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Wage Increases are coming

Wage Increases are coming

Thoughts from the office

I think we can all safely say that when we were doing our Business Planning last year, not one of us had allowed for a "Pandemic Contingency"!

But as we slowly settle into a new normal, at least until a vaccine becomes available, many businesses have been flexible enough to be able to pivot and look at creative new ways to provide their services and products to their customers.

Let's give them a virtual round of applause! 👏

Seriously though, there are some sectors where this type of pivot has been nigh on impossible. The Arts and Events sectors have taken a hammering, so as we start to see restrictions being eased, I highly recommend getting out to see some live events again as they re-commence in your region.

So, what's new? Well, I'm in the process of redesigning my website which will be live by the end of November. Not quite a rebrand, more an update and modernisation. Watch this space for a sneak preview soon!

So on to business. This newsletter is to let you know of pending wage increases for some awards and also an exciting news for clients who want to know more about Cashflow in their business.

Pay increases are coming...

Remember back in June, I sent a quick "Stop the Press" announcement that pay increases for the 2020/2021 FY will be staggered this year? Well the second round of increases are coming.

The Group 1 minimum wage increased from the first full pay run after 01 July 2020, now the Group 2 minimum wage will be increased from the first full pay run after 01 November 2020.

Group 2 awards cover the construction, manufacturing and a range of other like industries and the specific awards are listed on the Fair Work Commisison page.

If Hands On Bookkeepers is looking after your payroll for you, we will be in touch direct to let you know what the changes will be and how they will affect your business. If you are looking after your own payroll, please check with Fair Work for the new rates. 

JobKeeper 2.0

By now, businesses which were eligible for JobKeeper 2.0 should have been verified for the first round of the JobKeeper extension. I know that JobKeeper 1.0 has been a key factor in helping businesses retain their staff over the first 6 months of the Pandemic, and hope this continues to be the case.

As we move into this extension, remember, even though you may not be eligible now, if you were successfully enrolled in the initial JobKeeper, and your circumstances change due to potential future restrictions, you can reapply using the new criteria. 

For those businesses who have already been verified, remember, you still need to confirm your turnover by the 14th of November. If we look after this for you, I'll be in touch early next week.


Cashflow Forecasting

For many businesses, being able to have a crystal ball to see where they will be financially in a month or 6 months' time would be worth it's weight in gold! Whilst Xero and other software have basic cashflow models available built into their systems, they are very basic and rely on the information already contained in their systems.

There are some great alternatives out there though which are much more flexible and can incorporate "what if" or budget scenarios and Hands On Bookkeepers is pleased to announce we have partnered with Float to be able to offer this additional service to our clients.

If you want to know more about this, get in touch with Cath to set up a meeting to discuss how Float can help you manage your numbers.
I hope you have found this information useful and please feel free to share it to anyone who may benefit from this information.As always, if you have any questions, feel free to get in touch.

Until next time...

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