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every step BMO BUSINESS CENTRE

Road to Success Special HR Edition

New Employees, Holidays & Policies Bookwork on the beach...

Find out how

Kids &

Ca$h

Get to know some of our new team members How to use your accountant to YOUR advantage

key dates calendar


Welcome “You don’t have to be able to see the whole staircase, just take the first step.” We really like this quote from Martin Luther King Jr. as it reminds us to have a go, even when the task ahead seems uncertain, unknown or too big to tackle. We hope the tips and ideas in this issue of “Every Step” magazine will give you the confidence to get started. Whether it’s getting your kids on track with their money habits (p4), BMO Accountants and BMO Financial Solutions Partners Mal Smith, Adrian Rasmussen, David Briese, putting employee policies and induction programs in place Michelle McVeigh, Shane Lee and Kelvin Tyler. (p6), moving your accounting and payroll online (p10-11) or getting finance for your equipment (p13), we encourage you to just take the first step. When it comes to supporting our clients, we know that it’s important to do more than just tax returns. Our goal is to be “with you every step of the way”. That’s why we travel to small communities and deliver ‘The Farmer Wants a Life’ event (p14), and why we talk about things like communication and love languages (p14). Not something you’d usually hear an accountant talking about! Empathy and understanding is central to our approach and this was recently recognised, when Partner Michelle McVeigh was awarded a Downs Region Women in Business Award (Agribusiness). To top it off we were once again honoured to be included in the Australian Financial Review’s Top 100 Australian Accounting Firms list. When BMO had its humble beginnings back in 1990, we couldn’t have known what would unfold in the decades ahead…we just took the first step. Happy reading,

Michelle McVeigh receiving the 2018 Women in Business Award.

The BMO Team

What’s Inside

About Us

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Partner Profile

4

Financial Planning

6

Human Resources

BMO is an award-winning accounting, business advisory and financial services firm with a strong focus on building relationships and supporting growth for local businesses and wealth creation for individuals. We are based in Dalby, with a satellite office in Brisbane.

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People

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Technology

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Business

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Finance

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Farming & Life

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Community

Disclaimer – This magazine has been written and produced by BMO, 178 Drayton Street Dalby Qld 4405. Information provided in this magazine is general in nature. Some information in this document has been sourced from the Australian Taxation Office. In preparing information BMO Accountants, BMO Financial Solutions and BMO Lending Services have not taken into account any particular person’s objectives, financial situation or needs. Readers should, before acting on this information, consider the appropriateness of this information having regard to their objectives, financial situation or needs. We recommend obtaining financial advice specific to your situation before making any financial decisions or investments. Principal Wealth Management Pty Ltd trading as BMO Financial Solutions is a corporate authorised representative of McPherson & Associates Pty Ltd. AFSL Number 229883.

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BMO is a BRW Top 100 Australian Accounting firm, is highly ranked (at 58) in the ATO tax agents program, and have been awarded Dalby Business of the Year four times (2003, 2009, 2015 and 2017). With over 50 professionals in our team, BMO offers a full range of business and financial services. We don’t just ‘do your tax’, we’re your adviser and your sounding board. Whether you’re a student working your first part-time job or a multi-million dollar business, we’re with you every step of the way.

0 PO Box 180 Dalby Qld 4405 1 07 4662 3722 5 www.bmo.com.au 8 team@bmo.com.au

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Magazine Published: December 2018. Cover Photo: BMO Partner David Briese. Image courtesy of Ange Stirling, BMO Marketing Co-Ordinator.


PARTNER PROFILE

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ou may have heard the saying by Ralph Waldo Emerson, “Life is a journey, not a destination.” These words ring true when it comes to the story of how David Briese became the most recent Partner of the BMO team. Dave is extremely detail driven, methodically prepared, and is considered an ‘all-rounder’ who excels in all aspects of taxation and accounting. Given his orderly nature, you might expect a road trip with Dave to be carefully planned with the route mapped out and scheduled stops, right down to the last kilometre and a packed lunch to save time. In pursuing his career, it was quite the contrary. Dave took the road less travelled; with a few adventures and detours along the way, and most importantly, time for a little soul searching. Dave began his career with Browne, McKinnon, Moynihan (which later became BMO) where he was hand-picked for a senior position within their former Chinchilla office. Then came the sea change, embarking on a move up north to Mackay, where he and his wife Kathryn settled as newlyweds. Almost a decade later, a phone call from BMO looking to fill the position of Senior Accountant in the Dalby office, and the birth of their first child, had Dave and Kathryn reassessing their future. Dalby ticked all the boxes for the Briese family. Growing up on a cattle, grain and dairy property, Dave aspired to raise their children within a relaxed country lifestyle. Dalby facilitated their needs as a young family whilst providing an innate sense of community they had been missing in a larger centre. With strong family values, the drawcard of relatives living locally confirmed that it was undoubtedly the right move for their family, and Dave joined the

ROAD TO SUCCESS

BMO team again in 2004.

Back home in Dalby amongst the wide open spaces after his detour to Mackay with its sandy golden beaches and canefields, Dave was cruising along the open highway as he quickly cemented himself as a valuable employee within the team. The next stop for Dave was Associate Partner in 2009 with Partner right around the next bend. “I could have stepped into Partnership quickly, but it was really important to me to make sure I was ready both personally and professionally. It was essential for both the BMO team and my family to do this well,” says Dave. He engaged a business coach and mentor, in conjunction with a firm plan of personal growth, to meet the benchmark he had set for himself.

“For me, my job is much more than simply giving advice and going through the checks and balances.

“By sharing my personal values with clients, I can build a working relationship that is based on trust, honesty and open communication. It’s my hope that I’m not only positively impacting their business and finances, but also their lives.” For Dave, there were no regrets in taking the long way round and seizing the opportunities and experiences along the way. “The process was so beneficial that still today, I am always reading, learning and looking for ways to grow and improve.”

Dave drew strength through his active role within his local church, and supporting local community and not-for-profit groups. Yet at the root of his motivation, commitment and dedication, have always been those who fill his heart with an abundance of love, joy and pride; his wife, Kathryn and three daughters Alyssa, Sarah and Jenna. In 2013, Dave arrived at his destination joining Michelle, Kelvin and Adrian as a Partner of BMO. On reflection, Dave says “I took the road to partnership seriously, it did take hard work and determination, but I think it’s made me a better professional. I can really relate to team members that want to build on their potential and have also been able to use my experience when helping clients.” It’s this humility, coupled with technical expertise, that has allowed Dave to build strong partnerships with clients.

Outside of work Dave balances his busy days and responsibilities as Partner of a large firm with a healthy lifestyle - often with a racquet in his hand enjoying a game of tennis, or out on the road, soaking up the freedom he experiences when cycling. Today, Dave has the window down and the cool breeze on his face. It might appear to be perfect driving conditions from here but Dave looks forward to the odd detour, after all; life is about the journey not the destination.

“I AM ALWAYS READING, LEARNING AND LOOKING FOR WAYS TO GROW AND IMPROVE.” 3


FINANCIAL PLANNING

Kids & Cash

Mal Smith, BMO Financial Solutions Partner

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t’s no surprise that our children are finding it hard to grasp the value of money, living in a world where money is mostly invisible.

Some experts recommend starting with $1 a week for every year of age, so a 7 year old would receive $7 on a weekly basis.

This is why pocket money can be a great way to teach children the link between work and payment.

Digital money is a way of life with the regular use of ATMs, Pay Wave and online shopping.

The lesson is in how to manage that money, this is where the 50%, 40%, 10% rule is popular with parents. Children are required to save 50%, allowed to spend 40% and donate 10%. A simple way to incorporate this is with jars labelled accordingly where children can allocate their money to spend, save and donate.

So what do you classify as paid jobs and what are jobs that your children should be undertaking to contribute to the household as a member of the family? Again, there is no wrong or right answer to this as every family will have a different perspective on this and what aligns with their values and family life.

With younger ones it may be easier to start with a simpler rule where they save $1 for the long term and $1 for a charity of their choice.

Don’t forget to let them make a few mistakes along the way. The consequences of losing money like spending their cash on the latest fidget spinner instead of getting closer to that new bike they have been longing for, are all part of the learning process.

How do we change our children’s perception and accountability when it comes to finances? Pocket money is the first avenue for children to practice earning, saving, spending and sharing. Beyond developing money skills, pocket money also encourages independence, patience and goal setting. How much and how often? The first thing to remember is that there is no single rule when it comes to pocket money as every family is different.

When it comes to digital money, download a simple budgeting app so you can keep track of their earnings and expenses to avoid overspending. Choose an app with a goal setting function so they can watch their savings grow and they can track how far they are from their dream purchase. Check out ASIC’s Money Smart free app, TrackMySpend or Spriggy.

Paid jobs v family jobs Remember that the definition of pocket money is “earned” money from parents, it is not an “allowance”.

Name: Thea Dudgeon, 16 How much pocket money do you get a week? In our family we were taught that you can do jobs around the house without having to be paid and I have learnt about the true value of money. It is something that you have to work hard for and earn, not just be given every week.

Monkey see, Monkey do

Shane Lee, BMO Financial Solutions Partner

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“TELL ME AND I FORGET. TEACH ME AND I REMEMBER. INVOLVE ME AND I LEARN” 4 l EVERY STEP l WWW.BMO.COM.AU

e all know too well that children imitate and copy what we do, both the good and the not-so-good. To effectively educate and set standards for your children when it comes to money, we must equip ourselves with the right tools and knowledge to implement positive financial choices into our everyday lives. A Financial Planner can assist you with all your concerns, and work with you to achieve your financial goals through every milestone in your life. When you are considering a Financial Planner make sure they have a licence to provide financial advice, professional membership, and are properly qualified and trained. If you form good habits with budgeting, saving, credit management, investing for the future and protecting your wealth, then your children too will be set on the right path. Even consider taking them along with you when you see your Financial Planner so they can start to get a sense of what managing money is all about. In the words of Benjamin Franklin, “Tell me and I forget. Teach me and I remember. Involve me and I learn”. With the right tools and mentoring you can assist your child to take control of their financial future and create the life they want.


How to pass on good money values I

t may seem like they are just out of nappies but experts say that by “age three, your kids can grasp basic money concepts. By age seven, many of their money habits are set.” Here are five easy ways to start talking money in your home: • Talk about where money comes from and how you earn it. • Explain the difference between needs and wants. • Don’t mollycoddle when it comes to money and the value of something. • Show good financial practices. • Explain financial concepts to help kids learn basic life skills.

Name: Lauren Ruddy, 6 Are you a spender of a saver? Saver. What are you saving up for? A pet unicorn. What age do you need to be to retire? 183.

Name: Arabella Stirling, 8 Are you a spender or a saver? Bit of both.

Parents find ‘money talk’ is easier when it is about everyday things. Involve your kids in the everyday experiences that involve money such as tuckshop, buying the milk and bread, being in charge of the grocery budget and helping with paying the monthly bills online. Keep in mind not to worry children with topics that create stress especially teens who are already going through a very sensitive developmental stage with lots of pressure and changes. There’s a fine line between protecting them and equipping them. The idea is to make budgeting and planning an everyday habit, so children aren’t blind-sided when they finish school and don’t realise what it costs to live.

Name: Charlie Dudgeon, 14 Are you a spender or a saver? Saver. What are you saving up for? To buy cattle. Does money make you happy? All depends on how much it is.

Show me the money tips

• Give your child a piggy bank with sections for saving, spending and sharing. • Give your child a small amount of money to manage every week (use a combination of notes and coins). • Carry cash and use it to pay for things occasionally. • Show children how online banking works or set up a kid friendly online account (like Spriggy) so they can learn the connection with physical money. • Talk about choices, explain the reasons behind your financial choices. • Have a family jar and encourage kids to make contributions for family outings.

Name: Mac Stirling, 9 Where does money come from? By working hard and doing chores. When you grow up, how are you going to earn money? Being an Inventor which is my dream job. How much do you think your job will pay per hour? $100.

Name: Gemma Ruddy, 9 When you grow up, how are you going to earn money? Get a job like a Marine Biologist or Farmer.

What tip can you give us about money? Only buy things you need, not what you want.

How much do you think your job will pay per hour? $30.

Does money make you happy? Not that much. My family and friends are what makes me happy.

What is a tip you can give us about money? It disappears quickly and it’s not important like family is.

Name: Zac Schelberg, 10 How much pocket money do you get a week? $5, but none if I don’t do my jobs. So I don’t get it very often. How much pocket money should you get a week? $20 would be good. Are you a spender or a saver? Definitely 5 a spender when it comes to lollies.


HUMAN RESOURCES

You can’t turn up to work drunk... or can you? Dave Adams, BMO HR Manager

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nce upon a time if a person turned up for work after a “few too many stubbies”, an employer could fire them on the spot. Fast forward to today and the situation is a little less black and white. Before considering terminating the employee, the employer would have to prove that there was a clear policy in place, in relation to being under the influence of alcohol, that the policy had been taught, and the policy had been reinforced. Take the recent case of a trades assistant who was dismissed by his employer for turning up to work with a blood alcohol level almost four times the workplace’s 0.02 limit. He admitted he had “several beers” the night before and did not dispute the results of the test. As he had been operating machinery, he agreed that he’d been a safety risk to himself and his workmates. Most would think the employer would be justified in terminating him. However, after having a look at the company’s drug and alcohol policy, the Fair Work Commissioner ruled it was unfair to dismiss him. He was reinstated and the business had to pay remuneration lost from the time of termination to reinstatement. Here’s the clincher. The company’s policy referred to the consequences of returning a first, second and third positive blood alcohol test, so it was deemed that breaching the policy didn’t result in automatic dismissal. FairWork took into account the employee’s remorse, his unblemished record in 16 years of service and the difficulty he would face, as a 55 year old with a lack of education, in finding subsequent employment. There’s two sides to this. On one hand, it’s great to know that Fair Work looks at the individual situation of each case before making a ruling. However, it also shines the light on just how important it is to have clear policies for employees to follow. It might seem like a hassle to put policies in place, and sometimes they might seem like a lot of unnecessary red tape, but they are a vital part of business.

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Policies every business should have 1. Sexual Harassment Policy The Equal Opportunity Act 2010 outlaws sexual harassment including unwelcome sexual behaviour, which could be expected to make a person feel offended, humiliated or intimidated. Sexual harassment is not consensual interaction, flirtation or friendship. It can be physical, verbal or written. 2. Equal Employment Opportunity Policy Employers have an obligation to ensure that an employee is not discriminated against or overlooked for any opportunity as a result of grounds including race, colour, gender, sexual orientation, age, physical or mental disability, marital status, family or carer’s responsibilities, pregnancy, religion, political opinion, national extraction and social origin. 3. Workplace Bullying and Harassment Policy Everyone has a right not to be bullied or harassed at work. A worker is bullied if a person or group of people repeatedly act unreasonably towards them, or a group of workers and their behaviour creates a risk to health and safety. Unreasonable behaviour includes victimising, humiliating, intimidating or threatening. 4. Workplace Health and Safety Policy Under the Workplace Health and Safety Act 2011, businesses have an obligation to protect the health, safety and welfare of their workers, and anyone affected by their work including contractors, visitors and volunteers. It’s a legislative requirement, but it also just makes good business and common sense to have a safe workplace. 5. Grievance Policy / Procedure Under federal anti-discrimination laws, if an employer wants to argue that the organisation should not be held liable for any discrimination or harassment by one of its employees, the employer needs to demonstrate that it took ‘reasonable precautions and exercised due diligence’ or took ‘all reasonable steps’ to prevent the discrimination or harassment. Having an effective procedure that addresses employee complaints about discrimination and harassment quickly and fairly is important. It’s not all doom and gloom. Sure, policies protect businesses from being held liable and they help keep your employees safe, but they also help ensure you have a positive workplace culture and help to improve workplace practices. Having polices is a bit like having rules on a sporting field, once you know the boundaries and the rules are clear, you are free to go out, play hard and have fun.

Need help with your policies? BMO’s HR services can assist with the development of all HR and WHS policies necessary to meet legislative requirements, tailored to your business.


NEW EMPLOYEES, NO WORRIES W

hen a new employee starts, a business owner might be tempted to get them to grab the tools or fire up the computer and get straight to work, after all time is money right? However, it’s vital that employers do a proper induction with your new starters before they get on the job. Not only is it good for team morale, but it could save you time and money in the long run. A comprehensive induction process ensures that your team members are able to be the best employees they can be while working for you. • It keeps them safe as they learn of any workplace hazards, • It ensures they are aware of their obligations regarding your policies and procedures, and • It improves your workplace culture by helping them get familiar with and becoming a part of your team.

Additionally, employees are expensive, especially when you break them. According to studies, in 2012–13, work-related injury and disease, cost the Australian economy $61.8 billion. With this cost in mind, it makes sense to make sure your employees are aware and equipped to face any potential hazards you have in your workplace. Aside from the cost of injuries there is the cost of turnover. The conservative cost each time you engage an entry level employee (without the help of a recruiter) is almost $3,000. So if you are not taking the time to

induct your employees correctly (policies, obligations, culture) and you end up losing that employee (or sacking them), you are facing a cost of $3,000 that may have been avoidable. For the time it takes you to get an employee up to speed on their first day you will see a huge cost benefit as well as keeping your employees safer and improving your culture. If you don’t know where to start call Dave Adams at BMO and talk with him about developing a best practice process for you.

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Don't be too casual with casuals E

mployers are urged to be very clear when engaging an employee as a casual, following a recent case that saw a casual truck driver successfully claim for leave payments. BMO HR Manager Dave Adams said the case had led to confusion around the rights of casual employees. “If employees are hired as a causal and paid as a causal, with extra loading applied to their hourly rate, then they should not be able to double-dip into leave payments.” However, he said, the onus was on the employer to ensure the correct paperwork was in place.

“Businesses must properly articulate the casual nature of employment within the letter of employment, they must also make sure that the breakdown of the casual rate is clearly defined. This particular case was further muddied because it was asserted that the employer treated the employee like a full timer. “In this case, it cost the company as they had to pay out significant compensation for unpaid holidays and it could open the door for other cases,” he said. “The best way to make sure your business doesn’t get caught out is to get the right advice about pay rates and then put it in a very clear and legally binding agreement with the employee.”

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H LH H LH PEOPLE

Q&A

Jen Blackley, Client Services Manager Q. Where did you grow up?

Bollon, Western Queensland

Q. If your childhood had a smell, what would it be? Dust and the smell when rain hits.

Q. What is special about the place you grew up? Peace and quiet and beautiful country side.

Q. When you were a child, what did you want to be when you grew up?

Q. What or where is on your bucket list? And why?

Chef or a Vet.

Q. What do you enjoy most about working for BMO?

Q. What is something you think everyone should do at least once in their lives?

Working as a team to complete tasks.

Travel, especially when they are young.

Q. What personal qualities do you bring to the workplace that assist you in your role within the BMO team?

Q. What trend do you hope comes back?

Great ability to prioritise and not to stress.

Q. What song is sure to get you up on the dance floor?

Q. What is an aspect of your role that you enjoy most?

Time Warp – Love Rocky Horror.

Helping clients meet their dreams.

Q. Tell us something about you that might surprise people?

Q. On the weekend we are likely to find you…

Not a lot, very open person, not a lot of secrets here – except I don’t like having my photo taken.

Meeting with friends and family and enjoying great food.

Go to Tasmania to visit Fat Pig Farm and meet Matthew Evans.

Perms then I would not have to straighten my hair every day.

Dave Adams, HR Manager Q. Where did you grow up? Guyra, NSW

Q. If your childhood had a smell, what would it be?

I’m meant to say potatoes, but if cold had a smell that’s what it would be. Q. What is special about the place you grew up? There is no need for an esky during winter.

Q. When you were a child, what did you want to be when you grew up? Stock and Station Agent Q. What do you enjoy most about working for BMO? Great culture.

Q. What personal qualities do you bring to the workplace that assist you in your role within the BMO team? Direct and prompt. Q. What is an aspect of your role that you enjoy most? Getting the best out of a bad situation. Q. On the weekend we are likely to find you… CrossFit Toowoomba coaching or training.

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Q. What or where is on your bucket list? And why? Vegas, Hollywood movies can’t be wrong. Q. What is something you think everyone should do at least once in their lives? A CrossFit workout called “Fran” - Google it. Q. What trend do you hope comes back? I used to tuck my tracksuit pants into my socks, does that count? Q. What song is sure to get you up on the dance floor? An old classic called ‘10 schooners of heavy’. Q. Tell us something about you that might surprise people? I’m bald.


H L H H L H Ange Stirling, Marketing Co-Ordinator Q. Where did you grow up? Mungindi, NSW

Q. If your childhood had a smell, what would it be?

A combination of saddle dressing, strawberry chapstick and campfire smoke. Q. What is special about the place you grew up?

The childhood memories; riding horses, swimming in the river, climbing trees and being surrounded by family and friends. Q. When you were a child, what did you want to be when you grew up?

Depending on the day, it was either a Journalist or a backup dancer. Q. What do you enjoy most about working for BMO?

Our team culture, supporting rural communities and the family friendly working arrangements.

Q. What personal qualities do you bring to the workplace that assist you in your role within the BMO team? Creativity, integrity, honesty and loving a challenge.

Q. What is an aspect of your role that you enjoy most?

Helping clients increase their confidence and skills when it comes to their branding, marketing and social media presence.

Q. What or where is on your bucket list? And why?

Japan - the culture, history and food plus the photo opportunities.

Q. What is something you think everyone should do at least once in their lives? Chase whatever lights you up; a career, a destination, a person – life is too short for regrets. Q. What trend do you hope comes back? Definitely not the teased side fringe.

Q. What song is sure to get you up on the dance floor?

Q. On the weekend we are likely to find you…

Crazy Little Thing Called Love - Queen.

Working as a freelance photographer or hanging out with my husband and two children.

I don’t drink coffee.

Q. Tell us something about you that might surprise people?

Tony Flynn, Senior Accountant Q. Where did you grow up?

Born in Dalby but grew up in Brisbane.

Q. If your childhood had a smell, what would it be? Sporting field with freshly cut grass.

Q. What is special about the place you grew up? Lots of things to do being in the city.

Q. When you were a child, what did you want to be when you grew up? Airforce Pilot.

Q. What do you enjoy most about working for BMO?

Q. What or where is on your bucket list? And why?

The team spirit.

Playing on golf courses all over the world e.g. St Andrews, TPC Sawgrass etc. – to play courses where the best professional golfers play that I see on TV.

Q. What personal qualities do you bring to the workplace that assist you in your role within the BMO team? Friendly, patient, problem solving, honesty and dependable. Q. What is an aspect of your role that you enjoy most? The problem solving aspect and the challenges that come with being in a new role.

Q. What is something you think everyone should do at least once in their lives? Camping in a swag. Q. What song is sure to get you up on the dance floor?

Q. On the weekend we are likely to find you…

Dancing Queen - ABBA.

At Golf.

Q. Tell us something about you that might surprise people?

Q. What trend do you hope comes back?

I was an A grade coach for a Brisbane major baseball league in the late 1990’s.

Leather jackets.

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TECHNOLOGY

bookwork from the beach

Michelle McVeigh, BMO Partner

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t’s pretty common for small business owners to be stretched to the limit running the business, doing the bookwork, and still trying to fit in time for friends, family and hobbies.

really like the way we can have meaningful real time data on how a business is tracking, so that we can help advise and guide a business to improve. It allows us to be proactive rather than reactive.

It can be stressful. You really want to get to your child’s footy game, but you’ve got invoices to send and bookkeeping to do. What if you could keep in touch with your business while standing on the footy sidelines?

Security is a concern for some people, but in our experience, cloud programs use servers and systems that have invested heavily in cyber-security. There’s a very good chance it’s more secure than your office desktop that you sometimes forget to back up and you don’t know if you’ve got the latest virus protection installed.

Cloud accounting might be the answer. You can check outstanding customer payments at a café or shoot off an invoice from the jobsite. This not only saves you time, but keeps cash flow moving much faster. Cloud accounting gives you the convenience of being able to literally work from anywhere (well, anywhere with internet access that is). Cloud programs also offer the flexibility for other authorised people to access data they need (without having to email or put data on a memory stick). But it’s not just the time saving. Many of the programs are set up to allow you to run reports and analyse data that can really help you grow your business. As accountants, we

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So once you have decided cloud accounting is for you, the tricky part is working out just which one to use. To decide, you need to think about:

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What industry are you in? Some packages are more suited to farming, others designed for service and retail industries. All can be adapted to suit, but it’s worth considering what the package was originally designed for.

many employees do you have? The G How pricing and features can vary depending

on your employee numbers. Do you need it to interact with your payroll system?

tech savvy are you? Do you want G How to use the app on your phone and all the

online features, or do you want to keep it simple? else has to use it? How many people G Who do you need to be able to log into the system, what is their level of technical capability?

you want reporting features? Do you G Do want to use it to record the bare minimum for tax compliance or do you want to use it as a business improvement tool? Do you want to use it to track farm production or track your product inventory? Does it need to marry in with your Point of Sale system?

feels right? Some people just like G What the way a particular program or app looks or feels to them. Log in to the various demos available online and have a play around. Try before you buy.

Choosing an accounting package is a little like buying a car. There is no right or wrong car to choose, it just depends what you like to drive and what your specific needs are. If you’re not sure how to choose, or want to learn more about the different features of the various accounting software packages, you can book in for a complimentary accounting software review appointment with one of our experienced cloud accounting experts.


Employers must get Knline

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n one of the country’s biggest ever shake-ups to employer reporting, the Government is set to require all Australian employers to adopt Single Touch Payroll (STP), to send tax and super data to the Australian Tax Office (ATO), by 1 July 2019. Businesses with 20 or more employees have been required to use STP since July 2018, but the rule is now being extended to all employers. We’re encouraging businesses to get their STP sorted now. It means that you’ll need to report your employees’ salaries and wages, allowances, deductions and other payments, pay as you go (PAYG) withholding and superannuation information to the ATO

electronically. You do this each time you pay your employees – whether it be weekly, fortnightly or monthly. The Government is trying to avoid cost being a barrier to businesses putting this in place, so they are asking software developers to build low-cost STP solutions at or below $10 per month for businesses with less than four employees. If you are already using payroll software, you’ll need to check if it needs to be updated to enable STP reporting, if you’re moving to cloud accounting find out what payroll options they offer, and if you’re still using a manual wages book, it’s time to get online!

If you have no internet or an unreliable connection, you can apply for an exemption. If this all seems scary to you, don’t panic. If you’ve only got a couple of employees you’ll be allowed to fall back on your accountant to lodge your report for you quarterly. Give us a call for further details.

STP by 1 JULY 2019

TOP CLOUD PROVIDERS COME TO TOWN T he world’s leading accounting software companies descended on Dalby in late 2018 to give local business owners a chance to experience first-hand the efficiencies cloud programs can offer. The event, hosted by BMO, is the only one of its kind in regional Queensland and was made possible thanks to Xero, MYOB, Intuit Quickbooks, Phoenix by Agdata, Reckon, Business Fitness, Pronto and Smart Business Systems.

“The timing of your expo was perfect for me. The information was informative, I was able to ask plenty of questions, and thank you Kelvin for the words of wisdom and practical approach to decision making. Thank you for helping to facilitate the process for me.” Attendee, Dalby Accounting Expo 2018.

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BUSINESS

2019 Key Dates Calendar

3 1 2 5 6 4 7 8 9 11 10 12 JAN

FEB

28 December Qtr Super Guarantee Contributions due

21 January Monthly IAS due

21 February Monthly IAS due

28 December Qtr BAS due**

MAR

28 December Qtr PAYG Instalment due

APR

15 Provide Tax Update Info to complete tax planning prior to 30 June

JUNE

MAY

21 May Monthly IAS due

28 March Qtr Super Guarantee contributions due*

30 Pay June Qtr Super prior to 30 June for a tax deduction

29 March Qtr BAS due**

21 April Monthly IAS due

29 March Qtr PAYG Instalment due

1

STP must be implemented

AUG

14 PAYG payment summaries due to employees

14 PAYG Withholding Annual Report due

28 June Qtr Super Guarantee contributions due

21 July Monthly IAS due

29 June Qtr BAS due**

JULY

29 June Qtr PAYG Instalment due

28 September Qtr Super Guarantee contributions due 28 September Qtr BAS due**

30 End of Financial Year

SEPT

28 Taxable Payments Annual Report due

31 WorkCover Declaration due

NOV

23 August Monthly IAS due

23

November Monthly IAS due

28 September Qtr PAYG Instalment due

OCT

21 October Monthly IAS due

DEC

*Super Guarantee Contributions need to be processed a few days early to ensure Superfunds receive payment by the 28th. If this payment isn’t received on time, it is subject to Super Guarantee charges and is non-deductible. **Due date if you are lodging yourself and not through a BAS agent (like BMO).

How to use your accountant to your advantage Adrian Rasmussen, BMO Partner

1. Try to catch up with us at least three times a year, not just at tax time. 2. Talk to us before you buy any property or equipment – the entity you use or the way you borrow can make a difference to your tax bill.

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3. Don’t skip the tax update! It’s so important to plan for the end of financial year BEFORE 30 June hits.

5. Use us for the stuff you hate doing! Outsource bookkeeping or use computer software to free up your time.

4. Work with us to prepare the years’ budget (ideally around January and July).

6. Take advantage of BMO’s free breakfasts. 7. Benchmark your business once a year. If you’re not sure about something, give us a call – there are no dumb questions!


FINANCE

Take the hassle out of lending for equipment

W

hether you are a running a small business, family farming entity or large scale business with multiple offices, chances are that your equipment is essential to your success and sustainability. Yes, you need the right equipment to run and grow your business but you also need the right finance options when you buy it. Dealership finance is convenient. However, just because a supplier ticks all the boxes on your wish list when it comes to your new machinery or vehicle, doesn’t necessarily mean that they are the best fit when it comes to financing it. You shopped around to find the right piece of equipment for your needs, you owe it to yourself to shop around to find the best finance package for your needs too. We sat down with BMO’s in-house lending specialist, Paul Logan (pictured) to straighten out the most common misconceptions around financing your business equipment needs. Firstly, what does ‘Equipment Finance’ cover? Equipment can include anything from tractors, harvesters and dozers, vehicles of all sizes from ATVs, utilities and road trains. It can also include office equipment, manufacturing equipment and even air-conditioning systems. Is it only for new equipment and vehicles? No, not at all. Finance can be arranged for used plant and equipment (depending on age) as well as new items.

Who can I buy my equipment from?

What does a Finance Broker do?

You can purchase equipment from a dealer, auction or private party.

A Broker will look at what is available in the market and then make a recommendation to a financier that is best suited to your requirements.

I’m heading to a Clearing Sale next weekend, should I organise finance beforehand? Yes. It’s a good idea to seek pre-approval at least a week out to allow you to confidently bid at the upcoming sale or auction. Isn’t it just easier to pay cash? Sure, it might seem easier, but by paying cash you are using working capital for fixed assets or possibly dipping into overdraft reserves. Financing it correctly can keep your cash free and offer tax benefits*. Equipment finance gives you a competitive and potentially tax-effective way of upgrading essential plant, business vehicles and equipment. I can get a great deal from my supplier, they’ll be able to provide me with the best finance deal too, right? Unfortunately, not always. They are often locked into a particular lender so the flexibility isn’t there to shop around. Sometimes the rate might seem attractive, but you also have to really look at the conditions on dealer finance too. It pays to shop around to secure the best rate and package for your business. Taking a little extra time to allow an independent Broker to do the extra legwork could result in substantial savings in the long term.

So, how do I go about using a Broker? With just one phone call to your Broker, you can kick start your finance application and take delivery of your equipment in as little as a week. The Broker will take care of all your financing needs letting you focus on what you do best and keeping your business running. If your Broker is communicating well with you, they’ll find a package that is tailored to your specific needs with the best rate available, and most importantly saving you over the course of the loan. Good Brokers are experienced when it comes to what lenders suit the situation and what hoops you’ll need to jump through in terms of getting approvals through. If you are based remotely or simply can’t find the time to get away from the office/ workshop/farm, a Broker can start the ball rolling with a phone call and the rest can be handled using technology; via email, skype and scanned documents through secure portals. With almost 40 years’ experience in banking and agribusiness, Paul has predominately worked in rural Queensland and is available Monday to Friday to assist with all your business lending and leasing needs. You don’t need to be an existing BMO client to use BMO Lending Services.

*always seek advice from your accountant before purchasing equipment or property.

13


FARMING & LIFE

Balance in Farming

B

eing a farmer is all about balance. Achieving good nutrient balance, balancing the books, balancing risk, and balancing your lifestyle with work. There’s even balancing your diet and keeping your mind balanced. BMO Partner Kelvin Tyler, who also runs a grain property and is a partner in a sizable feedlotting business, understands the challenges farmers face. Kelvin has just returned from a 1,335km round trip visiting clients from Dalby to Cunnamulla. “It’s always great visiting clients, learning new things – like mulga pulling techniques – and meeting neighbours and friends.

connection farmers have to their land and their communities that’s almost impossible to shake.” Eight years ago the BMO Management team was looking for new ways to support farming communities. “We’ve always wanted to be more than just an accountant for our clients, do more than just compliance and tax returns. We want to be working alongside our clients, so they can use us to bounce ideas off, or just vent to, if they are having a tough time.” That’s when the concept of “The Farmer Wants a Life” was born.

What struck me most on the drive is no matter how dry it is, or how scary the financial situation might be, there’s a

The Farmer Wants a Life is an annual event that supports small regional communities who don’t get the chance to travel to Toowoomba or Brisbane for professional development or courses. In the past we’ve visited places like Taroom, Dirranbandi, Condamine, Moonie, Meandarra, Cecil Plans and Jandowae. In 2019, The Farmer Wants a Life will visit Bongeen, Dalby, Inverai and Moonie to help farmers find their balance.

the

FARMER

wants a LIFE www.thefarmerwantsalife.com.au

All you need is love I

t might seem a little odd for an accounting and business advisory firm to be talking about love, but according to BMO Communications-Marketing Manager Megan James everyone has a “love language” and knowing what yours is can help you be more successful in your work, on your farm and in your personal life. “At the heart of all strong and successful relationships, whether they be business partnerships, family businesses or marriages, is communication. Understanding the different ways people prefer to receive appreciation can make an incredible difference to how you work and live together,” she said. Author Gary Chapman’s book The 5 Love Languages® has sold over 11 million copies worldwide. It’s not just for couples and families, but has been adapted to be used in workplaces, schools and volunteer groups to help both employees, managers and co-workers effectively communicate appreciation and encouragement, improve job satisfaction and promote healthier work relationships. Want to know your love language? Take the free quiz at www.5lovelanguages.com and/or come along to The Farmer Wants a Life in 2019 find out how this commonsense approach can change your relationships.

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“UNDERSTANDING THE DIFFERENT WAYS PEOPLE PREFER TO RECEIVE APPRECIATION CAN MAKE AN INCREDIBLE DIFFERENCE TO HOW YOU WORK AND LIVE TOGETHER”


COMMUNITY

Wheatmen Sponsors

BMO IN THE COMMUNITY

Rabobank Client Council Seminar

One of our regular Breakfasts at BMO

Dalby Open Tennis

Women in Ag at Jimbour House

Mercantile Bowls Competition

Dalby Business Excellence Awards

Landcare AGM at Rocky Creek

Visiting clients at Cunnamulla

Dalby ‘Be Confident’ Forum

15


You’ve reached that point in your life when you’ve worked out You want your finances to flow so that you can enjoy the

what’s important.

moments that really matter.

Don’t just ‘get your tax done’. Work with a firm that offering a sounding board for new ideas, a helping hand for and strategies for reducing debt and keeping tax to a minimum.

supports you all year round, building your wealth,

A Top 100 Australian Accounting Firm

right here on the Western Downs.

We’re with you every step of the way. We specialise in: Accounting & Taxation l Financial Planning l Succession Planning Human Resources l Loans & Leasing l Marketing & Communications Conference Facilities l Business Development l Self Managed Super Funds

www.bmo.com.au l 178 Drayton Street Dalby l 07 4662 3722 l

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Profile for BMO Business Centre

2018 BMO Every Step Magazine  

We hope you enjoy “Every Step” magazine. It’s our way of sharing a little more about BMO and offering you some helpful tips for business and...

2018 BMO Every Step Magazine  

We hope you enjoy “Every Step” magazine. It’s our way of sharing a little more about BMO and offering you some helpful tips for business and...

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