Superannuation payments can be a real strain on the brain for small business. Like many bookkeeping necessities, it can feel like another difficult hoop to jump through for employers – and one that can sign a death warrant for any business if not executed correctly.
That’s why we’ve created more than 50 XBert alerts, including one of our newer releases: Superannuation Liability Payments. It’s just another way we help you work smarter, not harder and to focus more time on the things that grow your business.
As an employer, there is a requirement to ensure superannuation obligations are met on the 28th day of the month, following the standard tax quarters. Super guarantee payments must be made to complying funds or retirement savings accounts by the quarterly due dates. Some super funds require employers to make contributions monthly.
If you’re dealing with multiple different employee superannuation funds, across multiple different employment status’ or pay brackets, it can be a mine field. Our sophisticated AI-powered audit tool will analyse the payroll, integrated payroll journal and check against the balance sheet for the Superannuation Payable account to help employers and their advisors be 100% across what superannuation liabilities they have owing each quarter (without trawling through the data manually), in time to action it.
Take Ted, for example. Ted runs an office supply store and has always made sure he pays super for eligible employees. But it was an unusually busy quarter, he had some unforeseen circumstances disrupt his workflow and fell behind. Unfortunately, he missed the super guarantee quarterly due date of 28 April, meaning no funds have been paid to his employees’ funds for the quarter ended 31 March.
Ted realises that the super guarantee quarterly due date cannot be extended by law. In order to avoid additional penalties, Ted must pay the super guarantee charge to the ATO for the outstanding super he owes and lodge the Superannuation guarantee charge statement within a month of the quarterly due date (in this case 28 May).
Had Ted implemented XBert, he would have been alerted prior to the deadline, with the estimated amount owing on the date. This would have given him time to either process the payments, avoiding the interest charged for the late lodgement - or contact the ATO for an extension of time to lodge. A small example of other issues XBert will bring to your attention:
More than just alerts
We know it’s the necessary but mundane tasks like this that add up to make the biggest difference. And that’s why we developed XBert not just as a magic task and process automation tool, but as a way for business owners to be across all their data, in real time, all the time. You can get to work on accelerating growth in your business, knowing XBert has your back with the manual bookkeeping tasks and checks.
Our Analytics Board and BI reports give you the ability to gain deep insights into your client's data, at the click of a button. Smarter data means smarter advice and smarter advice means growth in your advisory. And growth in your advisory means more value for your clients, and growth in your business.
XBert is an easy-to-use, powerful Xero add-on for business owners, finance teams, bookkeepers and accountants to stay a step ahead in business.
If you're serious about business success, sync your accounting data with XBert. In minutes, you'll know the amount of money at risk and how to prevent losing it.
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