The news you need to know: Wednesday September 18, 2019

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The news you need to know: Wednesday September 18, 2019

Skipped today’s headlines? Never fear we’ve got the lowdown on the news small business owners need to know on Wednesday, September 18 2019.

Culture a problem for Australian businesses

Australia’s business leaders have no idea about company culture according to a new report by the Australian HR Institute (AHRI). The ‘5 Hard Truths About Workplace Culture’ found C-level executives at Australian companies are unlikely to recognise the signs of poor company culture. The report suggests boards and CEOs need a reality check. They have to take accountability for their organisation’s culture and culture change.

Lyn Goodear, CEO of AHRI said: “Despite the wake-up call delivered by the Hayne Royal Commission, it is alarming to see a clear disconnect still remains across Australian businesses between the CEO’s impression of company culture and what is being felt at the frontline.”

Is your business single touch payroll ready?

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has reminded small businesses they have until 30 September to adopt Single Touch Payroll (STP). Small businesses with 19 employees or less are required to make the transition to STP by the deadline in two weeks.STP became mandatory for small employers on 1 July this year, with the Australian Taxation Office providing a three month grace period for businesses to transition to the new system.

“It’s encouraging to see the number of small businesses reporting through STP has more than tripled during this transition phase, from around 100,000 to 350,000. However there are many small businesses that have not yet made the move and they really need to,” Carnell said.

Study finds late payment times improving for small business

Leading small business platform, Xero, has released new data showing a nearly 2.5-day decline in late-payment times in July across Australia, the biggest June-to-July drop in three years. The data from Xero Small Business Insights found that while on average businesses still waited just over 33 days to be paid on a 30-day invoice, it’s the best figure since Xero started recording late payments in 2014.

This improvement comes as several changes arise in the small business sector, including faster payouts on federal government contracts and heavier use of payment services by small businesses.

In June 2019, Xero released finding from their Small Business Insights that $115 billion in payments from large businesses to SMBs is paid late each year, tying up cash-flow and growth opportunities for SMBs.

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