Issue 119 - February 2018

Short answer - Yes! Yes! Yes!   Running a small business often means putting what you believe isn't important to the bottom of the pile, whilst you juggle many balls in the air! Often we think "I'll get to that later. Many businesses just get a website up and running and then they think they will worry about the details later, however it's easy to underestimate the importance of a website and the effect it has on a new or existing business and potential clients. According to e-commerce specialists Web Marketing Pros, around 60% of consumers won't buy or consider using your service if your website:

• is outdated,

• is slow and clunky,

• has poor look and feel,

• has link errors,

• isn't optimised for mobile devices.

More than 30% of consumers said they would click away immediately!

Let's not forget the importance of paying attention to the back-end, which can do the most damage to a company's digital fortunes, especially around Search Engine Optimisation (SEO) marketing strategies. Many small businesses are still using outdated programs to manage their website, potentially opening your business to security breaches as well as poor SEO.

We recommend that your website should be a priority for your strategic planning for 2018. It's critically important that small businesses commit to regular reviews of their websites and online strategies. GotchSEO suggest that you should base your review around the following steps:

• Strategic Analysis

• Keyword Analysis

• Competitor Analysis

• Technical Analysis

• Page Level Analysis

• Content Analysis

• User Experience Analysis

• Link Analysis

• Citation Analysis

To learn more about these steps, we suggest you head to this weblink > https://www.gotchseo.com/seo-audit

As stated in a previous newsletter, from 1 July 2017, Australian residents who have an outstanding HELP (previously HECS) debt will need to provide the Australian Tax Office (ATO) with their details of worldwide income for each financial year, commencing the year ending 30 June 2017.

The deadline for submitting the 2017 income was the 31 October 2017, unless you use a registered tax agent such as Brentnalls SA in which case you may have until 15 May 2018.

Once this has been provided the ATO will contact you regarding any payment that is required, along with a due date.

On 1 July 2017, all affected taxpayers were required to update their contact details with the ATO and submit an overseas travel notification. 

In future, if a person meets the above criteria and is wanting to leave the country for 183 days or more in any one financial year, they will need to complete an overseas travel notification. The easiest way to do this is using the myGov website.

In a digital world full of disruptors, change is the new norm. Businesses that fail to keep up with technological advancements and let go of opportunities are essentially kicking themselves in the foot.  Although technological change can be intimidating, there is no avoiding it. An increasing amount of customers are turning to online solutions when searching for products and services, so it is essential to get your digital affairs in order or risk getting left behind.

Here are three ways to turbocharge your business' digital growth for success:

Prioritise innovation 

Innovation requires time and effort. Put aside time during the working week to meet with staff to discuss ideas and solutions. Making a habit of this is particularly important as it encourages staff to be prepared to regularly think outside the box. Meeting weekly is important as things can change very quickly in the fast-paced digital environment. 

Streamline business processes to minimise time wasting activities. For example, automate email systems, switch to cloud data storing, stick to a strict agenda during meetings and so forth. The time you free up can be used for innovative activities such as idea generation, brainstorming and big picture thinking. 

Embrace change

Change needs to be viewed as an opportunity rather than met with resistance. Creating a culture that embraces change rather than one that fears it is the key to business performance and growth. Although changing culture is not a quick process, there are ways to slowly introduce the idea of positive change. For example, providing positive feedback, professional development, celebrating positive changes in the workforce and reframing new processes, ideas, products, services, etc. in a way that will benefit employees.

Tailor your messaging

It would be unwise to expect all of your customers to fit into the same profile. Segmenting your target audiences according to demographics, behavioural patterns, location-based factors and psychographics (attitudes, values, interests, personality) helps to tailor your campaigns for different target audiences. This helps to reach the right audience with your marketing efforts, ensuring you don't waste your precious marketing dollars.

The Small Business Superannuation Clearing House (SBSCH) is moving to the business portal. It will be the same services as before, with a new look and updated functionality.

The SBSCH will not be available from Tuesday 20 February to Sunday 25 February 2018 inclusive while the transition is being made. During this time the data will be transferred across to the new system.

The last super contributions you are able to make using the old system is by close of business Monday 19 February 2018.

The new look online services will have new functions which include being able to sort employee listings and payments by credit card. It will also include access to a variety of tax and super services, which include being able to lodge online activity statements and updating business registration details.

The service can now be used by businesses with:

• 19 or less employees, or
• an annual aggregated turnover of $10 million or less (up from $2 million)

Please contact your Brentnalls SA team member if you have any questions regarding the above.

With so much of our personal and business life being conducted online, the security of your information is becoming more important.

Instances of digital crime and internet fraud are becoming more prevalent, and it is possible that your email and password details may have been compromised by recent incidents with sites such as LinkedIn, MySpace, Adobe and Dropbox. (*)

Many people will be familiar with the importance of having a strong password for your online logins. 2-Factor authentication provides an additional layer of security to help prevent your details from being accessed.  It requires information available only to the user through another device.

This second layer of authentication is usually in the form of an additional code you are required to enter before the login can proceed, and can be provided to you in a number of ways, including:

• The code displayed on a token, which is provided to you by the service provider when the account is first set up. 
• An SMS containing the code is sent to the mobile phone number registered against the user. 
• An app on your smartphone which is linked to your account provides the code.

While the additional step can seem frustrating, we believe it is a small price to pay for the increased security it provides to the user.

You may already be using 2-Factor Authentication, as most banks have employed this mandatorily.  The Accounting Software providers such as MYOB and Xero also have the capability to add 2-Factor Authentication to user logins as an optional feature, which we strongly recommend activating. 

Brentnalls SA have a policy of all staff employing 2-Factor Authentication with their logins.

* If you would like to check whether your email address has been compromised in any of these or other public hacks of internet sites, you can check at https://haveibeenpwned.com/

Software Corner:

Unleashed is a cloud based inventory management software. Unleashed enables businesses to take advantage of real-time stock visibility and sales information, accurately calculate finished goods cost, monitor products through all stages of production, track perishables and make data-driven decisions based on accurate reports.

Benefits

Unleashed promotes more efficient stock management and documentation, assisting with:

• Access to real-time stock levels, costs, tracking information across multiple locations
• Get low stock alerts so you don't fall below minimum stock levels or get caught out of stock on popular products
• Manufacturing process management including accurate finished goods cost calculations, product assemblies, allocation of stock to future assemblies and detailed reporting
• Serial and batch number tracking
• Ability to move stock on a first-in-first-out basis
• Assistance in speeding up recall or warning processes
• Ability to turn sales quotes into active sales orders with just a click of a button
• Supplier price books are recorded against each product so you can quickly and simply purchase your products from multiple suppliers.
• Unleashed integrates with QuickBooks Online, Xero and also with MYOB (via OneSaas), allowing you to sync your real time stock to your other accounts to streamline workflow and save time

Pricing

Unleased is free for the first 14 days. After this the software is priced from $90 per month.

SCAM-Business Name Renewal Offering

Scam emails and invoices are becoming more and more common.

We warn that there has recently been an email and letter circulating regarding business name renewals.

While the letter itself is not considered a fake, the company is trying to receive payments by appearing to be an official government service.

Online Business Registration (OBR) are sourcing companies through ASIC that have their business name renewals expiring and are sending out a letter to renew the business name. OBR are advising they will renew the business name on your behalf, however they are charging significantly more than ASIC and it is also a high risk for credit card fraud as you need to manually input your credit card details.

If your business name is due for renewal, please ensure you wait for the official notification from ASIC. If you are unsure of any correspondence you receive, please contact your team member here at Brentnalls SA.

Congratulations to George Stamas, Jasmine Groves and Max Newman in the launch of GJK Indigenous Solutions. The business has won its first 2 direct contracts and is striving to become one of the largest Aboriginal owned and operated commercial cleaning companies in Australia.

Congratulations to Paul Vinton and Vintek for recently acquiring Regal IT, a managed services provider based in Sydney.

We welcome Julian Titaro and Jonty Scharenberg who have recently started as undergraduates.

We welcome Madison Hampel who has joined us as a junior administrative assistant.

We congratulate Brianna Wait and Alexander Toth for being selected to join us for 4 weeks work experience through the Chartered Accountants Australia and New Zealand CA Achiever Program.

We farewell Amanda Christofis after 24 years of service and wish her well with her future career as a teacher.

This month Brentnalls SA is supporting: Guide Dogs SA/NT

Guide Dogs SA/NT has a long and exemplary history in training and placing Guide Dogs and supporting people with a vision or hearing impairment in South Australia. Fore more than 50 years, Guide Dogs SA/NT has enhanced quality of life through a culture of innovation, incredible dogs and qualified trainers. https://www.guidedogs.org.au/

I began working at Brentnalls SA in July 2016 as a Junior Accountant while undergoing a Bachelor of Commerce at the University of Adelaide. Brentnalls SA has been an awesome experience for me so far. I love the challenging environment and the continuous learning that happens every day. What I also find great, is the youth Brentnalls SA has, and the fact that many other employees are in the same boat as me… still studying, so I've never felt out of place since working here. I was brought up in quite a sporty family so outside of work and study, I play field hockey for the Forestville Panthers and enjoy the occasional hit of tennis. Whenever I get the chance I also head back to my home town of Port Pirie to catch up with the many relatives I have there.

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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.