The hidden cost of FBT to your business

ARE you confident you’re NOT overpaying your FBT? CAN you readily view source documents for accuracy and visibility and account for what’s in the ledger? DOES your back office spend days running reports and analysing ledger accounts?

If a company provides its employees (or associates) certain benefits, then employers must pay a Fringe Benefit Tax – which is approximately the same amount as the benefit provided. Not only are companies paying this FBT expense, there’s the challenge in calculating and determining the Fringe Benefit Tax; this is where companies can get lost in the detail and underestimate the hidden cost of FBT.

We all know FBT is a toll to your business – it’s taxing, time consuming and let’s face it, an administrative burden that is hidden and sometimes unknown.

But…it doesn’t have to be!

With the right help, every business can achieve hassle free FBT reporting and analysis. If this sounds appealing to you, then it's time to take action.

Our solution integrates with your financial system/s and generates the information you need at FBT time, with ease. Modules capture and scan source documents, including invoices and staff receipts, which allows for ease of coding, tracking and allocation. Run instant reports and at a snap shot, view source documents associated with benefits provided.

Whether you are running the 50/50 method, the Actual method or even if you’re not sure which way to jump - the FBT wizard is a game changer.

Not sure where to start, but wanting to run your finance department smarter and more efficient, contact us today or reach out and connect with Alice.

Alice Brimicombe comes from a finance background and has first hand experience in corporate and business Finance departments. She now helps companies achieve automation across manual and time consuming processes like Accounts Payable, Staff Expenses, Credit Cards, Purchase Orders and Accounts receivable.