Breaching Business Record Keeping Laws May Cost Your Business

Breaching Business Record Keeping Laws May Cost Your Business

Maximum penalties for breaching business record-keeping laws have recently doubled, creating a huge incentive for business owners and leaders to keep their paperwork in order.

According to the Fair Work Ombudsman, inaccurate record-keeping and employee payslip information is a major concern. Over two-thirds of court cases instigated last financial year were a direct result of such breaches.

Fair Work Ombudsman, Natalie James, stated, “We see far too many cases of businesses failing to get the basics right when it comes to record-keeping, and regrettably it’s often workers who get hit the hardest as a lack of accurate records can make it difficult to determine if they have received their correct entitlements".

Ms James noted a case involving a Queensland labour-hire which incurred numerous breaches, even after a warning by the Fair Work Ombudsman. The company, together with its manager, were fined over $84,000.

20171115-Cloud-ERP-Software.jpgWhat this means for Australian businesses is that accurate record keeping, and precise employee payslips, are crucially important. Cloud ERP software is a solution which many companies, from SMBs through to enterprises, have adopted to manage all core business information efficiently. Tracking down physical paperwork is no longer needed as all information is recorded and tracked in the one, single system. Cloud ERP brings the flexibility of seeing live business data and being able to confirm record accuracy at any time, from anywhere. Business agility is also increase, utilisting real-time dashboards and KPI meters revealing your true business position, allowing for quicker decisions and strategy adjustments to be made.


"With the release of our new materials, there has never been so much freely available information to assist employers to understand their workplace obligations. The time for excuses is over."


Ms James asks employers to visit fairwork.gov.au to review the online tools and courses which help employers separate fact and fiction within industrial relations, which can often be complex and require a better understanding. She also states, "With the release of our new materials, there has never been so much freely available information to assist employers to understand their workplace obligations. The time for excuses is over."

To find out how you can leverage cloud ERP solutions for your business take a look at our blog, What is ERP Software? 

 


 

If you're a small business noticing that your staff are becoming short of time, It might be the right time to look at a small business ERP software. Find out the key signs that you may be overdue by taking a look at our blog, Are You Overdue for a Small Business ERP?

To find out more about a cloud ERP solution that’s right for your needs, get in touch to start a conversation. You can also give us a call directly on 1800 528 783 for a quick, initial chat about your business challenges and priorities.