We recently wrote about how QuickBooks uses the SuperStream-compliant service KeyPay to deliver payroll services because QuickBooks itself isn’t actually SuperStream compliant. Currently, the payroll feature in QuickBooks is free for all Small Business plans, as the company further positions itself as the low-cost accounting software option for Aussie small businesses.
I’m a fan of QuickBooks as the functionality is excellent and the cost of the software is still low. I’m really pleased to announce that you can now enrol in our QuickBooks Online Daily Transactions Course — but does QuickBooks fulfil Australian legal obligations to be SuperStream compliant?
The background is that from July 1 this year, all Australian businesses with fewer than 20 employees were required, by law, to be SuperStream compliant. SuperStream is a government initiative to improve the efficiency of Australia’s superannuation system, namely by making superannuation a totally electronic process.
Most cloud-accounting packages that have been developed for the Australian market (such as major applications, like MYOB, Xero, Reckon and so forth, but not smaller apps like Zoho or QuickBooks, which can be used in Australia but don’t interface well with Australian tax procedures) are now all SuperStream compliant, with one exception: QuickBooks.
As it turned out, QuickBooks itself isn’t listed as being SuperStream compliant because it doesn’t, technically, provide any payroll services. It’s partner, KeyPay, does. KeyPay is owned by an entity called Webscale, and Webscale is SuperStream compliant. It uses ClickSuper as their superannuation clearing house. In other words, although QuickBooks itself isn’t SuperStream compliant, it doesn’t matter because they’re partnered with a payroll company that is SuperStream compliant.
You Can Be SuperStream Compliant for Free
If you’re not using a cloud accounting application that’s SuperStream compliant because you’re using Freshbooks or Zoho, for example, or because you’re not using any account software at all (although, in this case, you need to stop being silly and implement an electronic procedure for managing your accounts now), there are still other, free options to ensure you’re SuperStream compliant.
The ATO’s Small Business Superannuation Clearing House is free for businesses with fewer than 20 employees and an aggregated annual revenue of under $2 million. You can register your business details with the Small Business Superannuation Clearing House and use it to make super contributions to your employees.
Alternatively, the superannuation fund, AustralianSuper, has its own clearing house, which is free to use for its members (i.e. as a registered employer using AustralianSuper as your default super fund). AustralianSuper’s clearing house, called QuickSuper, allows members to make electronic super payments regardless of the number of employees or whether the employee belongs to another super fund.
Need a Good Local Bookkeeper to Help Manage Your Financials?
Whether you are a bookkeeper keen to expand your client base or perhaps work remotely, or whether you’re a business person needing some vital bookkeeping advice and assistance, check out our newly updated, online National Bookkeeping Directory. Our goal? To match experienced and highly qualified local bookkeepers to local businesses around Australia.
But of course, with cloud accounting technologies, you are not limited to only working locally. Plenty of our bookkeepers and accountants work remotely for clients located all over the country.
We’re coming to a rather frantic yet very exciting end to the 2016 calendar year with a whole bunch of new course announcements coming — the first of which is the creation of our QuickBooks Online Daily Transactions Course! It’s currently only $50 so hurry up and enrol now to enrol at this price — it’ll go up soon as we develop new content to beef it up!
I written a lot about Quickbooks Online since Intuit, a MASSIVE accounting software company in the US, started to promote itself directly in Australia after breaking up with Reckon, their local distributor. And why did this happen? Because of the power of cloud accounting for software companies to deal direct with the customer!
Why a New QuickBooks Online Training Course?
Our QuickBooks Online Daily Transactions Course is the result of comparisons we’ve made between the accounting software programs and the belief that this software will start to take a larger chunk of the accounting software market in Australia — if for only one reason: the cost for the software is very low and remains low while they try to win market share. The functionality of QuickBooks is excellent, and as far as navigating and “user experience”, it is far easier and less clunky than having to install a software program on your computer, like you need to do with MYOB!
At EzyLearn we use each of these main accounting software programs (MYOB, Xero and Quickbooks) and for me, personally, QuickBooks is the pick of the bunch!
— Steve Slisar, Managing Director, EzyLearn
Our course has been created by highly qualified professionals — in this instance, Tracey, our registered BAS agent and Helen, a qualified accountant, so you can feel confident the information is covered thoroughly and precisely. You can view our course prices and enrol now to take advantage of the great price on this new course.
If you’re looking to improve your current skills set or you’d simply like to learn a new one, visit our website for a full list of our training courses and details on how to enrol. If you enrol in any of our MYOB, WordPress or Excel online training courses, you’ll receive Lifetime Membership to our course materials. This means you can stay up-to-date with each new version of software that’s released for no additional cost! What’s stopping you? Enrol today!