We all know how important the instrument panel is on a plane. Pilots rely on the instrument panel to tell them all the important information such as altitude, airspeed, vertical speed, heading and much more other crucial information required to ensure the safety of the flight. The instrument panel is a dashboard of the key information that enables the pilot to track their route and identify if there are any issues so that they can take immediate corrective action and avoid disaster. In certain conditions they are solely reliant on their dashboard to navigate.
Dashboard reports have become equally critical for businesses especially as they wade through the fog of the uncertain business environment created by Covid-19. Dashboards are designed to provide a snapshot of business performance at any time by reporting on the key numbers (key performance indicators) that demonstrate whether the business is on track. With the change in business practices during Covid-19 dashboards can provide insights into how your business is adapting (e.g. uptake of telehealth).
To be effective, the dashboard must focus on the key numbers that demonstrate the business is achieving its strategic objectives. The KPIs must align with the strategy, direction and priorities of the business. The first and most crucial step involved in setting up a dashboard for your business is to identify the numbers that really matter. There is a saying "less is more" and this is usually the case when considering KPIs. It is therefore recommended that you aim for 5 key numbers. They also need to be numbers that are readily reportable from your business data without too much investment of time.
Dashboards convert data into charts or graphics that provide concise information that is easily read and understood. The information tracks the performance over periods of time (monthly/quarterly) so that trends and variations can be easily sighted.
Some practices use MS Excel to compile data and produce dashboard charts. For people familiar with Excel it is a relatively simple exercise to produce a Dashboard report that can be updated regularly. The time consuming part of the process is usually producing the multiple reports in the practice management software that are required to collate this information.
PowerBI is a clever Microsoft product that enables users to create amazing reports from an enormous amount of data. It has the ability to integrate data imported from multiple sources and produce insightful dashboard reports for evaluation and monitoring of the team and business performance.
Brentnalls SA has been working with clients across a broad spectrum of industries to develop fully customised dashboard reports that align with the strategic business priorities of the client. This technology is giving clients greater insight into their business performance and improves their agility and ability to adapt and thrive through challenging times.
Accrual of paid personal leave
For over 12 months now, there has been uncertainty surrounding how businesses should accrue personal/carer's leave for their employees. Should it be based on how many days your employees work or the actual hours they work in a pay period?
There is now clarity for employers provided by a decision made in the High Court on 13 August 2020. The High Court found that the entitlement to 10 days of personal/carer's leave is calculated based on an employee's hours of work, not days. The calculation is 1/26 of an employee's ordinary hours of work in a year.
As a result, the Fairwork Information Statement that outlines the NES (National Employment Standards) including personal/carer's leave has been updated and available on the Fairwork Australia website. Fairwork Australia Information Statement. A timely reminder that it is a requirement under the Fair Work Act to provide all new employees with a copy of this statement.
Extension of Coronavirus Australian Workplace Laws
In this ever-changing business landscape, Fairwork Australia has extended the temporary JobKeeper provisions in the Fair Work Act.
Scheduled to end on 30 September 2020 the increased workplace flexibility provisions, will now apply until 28 March 2021.
Your business will still need to qualify for JobKeeper payments beyond 27 September 2020 to access the arrangements.
If you think this applies to your workplace, for more information head to the Fairwork Australia website.
South Australian Paid Pandemic Leave Scheme https://www.covid-19.sa.gov.au/school-and-community/financial-support-for-individuals
From 24 August 2020 financial support will be provided by the SA Government to eligible SA workers. They do not have access to paid leave or income support and required to self-isolate or quarantine because of a public health direction from SA Health.
If growing your healthcare business is reliant on quality patient referrals think no further than your current loyal and satisfied clients. Their word of mouth referrals are invaluable and have the potential to provide your practice with a high volume of quality new patient referrals.
Ask your team these questions:
- When is 'the moment' when patients are fully engaged with you and your practice?
- When do they put their trust in you to provide them with the health outcomes they desire?
- When do they start enthusiastically referring your practice to their family and friends?
Securing highly engaged patients who are advocates for your practice takes planning and does not happen by accident. It requires all
aspects of your business management systems to work seamlessly together, creating a practice environment where your clinical and
support team work hand in hand. As a team, you let the patient know they are at the centre of their care and that they are supported and in the right place to reach their health goals.
The patient experience can be identified through seven key areas as shown in the infographic below.
A patient experience system provides your practice with an integrated system of patient care and connection and with this, business growth.
It starts with defining your team's collective goals and values, then drawing a roadmap of possible improvements that can be actioned through assessment and review of your current systems.
On 6 October the Morrison Government handed down the 2020-21 Budget, delayed as a result of Covid-19 with financial policies for the next few years focussed on stimulating the nation's recovery.
Key Health announcements include:
- $6b additional funding for Medicare.
- $2.4b total investment in extending the temporary Covid-19 telehealth services until 31 March 2021.
- $18.6m investment in developing options for the permanent adoption of telehealth beyond the COVID-19 pandemic.
- $5.6b injection for Mental health, including:
- $110.8m allocated over two years to double the number of Psychological Services available under the Better Access Initiative (increasing funded services from 10 to 20).
- $630.4m to expand the headspace network from 124 services to 153 services nationally by 2022.
- $550m of Rural Health Strategy funding to increase rural training opportunities for doctors, nurses and allied health.
- $798.8m in additional NDIS funding over four years.
- Adjustments to private health insurance, including:
- Increasing the age of dependents from 24 to 31.
- Making home and community-based care when clinically appropriate, more accessible through PHI for mental health and general rehabilitation services.
Extending and Expanding the Instant Asset Write Off
The Government has extended the instant asset write off, allowing businesses with a turnover less than $5 billion to immediately write off the full cost of eligible assets acquired from 7.30 pm 6 October 2020 and first used by 30 June 2022. This applies to new depreciating assets with no threshold cap on the value of the asset.
The aggregated turnover threshold for eligible businesses has increased from $500 million to $5 billion. This allows small, medium and larger businesses to immediately write off eligible new assets acquired of any value.
Small and medium businesses are also able to immediately write off second-hand assets.
Please note: if purchasing a car for business use, the purchase may be subject to the depreciation car limit which is currently $59,136 for the 2020-21 year.
Larger businesses, with turnover greater than $50 million, are only able to immediately write off eligible second-hand assets purchased by 31 December 2020. From 1 January 2021 to 30 June 2022, the assets for these larger businesses must be new.
| Eligible businesses
||Date range for when asset first used or installed
ready for use
| <$5 billion aggregated turnover
||7.30 pm on 6 October 2020 to 30 June 2022
| <$500 million aggregated turnover
||12 March 2020 to 31 December 2020
| <$50 million aggregated turnover
||7.30 pm on 2 April 2019 to 11 March 2020
| <$10 million aggregated turnover
||29 January 2019 to 7.30 pm on 2 April 2020
Small businesses (aggregated turnover less than $10 million) can deduct the balance of their small business general pool at the end of the 2021 income year.
Jobmaker Hiring Credit
The Government will introduce the JobMaker Hiring Credit, which will be available to eligible employers for each additional new job they create for eligible employees from 7 October 2020. The JobMaker Hiring Credit will be paid to employers over 12 months.
Eligible employers will receive the credit if they can demonstrate that the new employee increases their overall employee headcount and payroll when compared to the 3 months ending 30 September.
The credit that is available is either;
- $200 per week if the eligible employee hired is aged 16 to 29 years, or
- $100 per week if the eligible employee hired is aged 30 to 35 years.
Eligible employees need to work a minimum of 20 hours a week, as an average over the quarter, and have been a recipient of either the JobSeeker Payment, Youth Allowance (other) or Parenting Payment for at least one month out of the three months prior to being hired.
The credit is to be claimed each quarter from the ATO, starting 1 February 2021. Each quarter, the employer will need to report that they meet the eligibility criteria.
The credit is also available to newly established businesses and businesses that had no employees on 30 September 2020. For these businesses, the first employee hired will not be eligible to receive the credit, but the second and subsequent hires will be eligible for the credit.
If you would like further information on the Federal Budget, please click here.
The information provided in this newsletter does not constitute advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances. Brentnalls is not a partnership or a joint venture. Instead, the business of Brentnalls SA is independently owned and operated and it is an independent member of the Brentnalls Affiliation of Accounting Firms. Individual member firms do not accept responsibility or liability for the actions or inactions of any other individual member firm.