As your business grows, there will be a need to employ more people. Managing employees is actually one of the challenging aspects of running a business. One important responsibility you need to undertake as an employer is meeting the employment requirements set by the government.
Employees are also monitored and measured by your Melbourne accountant. In fact, you will want to seek the advice of your Melbourne accountant in determining if you can actually afford to hire more employees and how many. This is because as an employer, you make the commitment of providing them steady salary and other benefits even during lean months.
Part of setting a budget and financial planning is sitting down with your Melbourne accountant and determining how much you will spend on employees. In Australia, entitlements for employees include maximum work hours, flexible working arrangements, annual leaves, parental leave along with other related entitlements, community service leave, long service leave, public holidays, provision of Fair Work Information Statement, as well as the termination and redundancy pay.
With all these in mind, without a doubt, employing people entails a significant responsibility, which can affect your financial aspect. For this reason, make sure to take time to review your financial position as well as discuss your plans and manpower needs with your Melbourne accountant.
This is just one of the few advantages of hiring a professional and expert Melbourne accountant instead of handling the accounting aspect of your business, especially if you lack the knowledge and experience. In the long run, you will be able to save more money instead of making costly mistakes along the way.