Of Australia’s 2.1 million small businesses, 400,000 employ just four people or less. But while they may be ‘micro’ in size, the impact they have on our community is immeasurable.
These same business owners are now required to digitally report their payroll information to the ATO through Single Touch Payroll. With the release of Xero’s new Payroll Only plan, the country’s smallest employers have a simple way to begin their online accounting journey and comply with legislation. For some, it will be their first move to digital, while others have already embraced the evolution. Join us as we uncover the human stories behind the facts and figures.
Michael Bloom believes that you could be better. Sure, he may not know you. But what he does know is that wherever you are in your health journey, there’s room for improvement.
As the director and principal chiropractor at Happy Chiropractic, he explains, ‘We recognise the incredible self-healing and self-regulating capacity that all humans possess, and we’re excited to have a positive impact on as many people as possible.’
For those who aren’t in the know: ‘Chiro is based on the principle that by promoting optimal spinal function, and therefore clear and healthy pathways to and from the central nervous system, the body’s ability to self heal is improved. This holistic approach to healing is quite a unique concept within western medicine.’
The pleasure and the pain points of easing pain for a living
According to Michael, when it comes to running a small business in the health space, the most rewarding thing is the results. ‘People don’t just leave feeling better, they can function better. And you just can’t help but feel that what you’ve spent your day – and life – doing is incredibly worthwhile.’
However, being a business owner isn’t without its pain points. ‘It’s rewarding in that you can make your own decisions. You’re your own boss, and therefore you can create the vision and the direction. But it’s a double-edged sword. At the other end of the spectrum, when you’re going through anything stressful, it all falls back onto you. Ultimately, it’s about balance.’
Finding ease, growth and support in software made for small businesses
With the ATO requirement for Single Touch Payroll (STP) having come into effect from 1 July, countless small businesses will start using accounting software technology for digital payroll reporting. Happy Chiropractic has already transitioned to Xero’s cloud-based system, and Michael says it has revolutionised the way they operate.
He explains that in his previous practice, ‘It was literally me keeping paper receipts of everything that I ever spent, popping them into a plastic folder and dumping them on my accountant’s doorstep. Then, I used to email staff hours through to my bookkeeper. This time around, I do the payroll myself through Xero.’
While the introduction of online software can feel overwhelming for some small business owners, Michael has welcomed the benefits of increased accuracy, faster payroll calculation, and the visibility to plan forward.
‘Now, I can log in and see how much I’ve paid my staff across the entire year, how much I’ve spent on X, Y, and Z, and how much I’ve generated in terms of earnings. Instead of having to keep bits of paper everywhere, I can open Xero up at any time and immediately check in on how the business is tracking,’ he says.
This new-found connectivity helps the small Happy Chiropractic team make a big impact on the bodies – and mindsets – of their patients. ‘At Happy Chiropractic we don’t just deal with physical ailments. Our holistic approach to care means that we’re not happy unless you achieve both physical and mental wellbeing.’
Xero has created Payroll Only, a plan that provides Australia’s 400,000 smallest employers (those with one to four employees) with access to a simple, STP-compliant digital payroll.
Employ five or more people? Discover how Xero can support you to do beautiful business.