The Changing World of Training

As highlighted in the article Do you have the skills to scale the mountain?, equipping your employees with the right tools for the job is vital in managing a successful business.  For many businesses, the adage of Time is Money is very apt. Having employees away from the office for extended periods of time to attend a training course can have a costly impact on a business.  But having them untrained can cost you more.

Fortunately, the rate at which technology advances means that the way in which we access training is constantly changing.  The days of going to a lecture/college/university to receive instruction on a topic are not yet a thing of the past. There are certain types of training that can only be conducted in a practical, controlled or simulated environment.

It is, however, not uncommon these days to access more and more training on-demand or online. These online or on-demand training courses range over a wide variety of topics, from formal tertiary education to short how-to tutorials.

At Kilimanjaro Consulting we strive to make our clients to be as self-sufficient as possible, through our diverse range of training options, so that they can get the most out of  their MYOB software.

Traditional classroom vs online/on-demand

Traditional Classroom Training

In the traditional classroom environment, learners have the opportunity to pose questions, participate in discussions and, depending on the topic, gain practical experience. Many are still of the opinion that the traditional classroom training is a more effective learning environment and the benefits from this medium far outweigh any potential benefits of online/on-demand training. Some people prefer this medium simply because they can focus their attention on learning and not be distracted by constant interruptions at their workplace.

Online Training

Online training is certainly a different learning environment – and it is one not everyone is comfortable with. It does, however, provide one fairly significant benefit over traditional classroom training: being available from the convenience of your desk. Online training is often conducted ‘live’ with the instructor conveying the information via a broadcast facility such as GoToTraining, WebEx or Skype. Just like traditional classroom training, learners still have the opportunity to participate in the course via questions and discussions, though this is usually tightly controlled to ensure this is done in an orderly manner. Similar to traditional classroom training, ‘live’ online training is conducted at set times – times not always convenient for everyone. It also means that you have to remain focused on the topic for the allotted time. Any distractions can break your concentration and you could miss out on vital or important information.

On-Demand Training

On-demand training, on the other hand, is available whenever you need it – any time of the day. This means that you do not have to set aside a specific day or time to ‘attend’ the training. Instead, you can do the training whenever it fits into your schedule, be that late at night when the rest of the family has gone to sleep, early in the morning before the office gets busy, or during the day to ‘escape’ from the barrage of emails filling your inbox.  On-demand training also has a significant benefit over classroom and online training. The course can be paused at any time; content being read online can be bookmarked and returned to later; videos can be paused or stopped and continued at a later time.

MYOB Exo and MYOB Advanced Training options available from Kilimanjaro Consulting

At Kilimanjaro Consulting, we understand the importance of providing your staff with the skills they need to work efficiently. Therefore have a number of training options available. (https://kilimanjaro-consulting.com.au/support-training/myob-exo-training-course-outline/)

Classroom-based training for MYOB Exo Business and MYOB Payroll

Kilimanjaro Consulting regularly run classroom sessions for our popular MYOB Exo Business and MYOB Exo Payroll courses. These courses are run at dedicated training facilities in Sydney, Melbourne and Canberra. More information on each of these courses, including when and where these courses are conducted, is available from our website.

Customised MYOB Exo and MYOB Advanced training opportunities

Recognising that predefined training courses may not always meet clients’ specific training requirements,  Kilimanjaro Consulting also offers customised training – onsite (https://kilimanjaro-consulting.com.au/support-training/onsite-myob-exo-training/) or at our Sydney or Melbourne offices[1]. Customised training is tailored to suit your specific training requirements and unique business processes.

MYOB Exo and MYOB Advanced Remote Training

At times, a full day’s training isn’t required, or travel costs don’t warrant a half-day’s training. In such cases, Kilimanjaro Consulting can conduct training remotely – tailored to your specific needs in MYOB Exo or MYOB Advanced. These sessions usually range between 30 minutes to 2 hours and are conducted via TeamViewer or GoToTraining, depending on the training required.

[1] Subject to space and facility availability.

Take Control of Stock Control

STOCKCONTROL-WEBIMAGE-474x419pxThis page was last updated on June 20th, 2018

There is nothing more frustrating than seeing capital sitting in unsold warehouse stock. So why do so many managers continue to sign off on the same $50,000 stock order every month? Because they believe that’s the safest thing to do to ensure there is always enough stock. However, it doesn’t need to be this way.

MYOB’s range of bigger business solutions have helped thousands of larger businesses take control of stock and it can help yours too.

If you can relate to these issues, the first question to ask is “Where does the problem stem from?”

Consumers expect that when they are shopping for an item, it is in stock. The question from a retailer’s point of view is: How does a business uphold this reputation without carrying too much stock that results in a negative return on inventory investment?

Industry experts agree that the most significant factors that impact on profit in an inventory-based business is overstocks and stock-outs. By automating the inventory planning process, businesses are able to understand purchasing patterns. Therefore, by generating accurate forecasts, inventory levels are optimised. Ultimately taking the guesswork out of purchasing will optimise sales and profit.

Implementing better inventory optimization in your organisation will give you the one thing that’s critical for every business – improved cash flow.

Find out more about taking out the guesswork of purchasing to optimise sales and profit by downloading the factsheets below. If you wish to speak with one of our specialists feel free to fill out the form below or contact us at sales@k-c.com.au or by calling 1300 857 464.

 

MYOB Transforming the Mid-market

Large Business is Beneficial to the Economy

Small businesses make up the majority of Australian business (2.17 million enterprises operate as sole traders) – MYOB Enterprise Insights Report 2017. They are regarded as the cornerstone of the Australian economy. However, although less than 1% of Australian businesses have over 200 staff, these larger businesses make a significant impact on the economy. MYOB has recognized that the mid-market and larger businesses are the backbone for the future of the Australian economy. MYOB aims to bring the mid-market into the spotlight and is dedicated to supporting their success.

MYOB Enterprise Report

The MYOB Enterprise Report includes interviews with 276 bigger businesses in Australia, ranging from mid-sized (under 20 employees) to larger scaled enterprises. The report delves into business conditions, the likelihood of growth, the biggest business pressures such as finding the right talent for your company,  as well as future trends and developments in the Australian economy. The reports conclude that it is vital to recognize the importance of the mid-market and their beneficial impact on the entire economy.

MYOB for Bigger Businesses

MYOB is proud to provide tailored solutions to help businesses shape their future. With systems that provide genuine insights, and precise reporting, MYOB has small, medium and growing businesses covered. Find out more here about how MYOB products can turn opportunities into profits, and why MYOB software is not only for small companies.

MYOB Exo: End of Year Processing Course

The End of the Financial Year can be a stressful period for business, Internal and external processes and reporting must be completed – often within a limited timeframe.

Throughout the year, Kilimanjaro Consulting makes End of Year processing courses available via the Kilimanjaro Consulting Training Portal to provide business with a framework and step-by-step processing for completing the end-of-financial-year processes stress-free.

As not all companies have a financial year ending on June 30th, these courses are available at various times of the year.

The Exo Business End-of-Financial Year course is available during the following periods:

  • March/April
  • June/July
  • September/October
  • December/January

The End of Payroll Year courses for Exo Payroll and MYOB Advanced People is available during June/July.

These courses are available via the Kilimanjaro Consulting Training Portal.

Exo Payroll:

The year-end processing seminar for Exo payroll cover the following topics:

  • Print Payment Summaries
  • Report PAYG to the ATO
  • Loading Reportable FBT
  • Show Reportable Super on Payment Summaries

Exo Business:

The year-end processing seminar for Exo finance cover the following topics:

  • Roll end of financial year successfully
  • Use the End of Period checklist to identify reconciliation issues
  • Use appropriate reports to identify causes of General Ledger imbalances
  • Create new General Ledger budgets
  • Setup new budgets for the Analytics modules

Visit our EOFY page that sums up everything you need as you approach the busiest period of the year, including checklists and useful articles.

To find out more information about our upcoming courses, please call 1300 857 464 or contact training@k-c.com.au

 

Everything You Need to Prepare for EOFY

The End of Financial Year is approaching and as we are heading into June, it is time to prepare yourself, your team and your company for this busy period. The earlier you start, the less pressure you will put on yourself.  To make this process as painless as possible, we have prepared a couple of articles, valuable checklists and EOFY training courses you don’t want to miss.

EOFY Training Courses

We understand how stressful and busy the EOFY can be for businesses, especially the finance team. This is why Kilimanjaro is running End of Financial Year processing courses for those interested in a stress-free end to the financial year. Our online training courses for MYOB Exo Business and MYOB Exo Payroll will be available via Training Portal to access anytime between June 1st and July 31st.

Read more

EOFY Checklist

A good way to manage your financial year processes is to have a checklist prepared so nothing is forgotten. You can prepare one yourself, but we suggest using ours as a starting point.

Visit our Training Portal for your Free MYOB Exo EOFY Checklist & MYOB Advanced EOFY Checklist.
*Free registration is required to access the Kilimanjaro Consulting Training Portal*

EOFY Insightful articles

For some more tips and tricks on how to make your End of Financial Year as smooth as possible, have a look at some of our insightful articles.

10 Simple Steps to take before the EOFY

The EOFY should be seen as a trigger for business and strategic decisions. Have a look at the simple things you can do in your business to ensure that the next year is your best year yet.

Read More

Why EOFY Shouldn’t Just be about Spending

EOFY is often a time where businesses are racing to spend their budgets before June 30. However, businesses should be using this time to analyse and review the past 12 months and plan ahead accordingly. This tactic is a better way not only to finalise the year but also to make plans for the approaching year.

Read more

A 3-step plan to collect unpaid invoices before EOFY

Now is the time to re-charge your bank account so your business has the cash on hand to meet its tax and superannuation obligations. Your uncollected invoices are an immediate source of cash. While your invoices may have been simply collecting dust, there’s good news: a few simple things, enacted now, can generate quick cash flow returns.

Read more

If you have any questions or need any help this EOFY, Kilimanjaro is here to help. Feel free to give us a call on 1300 857 464 or email us on info@k-c.com.au, we would be happy to chat with you.

ezyCollect Named in the Top 20 Cloud Accounting Add-ons

Business IT asked MYOB among 5 other providers cloud accounting systems, what they considered to be the most significant add-on products for small businesses. For MYOB, EzyCollect was one of the top most essential add-ons. Kilimanjaro’s specialised team can introduce and take you through our add-on products and how systems such as ezyCollect can be easily integrated with your system. For more information about the Top 20 Cloud Accounting Add-ons, visit the page here.

Kilimanjaro’s Evolution

Kilimanjaro Consulting was formed to meet the demand for specialist implementation and support services in the mid-market ERP sector. From modest beginnings, Kilimanjaro Consulting has become the premier implementer of MYOB Exo Business and MYOB Advanced software in Australia.

We provide our services to over 900 clients. While we have grown, so has MYOB, who can now proudly lay claim to being the Number 1 choice of ERP software in the mid-market in Australia and New Zealand.

Kilimanjaro Consulting is MYOB’s Number 1 Partner. Over our 12-year history, MYOB has recognised Kilimanjaro with various awards. More recently, Kilimanjaro has retained MYOB Diamond Partner status for the third year in a row. This year, we were recognised with 2018 Partner of the Year and 2018 Excellence in Business Development Award.

Kilimanjaro’s Core Purpose

Kilimanjaro was established to improve efficiency in businesses through the clever use of creative, innovative and proven technology. Our combination of business consulting, accounting, and IT skills places us in a very strong position to service large and small companies equally. Our approach and methodology has been used on client sites ranging from the single user right up to the most complex companies operating across Australia and New Zealand and beyond.

What is changing?

For the last 12 years, Kilimanjaro has been delivering our services under the same visual identity. In 2006, in the days of dial-up modems and black-and-white printers, and 1024 × 768 monitors, we selected our “mountain” logo, fonts, and graphic designs. After 12 years we have decided it is time for a change. Very soon, our clients will notice some exciting changes to our website, flyers, social media, newsletters and more.

Kilimanjaro’s New Logo

Our evolved logo reflects where Kilimanjaro is today as the largest and most experienced partner of MYOB. Although our visual identity has evolved our Core Purpose will remain as powerful as always.  We guarantee to deliver the best quality services to all our clients.

A message from managing director, Ronnie Baskind:

“We have always said that every implementation is a journey.  For Kilimanjaro, the growth in our company has led us on a challenging journey to the top – a journey we continue on with. Our visual identity should reflect the maturity of our organisation, and position us firmly in the modern I.T. world. Our brand image and logo is simply the manifestation of our core values, which have not changed in 12 years, nor will they ever. What is changing is the way we convey these to you, our clients.”

The Kilimanjaro Tribe is very excited to share our evolutionary new look with you all.

Kilimanjaro Consulting logo

Why MYOB Software is Not Only For Small Companies

History and Progression

MYOB software had its origins in the late 1990s when the impending advent of GST was about to place a huge administrative burden on small companies in Australia. The reporting requirements were such that without accurate accounts, a company would not be able to comply with the GST legislation. This encouraged large numbers of small businesses to move from paper-based systems to computerised accounting. This coincided with the fear of the Y2K bug, so businesses upgraded their hardware and moved into a new era of computerisation.

MYOB was at the forefront of this wave, having developed software for small Australian businesses. Not only was the software easy to use, but it cut through accounting jargon by converting debtors and creditors to “spend money” and “receive money”. This meant that you no longer had to be an accountant to keep books for your small business. MYOB developed a deep understanding of how small Australian businesses work. The software was localised, meaning that the language and the business processes used were in line with conventional Australian practices. Because their products were tailored to an Australian market, they were compliant with all taxation requirements, including GST.

MYOB continued to develop the software and a pathway evolved for businesses to easily migrate from the basic versions to the more complex versions of MYOB. A business would be able to move from MYOB Business Basics to Account Right Standard, Account Right Premier and Account Right Enterprise. As internet connectivity and speeds improved, MYOB took advantage of this and developed products that leveraged off the power of the cloud. Products such as Live Accounts and Account Right Live were introduced into the market.

MYOB is in touch and connected with their clients. As clients requested more functionality, the products became more complex and robust. The “top of the range” product became MYOB Account Right Enterprise which allowed multiple users to access the software at the same time.

Australian entrepreneurs were not going to be prevented from growing because of software constraints. As businesses grew and became more complex, so did their software requirements. In 2004, MYOB acquired Solution 6 and this was the start of its journey into software for larger, more complex organisations. The existing business software provided solutions for small to medium-sized businesses. The focus then expanded to include medium to large businesses.

Software as a Service

The advent of software as a service (SaaS) has provided MYOB with a similar opportunity to again broaden its target to include much larger businesses. MYOB acquired the rights to distribute Acumatica in Asia-Pacific. This is done under the name MYOB Advanced (discussed below).

Transition Phases

As businesses grow, they go through several phases. The first phase can be called the start-up phase. The accounting requirements in this phase are fairly basic. Once the business is better established, the accounting requirements would need to cope with increased transactional volumes and provide reporting to management for decision-making purposes. Tax compliance is essential in all phases of a business’ growth.

Once a business reaches a turnover of about $6m a year, or about 20 employees, it undergoes quite a dramatic transition. In this first transition, reporting and financial control become important (as opposed to bookkeeping or accounting). As soon as a financial controller or finance manager is appointed to the team, the nature of the software used needs to change. Not only is the business looking at their financials, but they are also looking at non-financial indicators. Directors or managers need to understand the financial impact of their actions and at the same time, legal compliance must be maintained. It is at about this point that companies would look for an ERP system as opposed to an accounting system.

The second major transition is when the company has grown to the point where multiple people are doing multiple tasks. There is a separation or segregation of duties. For example, the accounts function now splits into Accounts Payable and Accounts Receivable. A person may be responsible for raising purchase orders, but another person would be responsible for approving them, and a third person responsible for receipting them. This segregation of duties and responsibilities is embedded in larger software systems. Small companies cannot operate using these systems as one person is still performing multiple functions.

MYOB Advanced for Larger Companies

Companies that are moving towards, or have moved into this separation or segregation of duties phase, would be well advised to look at MYOB Advanced, like our client Museum of Australian Democracy, who found the system to be the perfect fit for them. MYOB Advanced has a sophisticated general ledger system which can be segmented to suit the requirements of the individual company. It allows multiple profit and loss statements and balance sheets at a branch level and it can deal with multiple entities and consolidation of these. This is true Tier 2 software and requires an experienced finance team to get the best out of it. In addition, it is software as a service (SaaS), browser-based, and is sold on a subscription model with a monthly fee per user. MYOB Advanced has the benefit of MYOB’s heritage, backing and support and technical development and is a strong contender for any larger company looking for a robust ERP or accounting solution.

If you want to know more about MYOB Exo or MYOB Advanced and how it can help growth in your business, call us on 1300 857 464  or simply fill out the contact form below and we will have one of our MYOB Specialists have a chat with you.

Single Touch Payroll FAQ

Single touch payroll (also known as STP) is currently one of the most talked about topics for all companies across Australia. As the changes will impact all businesses, it is vital to be clear on what you should do and when to start acting. At Kilimanjaro, we understand how challenging new regulations may be. We have put together answers to the most frequently asked question about the Single Touch Payroll. If your concerns are not listed below feel free to contact us and we will get you in touch with our Payroll experts to assist you.

What is Single Touch Payroll

Single Touch Payroll (STP) is a new way for a business to report their employees’ payroll information such as Salaries and Wages, PAYG and Superannuation directly from the payroll software to the Australian Tax Office. As a result of Single Touch Payroll, business will no longer be required to complete payment summaries at the end of the financial year as the reporting will have already been done and available to employees through myGov.

Single Touch Payroll (STP) will be mandatory from July 1, 2018, for business with 20+ employees, and July 1, 2019, for all businesses.

Kilimanjaro Single Touch Payroll FAQ

What will happen for employees?

Single Touch Payroll (STP) will allow employees to access their tax and superannuation information, such as their payment summary, through their myGov portal, If your employer does not run Single Touch Payroll, they will still be required to send through regular pay slips.

What is expected of employers?

Employers will have to establish how many people are employed by your business on April 1st, 2018. If your business has 20 or more employees on this date, you will need to upgrade to a payroll system that supports Single Touch Payroll by July 1, 2018.

Companies with 19 employees or less should also keep their eye on Single Touch Payroll as they may be required to report through it subject to the passage of legislation from July 1st, 2019. Employers will run Single Touch Payroll under a Standard Business Reporting-enabled software which enables reporting of payroll and superannuation information electronically, at the same time that their employees and superannuation funds are paid. Employers are required to upgrade their existing payroll software to satisfy the Single Touch Payroll standards. Download this checklist to make sure you are prepared for the upcoming changes.

How can employers smoothly transition into Single Touch Payroll?

Once the above steps have been completed, employers must consider when and how they should transition into Single Touch Payroll. An employer has the option to begin using Single Touch Payroll now, which means some employers could be completing their EOFY processes in a quicker, more efficient way. When an employer starts using Single Touch Payroll, the system will submit existing YTD amounts of both current and inactive employees in their first submission.

What will change with Single Touch Payroll?

For employers, Single Touch Payroll will ensure your business is compliant with the ATO’s new reporting requirements. The new system allows employers to report data correctly through the ATO with no added work. For payroll software providers, Single Touch Payroll provides a simple way to incorporate the new system into the existing one with no extra cost.

Does MYOB Exo Employer Services support Single Touch Payroll?

MYOB Exo Employer Services is going to support Single Touch Payroll by providing a specific workflow. MYOB is readily equipped and plans to improve current reporting functionality to support the submission of Single Touch Payroll reports directly to the ATO. Single Touch Payroll “pay events” will become readable to support the review of data as part of the submission process.

MYOB is well prepared to integrate Single Touch Payroll functionality and submitting data directly to the ATO will become a simpler, secure and an automated process. MYOB plan to have Single Touch Payroll functionality ready by April 2018 for an initial rollout to a limited set of pilot customers. An Exo Employer Services Product Upgrade will be available in June 2018 for those considering an early upgrade.

What can you do now?

The ATO requires employers to count employees on April 1st, 2018 to establish when they must start reporting via Single Touch Payroll. If you have more than 20 employees, as an employer you will have to report through Single Touch Payroll from July 1st, 2018. If you have less than this, Single Touch payroll is optional until 1st of July 2019 when legislation is subject to change.

Kilimanjaro is here to help

Kilimanjaro will keep their clients up-to-date with the newest information as it becomes available from the ATO as well as product updates with MYOB. We will ensure that all our clients are well informed and prepared for any changes so that businesses can promptly see the benefits of this new system.

Number One Partner of The Number One Choice of ERP Software in Australia / NZ

Kilimanjaro has again been awarded MYOB Partner of the Year. What makes the award so special this year is that the award cuts across all of MYOB’s Enterprise Solutions: MYOB Advanced, MYOB Exo and MYOB Greentree.

MYOB has also recently been officially confirmed as the Number 1 choice for ERP software in Australia/ N.Z.[1] This makes Kilimanjaro the Number 1 partner of the Number One choice of ERP Software.

MYOB Enterprise Partner Conference 2018

Last week, the Management Team and representatives of Kilimanjaro attended the MYOB Enterprise Partner Conference in Byron Bay, Australia. The conference is an annual event where we have the opportunity to meet with the MYOB team, other MYOB partners and Independent Solution Vendors. We review the previous year’s activities and discuss MYOB’s plans for the year to come.

The theme for the 2018 conference was ‘Transforming the mid-market.’ Incidentally, this reflected Kilimanjaro’s MYOB Exo User Group Forums, (that we have been hosting across Australia and New Zealand) with a theme of ‘Business Transformation and Metrics that Matter’.

During the conference, we were very impressed to hear about the ongoing improvements and updates for MYOB Exo and MYOB Advanced. A themed dinner “Hot Arabian Nights” included the announcement of the annual High Achievers Awards.

Kilimanjaro wins the MYOB Partner of the Year 2018 and 2018 MYOB Excellence in Business Development Award

Kilimanjaro was thrilled to have won The MYOB Partner of the Year 2018 and the 2018 MYOB Excellence in Business Development Award. These awards are a testament to the hard work and consistency of the tribe and highlight the success of the proven methodologies that drive our business. This further demonstrates our consistent performance in delivering efficient services to our clients.

This year, the awards we have achieved hold a very special meaning for us. In line with MYOB being awarded the number 1 choice of ERP software in Australia and New Zealand, Kilimanjaro has reached the incredible milestone of being MYOB Business Development Partner for the 7th consecutive year.

“These awards mean a lot to us. We believe in “Sharpening the Spear” and hope to continue improving our performance. Over the last 13 years, we have always looked for incremental improvements, and this has brought us to where we are today. We have become the number 1 Partner of the number 1 choice of ERP software in Australia/N.Z. ThIS reflects one of our golden rules which states 1+1=3. We know that combining our low-risk methodologies with the number 1 ERP software will only bring mutual benefits for our clients. I am very proud of every single member of our tribe. My gratitude and appreciation go to everyone, for all the passion and commitment they put into Kilimanjaro, and to MYOB for their support.” – Ronnie Baskind Managing Director

Kilimanjaro retains MYOB’s Diamond Partner Status

Kilimanjaro has been awarded MYOB Diamond Partner Status once again. This reflects our position as the premier implementer of MYOB Exo and MYOB Advanced. For Kilimanjaro, this is a special award as three years ago Kilimanjaro was the first MYOB partner to be awarded Diamond Partner status. Today we are proud to have maintained this every year for those 3 years.

Three Years and Counting 

Thank you to MYOB and the whole tribe at Kilimanjaro

Winning and maintaining our position as the largest and most experienced MYOB Partner is essential to achieving what Kilimanjaro strives for each year. It is important to us that we can show our clients the hard work and extreme care we have for every one of our clients. These awards showcase not only the great work of our team, but the trust businesses have invested in us. However there is always room for improvement, and the competition is a stark reminder to us that we will continue to strive to be the best for our clients. We are skilled, experienced and proud to be most recognised MYOB implementer in Australia and the Number 1 Partner of MYOB.

We want to say a big thank you to MYOB for their remarkable marketing, continuous work on the software and for recognising our hard work. This encourages our strong partnership, which delivers the best outcomes for our clients.

None of this is possible without our dedicated Kilimanjaro tribe members. We are proud to say that our people are our greatest asset. Thank you!

 

[1] * iStart 2017 Buyers Guide

2018 Review of Acumatica

“Acumatica Cloud ERP is a robust accounting system offering excellent cash management functionality. Ideal for businesses of all sizes, Acumatica offers a variety of editions and industry-specific solutions, including Cloud ERP Small Business Edition, Cloud ERP Advanced Edition, a Commerce Edition, a Field Service Edition, a Manufacturing Edition, and the new Cloud ERP Construction Edition, aimed at an end-to-end business management system for general contractors, home builders, subcontractors, specialty contractors and land developers. “Acumatica is sold in Australia under license to MYOB and is known as MYOB Advanced.”

 

Read More to find about the 2018 Review

Single Touch Payroll

Over the last several months the Australian Tax Office has been communicating with businesses on the Single Touch Payroll changes coming into effect on July 1, 2018. This is a concern for many employers as there is a lot of uncertainty about what the changes will involve and how it will impact their business.

What is Single Touch Payroll?

Simply put, Single Touch Payroll means that Salaries and Wages, PAYG and Superannuation information is reported to the Australian Tax Office directly from your payroll software.
For companies employing 20 or more employees (‘substantial employer’), Single Touch Payroll reporting will start from July 1, 2018.  This will be optional for companies employing less than 20 employees, however, it may become mandatory from July 1, 2019, pending legislation.

What does this mean for employers?

You will be able to continue with your current pay cycles. Upon completion of each pay, the relevant pay information (Salaries and Wages, Allowances, Deductions (e.g. Workplace Giving), other payments, PAYG and Superannuation information) is reported to the ATO.

To find out if you need to be ready by then, you will need to do a headcount of the employees you have on your payroll on 1 April 2018.

More information for employers.

This will require your payroll software to be updated for Single Touch Payroll reporting. MYOB investing heavily in Single Touch Payroll and actively working with the ATO to ensure all MYOB payroll products (MYOB Essentials, MYOB AccountRight, MYOB PayGlobal, MYOB Greentree, MYOB Exo Payroll, MYOB Advanced People) are Single Touch Payroll compliant from July 1, 2018.

What will this mean for your employees?

Employees will be able to view up-to-date information through their myGov portal, including year-to-date pay, tax and superannuation information. By reporting this information to the ATO via Single Touch Payroll, employers will not have to provide employees with PAYG Payment Summaries as the information will be available via myGov.

More information for employees.

Where can I find out more information about Single Touch Payroll?

More information is available from the ATO’s website.  Kilimanjaro Consulting will keep their clients appraised as new information becomes available from the ATO as well as product updates from MYOB.

Single Touch Payroll FAQ

For the most frequently asked questions and important dates, visit our FAQ page.