of stress testing and how businesses can utilise this strategy to prepare for further headwinds in the year ahead. Fingland explains that with consumer spending pulling back and the economy softening, businesses should be analysing what outcomes might arise with a dip in cash flow, a drop in revenue or with other, more specific, challenges. Businesses can then put in a place a “rapid-fire turnaround plan” that can be implemented if any of these scenarios happen, he says. He also provides his predictions on business conditions for the remainder of 2024 and what the main challenges will be. 

Business stress testing critical as economic conditions worsen

Heather Smith and Tyler Caskey delve into the latest technology transformations and feature and functionality updates for the start of the year. In this episode, accounting apps specialist Heather Smith and Tyler Caskey, partners at TheBeanCounters, discuss recent developments in real-time banking transactions, direct digital receipting and multi-currency transactions. They also explore updates and new features in the reporting space across cash flow forecasting, automatic workflows, intercompany loan reconciliations and ESG. Heather and Tyler also chat about some of the big announcements in the accounting tech space including the launch of WorkflowMax by BlueRock and Xero ending classic invoicing later this year. 

First quarter tech update for accountants

There are so many amazingly successful women in the finance industry, but only a small number have a strong brand and online presence in this traditionally male-dominated industry.    As we celebrate International Women’s Day, we want to help more women raise their profile and showcase the incredible professionals in this space.   In this episode, partnered by Mortgage Choice (part of the REA Group), we’re picking the brain of its executive manager, corporate communications, events & franchise marketing, Sally Chadwick, to find out:  How to build a brand presence.  The benefits of having a strong brand presence. Top tips to help you get started today.  And much more!

Single Touch Payroll Phase 2: What we know so far

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