Posted on July 24, 2022 by admin
With client needs and team capabilities constantly changing within the business world, we recommend you pause and reflect on your own critical business processes to see if you can spot opportunities for improving efficiency and reducing waste.
There’s no better time to do this than at the beginning of a new financial year.
Get your team together in a room or a Zoom meeting to brainstorm the processes or work that:
Then, you should examine how you might be able to automate these processes to improve your business’s productivity and output better.
Business automation can occur in order to improve external performance and experience of the business for your clients, OR it can be used to improve upon the internal processes of your business.
For example, communicating with your employees is one constant in your business. This is obviously important, but you know it could be improved. You don’t need to have as many meetings as you are now. You should be able to share feedback faster. So how can this be improved?
Automated business processes can be split into four basic types outlined below.
Basic automation refers to the most straightforward jobs that need to be performed, like creating a centralized place to store a mix of related information. This can be automated through a project management tool that prioritises collaboration and communication to seamlessly pull together a patchwork of data into a single platform.
This tool should automatically organise all of this information to make it understandable and usable.
Process automation involves a dedicated network of software and apps used to document and manage your business processes, such as budgeting or project management.
Integration automation allows machines and software to monitor and analyze how employees perform tasks and imitate them. You simply define the rules of operation.
An example would be your project management software integrated with your customer support software. A customer complaint comes through, but instead of waiting in an inbox for someone to process it, the integration automatically sends it as a task to the person assigned to handle them.
Artificial Intelligence (AI) automation is when you combine AI with your integrated software tools for faster, smarter decision-making. The system can now make choices on your behalf with the data it’s presented (such as sample data).
Some general examples in which your business could benefit from automating key processes could include:
Posted on April 14, 2024 by admin
For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance.
However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on certain non-cash benefits provided to employees in connection with their employment.
Let’s explore the types of fringe benefits subject to FBT to help businesses navigate this complex area of taxation.
One common type of fringe benefit is the provision of a car for the private use of employees. This includes company cars, cars leased by the employer, or even reimbursing employees for the costs of using their own cars for work-related travel.
Employers may provide housing or accommodation to employees as part of their employment package. This can include providing rent-free or discounted accommodation, paying for utilities or maintenance, or providing housing allowances.
Expense payment fringe benefits arise when an employer reimburses or pays for expenses incurred by an employee, such as entertainment expenses, travel expenses, or professional association fees.
If an employer provides loans to employees at low or no interest rates, the difference between the interest rate charged and the official rate set by the ATO may be considered a fringe benefit and subject to FBT.
Providing employees with property, such as goods or assets, can also result in fringe benefits. This can include items such as computers, phones, or other equipment provided for personal use.
When employers provide allowances to employees who need to live away from their usual residence for work purposes, such as for temporary work assignments or relocations, these allowances may be subject to FBT.
Entertainment fringe benefits arise when employers provide entertainment or recreation to employees or their associates. This can include meals, tickets to events, holidays, or other leisure activities.
Residual fringe benefits encompass any employee benefits that do not fall into one of the categories outlined above. This can include many miscellaneous benefits, such as gym memberships, childcare assistance, or gift vouchers.
Employers must understand their FBT obligations and ensure compliance with relevant legislation and regulations. This includes accurately identifying and valuing fringe benefits, keeping detailed records, lodging FBT returns on time, and paying any FBT liability by the due date.
Fringe Benefits Tax (FBT) is an essential consideration for businesses that provide non-cash benefits to employees.
By understanding the types of fringe benefits subject to FBT, employers can ensure compliance with tax obligations and avoid potential penalties or liabilities.
Seeking professional advice from tax experts or consultants can also help businesses navigate the complexities of FBT and develop strategies to minimise tax exposure while maximising the value of employee benefits. Why not start a conversation with one of our trusted tax advisers today?
