fbpx

Posts in Financial Management

Federal Budget 2019, Innovation is taking a backseat and Australia is losing out.

April 8th, 2019 Posted by Financial Management, Gobbill News, Startup 0 thoughts on “Federal Budget 2019, Innovation is taking a backseat and Australia is losing out.”

Bill payment automation company Gobbill is seeing more small businesses doing it tougher drawing on reserves to meet their payables. The 2019 Federal Budget may be good for some small businesses but certainly lacks investment in innovation. The increased instant asset tax write-off may help bricks and mortar type businesses but is unlikely to help high-tech innovative companies using scalable cloud processing and other subscription-based services.

There should have been more support and a broader view of R&D as new fields and methods of engineering and scientific development have emerged and do not necessarily fit the traditional R&D models. A different lens should be applied to larger corporations conducting R&D compared to start-ups, especially in incubators and accelerators.

Australia is competing with the rest of the world and we’re losing out. For example, the UK provides entrepreneurs with a personal relief tax rate of 10%. In addition, Australia has also loosely copied the UK Enterprise Investment Scheme to help attract early stage funding but we could do much better.

Watch full interview of Frank Labs’ Senior Advisor Jasmine Koh interviews Gobbill CEO Shendon Ewans about the Federal Budget impact on Small Businesses and Startups.

–End —

Property investors in the crosshairs as ATO clamps down on deductions

March 14th, 2019 Posted by Financial Management 0 thoughts on “Property investors in the crosshairs as ATO clamps down on deductions”

Reported in Domain 14th Mar 2019, almost nine in 10 property investors who claim tax deductions on their rentals are making errors, new research shows. Investors are in the crosshairs of the Australian Taxation Office, which is turning its focus to the incorrect property claims made at tax time.

Tax commissioner Chris Jordan said that the ATO had been making random inquiries about tax returns. “Our auditors have now completed over 300 audits on rental property claims and found errors in almost nine out of 10 returns reviewed,” he said. “We’re seeing incorrect interest claims for the entire investment loan where it has been refinanced for private purposes, incorrect classification of capital works as repairs and maintenance, and taxpayers not apportioning deductions for holiday homes when they are not genuinely available for rent.”

Read more

Energy discounts. Are you getting what you signed up for?

February 21st, 2019 Posted by Case Studies, Financial Management, Payments 0 thoughts on “Energy discounts. Are you getting what you signed up for?”

It’s great to save money. That’s why pay-on-time discounts have grown in popularity among us in recent years, but are these discounts on our energy bills really all they crack up to be? Gobbill is a bill payment service for households and small businesses. It scans bills for fraud, pays the energy bill on-time and calculates the actual discount % for users. Recently Gobbill conducted a study of bills (for a year ending 31 Jan 2019) and compared the discounts to what energy companies advertise.

 

Diagram 1.0: Electricity bill in Gobbill

What’s the deal with pay-on-time discounts?

A recent Canstar Blue article “Pay on Time Energy Discounts Explained” mentioned that you can generally expect to see offers ranging from 10% to 30%, or even more in some cases. Pay on time discounts of up to 47% have been seen across Australia in the past.

Pay-on-time discounts reward you by discounting your energy bills by a set amount every month if you pay before the due date. However, conditions of your discounts can vary significantly depending on the provider and plan you choose.  Understanding your energy bill and the conditions attached to your discount can be complicated, and it can be even trickier to compare it with other available offers to find a better deal.

What is driving pay-on-time discounts? Last year, the ACCC found that pay-on-time ‘discounts’ have emerged in response to attempts by government regulations to constrain late payment fees. Pay-on-time energy discounts could be on the chopping block because it is tricky and confusing reported by Choice.com.au

 

What’s the catch?

Pay-on-time discounts seem like a great idea to save more cash but these ‘discounts’ on your energy bills can sometimes end up costing you more if you don’t manage to meet these conditions.

Customers also tend to forget that most of these discounts are only valid for 12 or 24 months from the commencement date of their plan. Without renewing these plans, you’ll be required to pay the full, non-discounted price of your energy bill.

Gobbill analysed a number of bills over the last year and found that some energy providers aren’t giving the discounts promised in their headlines. Gobbill is able to calculate the true discount you receive on your bill when you send your bill into Gobbill for payment.

 

You’ll be surprised what we found.

Gobbill found discrepancies between discounts advertised by energy providers and the actual discount applied to energy bills from a sample of several hundred Victorian bills over the last year. Our data suggests that certain energy customers may not be getting what they expected from the advertised headline discounts.

On top of that, the ACCC reported that energy retailers set their discounts with reference to their own set prices, making it complicated to compare headline discounts between energy providers. As a result, consumers tend to make decisions based on simple indicators, such as headline discounts. However, they may be signing up to exclusions and conditions that deliver a lower saving that other providers.

 

In some cases, Gobbill found that energy providers were promising discounts as high as 33% but only giving 23% off energy bills. If that was my electricity bill, I would be paying an extra $241.68 every year on my electricity bill alone.

Diagram 2.0: Electricity discounts expected vs. actual

 

(more…)

The Australian: Gobbill has kicked off a $2 million early-stage fund raise.

July 10th, 2018 Posted by Financial Management, Gobbill News, Startup 0 thoughts on “The Australian: Gobbill has kicked off a $2 million early-stage fund raise.”

Melbourne-based bill payment AI company Gobbill has kicked off a $2 million early-stage fund raise, receiving expressions of interest for half the round with a number of its users showing interest in investing.

The company, which recently signed a deal with ASX-listed iSignthis for payment processing, has seen payment volumes jump 375 per cent last quarter compared to the same time last year.

“Our system users and people we know have asked us over the last three years for an opportunity to invest before we grow too big,” CEO and co-founder Shendon Ewans said.

“And secondly we have just signed key partnerships with iSignthis and myprosperity that will accelerate our business growth, meaning we require the additional capital to run the business faster.”

Founded in 2015, Gobbill protects users from online scams and late fees by scheduling and automating bill and invoice payments. It also helps them maximise discounts and secures their credit-rating scores; and allows small businesses to have the additional benefit of invoice digitisation, scheduled payments and synchronising data with their ­accounting software.

Gobbill pays bills issued from any Australian provider, including utilities, telecoms, council rates and insurance.

It currently operates predominantly across Australia’s east coast but in the next 12 months plans to launch in the UK.

The Australian

The Australian: Gobbill partnerships fit the bill

June 5th, 2018 Posted by Featured, Financial Management, Gobbill News, Startup 0 thoughts on “The Australian: Gobbill partnerships fit the bill”

The Australian reports on Gobbill’s two partnership announcements with myprosperity as a distribution partner and iSignthis Ltd (ASX: ISX | DE: TA8) as a global identity and payments provider. We’re all working hard to create better financial solutions that empower our customers; giving them choice and control over their finances. No one likes to be scammed or taken advantaged of when it comes to our finances. Gobbill was started up for Australian families and small businesses to help and protect their finances.

We’ll keep persisting and need your help! Join us (sign up or invest) at http://gobbill.com 

Read more in The Australian https://lnkd.in/enD6CJg

Radio program Talking Technology interviews Gobbill’s CEO

November 27th, 2017 Posted by Business Management, Financial Management, Gobbill News, Lifestyle 0 thoughts on “Radio program Talking Technology interviews Gobbill’s CEO”

Radio program Talking Technology’s  Trever Long and Nick Bennett interviews Gobbill’s CEO about bill payments and making it easier to switch banks and service providers.

 

Listen to the recording.

 

 

Talking Lifestyle is a commercial radio station in Sydney, Australia owned by Macquarie Radio Network. It currently broadcasts from studios in Greenwich, New South Wales in Sydney’s North Shore. Former call sign 2UE 954 covering Sydney, Melbourne, Brisbane & Perth.

Research shows banks are failing to cancel direct debits

November 14th, 2017 Posted by Case Studies, Financial Management 0 thoughts on “Research shows banks are failing to cancel direct debits”

Consumers are using more direct debits than ever. But with 1 in 3 Australians experiencing financial stress, direct debits can be risky.

While some providers make pausing a subscription easy, many providers and banks make cancelling direct debit excessively difficult.

The Bank Code Compliance Monitoring Committee published a report in October 2017 stating that when consumers asked cancel direct debits, 54% of bank staff gave the wrong advice to consumers, stating that consumers had to contact billers directly. This is still unacceptably high since the previous report. Seven banks told the committee they collectively received more than 15,500 direct debit cancellation requests a month.

Source:

Improving banks’ compliance with direct debit cancellation obligations  October 2017, Banking Code Compliance Monitoring Committee

Banks are failing in their obligations to cancel direct debits 12 Nov 2017, Caitlin Fitzsimmons The Age

 

Shop Around and Spend Less

September 28th, 2017 Posted by Financial Management, Internet Safety, Time Management 0 thoughts on “Shop Around and Spend Less”

If you’re working to a tight budget, you could save hundreds or even thousands by changing your everyday household service providers. With rising electricity prices, now more than ever it’s time to make sure you’re getting the best deal possible. Is that 10% off an an actual saving or are there hidden costs? Does the price include uneccessary extras? Do the research and you could be rewarded.

Mr. David Baybrooke spoke to Gobbill about how he avoided high electricity prices simply by shopping around. “I switched electricity providers and saved $178 per quarter,” he stated. “I changed from Origin to AGL. A substantial saving there!”

“Shopping around for the best prices is an absolute must I think. On a reduced income, I find price comparison essential!”

Advice for Gobbill users?

“Online research,” says David. “Always looking for great deals! I’ve been looking at Big Switch and I’ve also been helped by a comparison service to find the best rates. Lots of effort put in.”

If you have shopped around and saved Share it with us here: gobbill@gobbill.com.au

Want to learn more?

Read our blog on how to get the most from your billers here.

Australians lost $12.5M to scams last month. Older women are the hardest hit.

September 22nd, 2017 Posted by Alerts, Financial Management, Gobbill News, Staysmartonline 0 thoughts on “Australians lost $12.5M to scams last month. Older women are the hardest hit.”

Gobbill processes 3 times more bills in the last month of each quarter, with installments such as council rates and some electricity bills coming up for payment. This makes this period the ideal time for scammers to target individuals with fraudulent bills.

It’s always good to keep a close eye on your email inbox. Statistics show that online scams are a growing issue, with huge losses to scams over August this year. Australians lost $12.5M in scams last month (August 2017), which is almost double compared to the same time last year. Email fraud makes up an estimated 27% of all scams, with an estimated total of $3.4M lost last month. The hardest hit by scams are older women. Apart from being aware and cautious of scams, keep yourself protected with Gobbill to help check and pay email bills.

August 2017 – Number of reports by Age and Gender

Source: Scamwatch

 

Gobbill is a partner of the Commonwealth Government Stay Smart Online program. In recent months, the Government Cyber program has issued a number of alerts of new phishing emails carrying malware. The emails pretend to come from a number of Australian institutions including Telstra, Origin Energy and AGL.

Find out more about Gobbill. It’s free to use service that protects you from email bill scams.

New Gobbill features

September 14th, 2017 Posted by Financial Management, Gobbill News, Time Management 0 thoughts on “New Gobbill features”

What’s new?

Each month our team adds a range of new features to make Gobbill even better! Take a look at our new features below.

  • [New] Gobbill will automatically store your digital receipts with bills paid by Gobbill*. You can also forward bill receipts to your account to be matched with the original bills. It’s all in one place. To view the receipt, simply navigate to the ‘Paid Bills’ screen and select the view receipt icon.

*Where possible with billers send email receipts.

Other recent features:

  • Individualise Gobbill to suit your needs, with increased flexibility when viewing your bills via the new list function. Try this out by pressing the ‘select view’ button.
  • Need to pay a bill earlier than the due date? Now you can by scheduling your payment dates. To do this simply click on the calendar icon at the bottom of your bill and select your preferred method of payment.
  • Make tax time easy with Gobbill. To view your bills in a spreadsheet, simply log in, visit the ‘All Bills’ tab and export a csv file.
  • See what billers are linked to your payment methods by navigating to the ‘Biller Accounts’ tab and selecting the ‘Show/Hide bills’.
  • See all the bills for a certain biller by navigating to the ‘Biller Accounts’ tab and selecting the ‘Show/Hide bills’ tab.
  • Set Gobbill up to work for you and change your payment method nickname. To do this simply visit the ‘Payment Methods’ tab, select the ‘Edit Payment Method’ icon and update your payment nickname at the bottom of the pop-up screen.
  • Gain valuable insights into your spending habits with the Gobbill Report function. To access this feature click ‘Reports’ from the homepage and select your preferred report layout. Currently two layout options are available – ‘Cash Accounting Tax Preparation’ and ‘Accural Accounting Tax Preparation’. You can also download this data into a Summary Report.
  • Paying a bill in segments? Users now have the option to process instalment bills through Gobbill, including council rates and more. To do this forward your segmented bill to Gobbill and each instalment will be paid automatically.