News Pulse for August 18, 2016

A daily download of SME, startup, fintech and tax news from around Australia.

Business warns greater rights for casuals could destroy jobs

Giving casual workers an “absolute right” to become permanent after six months will increase outsourcing and jeopardise tens of thousands of jobs, employers have warned.

Union leaders have been pressing the Fair Work Commission to have new rights established in every industry that would give 2.2 million casuals the ability to convert after working “regularly” for six months with one employer.

What Obligations Do SMEs Owe Employees?

Starting up and successfully running a small business can certainly be overwhelming at times and it is of the utmost importance that you get things right from the very beginning. Your employees are one of your greatest assets, vital in the growth and prosperity of your business. To make the most of this valuable resource you must ensure that you are fulfilling your legal responsibilities and moral obligations as an employer. With much to consider, including a myriad of statutory and reporting regulations, it can certainly seem like a minefield at times.

Melbourne startup ResponSight closes $1.15 million seed round to aggressively expand around the world

Melbourne-based cyber security startup ResponSight has closed a $1.15 million seed round to pour fuel on its aggressive international expansion plans.

ResponSight’s B2B technology uses behavioural analytics to identify hackers at the end point.

SMEs spend one month per year untangling red tape

The time SMEs spend on banking and accounting is costing the Australian economy almost $7 billion annually. The Tyro SME Banking Report found that 44% of Australian small- to medium-sized enterprises (SMEs) spend more than three hours each work checking, entering, paying and reconciling data, which equates to four weeks’ productive work time each year. The extra time spent costs each business an average of $7,800 a year and the Australian economy $7 billion annually.

Women back other women with start-up capital

A mobile app that automatically invests users’ spare change from  electronic purchases into a diversified portfolio based on their risk appetite only got off the ground because of a women-only angel investor group. FirstStep is the brain child of a Melbourne-based entrepreneur Vanaja Sriskandarajah and plans to go live in October.

Xero, PayPal partner to tackle small business cashflow demon

Accounting software provider Xero has teamed up with PayPal to build a better integration between their two platforms designed to help alleviate cashflow problems faced by small businesses.

Under the “enhanced” strategic partnership the two companies say the integration will help to remove unpaid invoices as a headache for businesses. With PayPal Express Checkout for Xero, customers will be able to pay in just a few clicks from directly within the invoice, “speeding time” to cash.

Greg Hunt flags new fund to encourage innovation, but its not just for start-ups

Innovation Minister Greg Hunt will reset the government’s innovation agenda so it extends beyond start-ups, and has flagged a new fund to help businesses worth between $20 million and $200 million.

In a speech outlining the second and third waves of the National Science and Innovation Agenda on Thursday, Mr Hunt will seek to move the innovation agenda away from being an exclusively start-up affair, emphasising the importance of innovation for businesses regardless of size or age.

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