President of Asia-Pacific at The Access Group, Kerry Agiasotis, has penned an article taking a deep dive into some of the key areas SMBs need to pay special attention to this tax time:

• Asset write off and deductions
• Navigating tax depreciation incentives for businesses
• Tax implications of COVID support including JobKeeper and JobMaker arrangements

The end of financial year is nearly upon us, and after a tumultuous year it should come as no surprise that there are a few extra checks and balances Australian businesses need to be aware of as they lodge this year’s tax return.

The 2021 financial year saw government stimulus packages and tax incentives buoy the economy and help businesses stay afloat amidst the economic uncertainty. These measures were a blessing for businesses around the country. However, with tax time fast approaching its critical for Australian business owners to be across the tax implications of these measures, and how to carefully navigate these to maximise returns while ensuring compliance.

A combination of honest mistakes, poor record keeping, and intentionally misleading behaviour from some operators has led the Australian Tax Office (ATO) to warn of plans to crack down on tax returns following the June 30 deadline.

With heavy policing of claims on the horizon, here are our top tips to help you lodge your return correctly this tax time.

1. Get up to speed with your accountant

For small businesses, especially those still doing it tough, there is a lot to be gained by learning your entitlements and obligations when it comes to claiming tax back on stimulus measures. Following the economic hardship that has affected most Australian businesses, it would be a real shame to see is businesses missing out because they were not aware of what is available to them.

There is no better way to get up to speed on your entitlements and obligations than by leaning on the expertise of an accountant. From talking to our own accounting partners, its clear a huge amount of time has been spent getting up to speed on all the sweeping regulatory changes to provide the best possible counsel to their clients. Following a year like no other, it might be safest to lean on expert counsel.

Tax time conversations with your accountant are therefore a critical opportunity to ask your most pressing questions regarding your business’s financials, your obligations and reporting requirements as you enter the new financial year.

With the ATO promising to keep a close eye on business loss claims and other tax back benefits, it would be prudent to discuss how best to report with your accountant ahead of lodging your return.

2. Tax depreciation incentives

In response to the pandemic, the government introduced various tax depreciation incentives for businesses. These measures – which include instant asset write-offs or ‘temporary full expensing’, the loss carry-back offset, and the backing business investment – can go a long way to help businesses offset losses and save money.

Instant asset write-offs, sometimes referred to as ‘temporary full expensing’ allow businesses with an annual turnover of less than $5 billion to fully write off the value of eligible depreciating assets such as office equipment and business vehicles. It can be used for multiple assets (if the cost of each individual asset is less than the relevant threshold) as well as new and second-hand assets.

Something else to keep in mind as we head into the new financial year is that the ATO has granted a 12-month extension to the instant asset write-off scheme until 30 June 2023.

There are strict rules in place outlining those assets eligible for this scheme, and small businesses wanting to apply should be discussing the available options with their accountant ahead of lodging their return.

3. Declaring JobKeeper payments at tax time

The introduction of JobKeeper has been a lifeline for many struggling businesses across the country. Businesses need to be aware that JobKeeper payments are taxable and must be included in their tax return.

Businesses should seek guidance from their accountants to ensure they are properly declaring their JobKeeper payments, to avoid underreporting income and possibly incurring penalties. To help businesses stay compliant with these requirements, the ATO will be taking several proactive steps over the coming weeks.

These include reaching out to JobKeeper recipients to inform them of the total amount of payments their entity received in the last financial year, as well as where to report these in their tax return.  In addition, the ATO will prefill JobKeeper data into tax returns to help prevent underreporting.

It is then up to businesses to work with their accountants to review this and include the total JobKeeper amount with the business income when completing the income tax return.

A solid foundation for FY21-22 and beyond

Tax time conversations are not just important for tax claim purposes. They are also one of the best opportunities for small businesses to ask their most pressing questions and put new tools and measures in place to set themselves up for success in the next financial year.

Advanced technologies including open cloud platforms with automated workflows and analytics can take the headache out of tax time and help keep you keep on top of your new obligations and reporting requirements.

While there may be lingering uncertainty around COVID-19, one thing is certain as we head into the new year. That is, those who take advantage of their accountants’ expertise and invest in the right solutions to keep their bookkeeping on track, will be sure to reap the benefits through June 30 and beyond.   

Also see Small Business Answers guide to Tax Returns.

Small business operators – those with workforces of 19 staff or less – account for 97% of all businesses in the Australian economy as of June 2020 (ABS data), As diverse as these smaller employers are, Xref’s suite of technology platforms and its various reference/ID check-related services can help most of these operators expedite their labour hire tasks.

Xref does more than just help small businesses work through the process of finding potential candidates then and verifying their resumes. It also provides these employers with the means to digitise recruitment process outsourcing tasks, which reduce manual admin and enhances speed and consistency of delivery of these necessary all too often arduous HR functions.

Importantly, Xref’s technology platforms do not just help the end employer. They also benefit intermediaries in the labour hire process. Small job recruitment agencies can use Xref to more quickly and confidently find and place high-quality candidates. Xref gives these job agencies a competitive edge in a sector that is notoriously low margin.

The services Xref provide to Australian small business operators are delivered via a number of platforms. The Company’s Reference Checking platform materially reduces the cost and time expended checking the veracity of resumes. Using this platform, Xref clients can potentially submit their employment reference checking request in less than 30 seconds and let automation do the rest.

Xref also has a background and ID Checks technology platform, which performs the employee background checking and ID verification functions needed to help protect the reputation and brand of a small business. It gives clients extra confidence that the new employee they are about to onboard does indeed have the requisite qualifications.

Of course, small businesses operate in all sectors of the Australian economy and each has specific requirements that require tailored analytics and security/compliance checks. The insights deemed crucial to a small business in the retail or hospitality sector are not the same as those operating in the health/aged care sector or running a transport group. Xref has technology platforms that can meet these needs, helping small business owners get the right employee for the job on offer.

Also see Small Business Answers guide to hiring.

Small businesses will get faster access to cash flow through flexible credit based on their unpaid customer invoices, with the launch of CBA’s Stream Working Capital – a fully digitised working capital solution.

Group Executive of CBA Business Banking, Mike Vacy-Lyle, said: “Cash flow is one of the key issues facing small businesses, so we have been looking at how we can support customer’s working capital requirements helping them maximise cash flow and drive business growth.”

“While small businesses traditionally use fixed assets such as property to secure an overdraft or loan, we have developed Stream Working Capital which will allow customers to access funds by using their outstanding invoices as loan security. The loan size reduces automatically as invoices are paid so customers never pay for credit limits they don’t need.”

In a first for a major Australian bank and in partnership with innovative lending platform Waddle, Stream Working Capital will use the latest digital technology and a live feed of customer data via cloud accounting software such as Xero, to underpin a business customer’s working capital needs.

Stream Working Capital offers businesses improved cash flow and is accessible 24 hours a day. It also allows for access to larger and more flexible financing as the business grows, as well as reducing manual processes by up to 80 per cent. This means less hassle for business owners and faster credit decisions, with time from application to funding just 72 hours – down from a typical industry standard of weeks.

On a global scale, receivables funding solutions in Australia lags behind Europe and the United States. This means there is currently untapped potential to deliver billions of dollars of additional funding to Australian businesses.

Executive General Manager, Business Lending, Clare Morgan said: “Having access to cash flow is vital for every Australian business, whether they are a sole trader or one of Australia’s largest companies. We want to simplify the working capital process, especially for small business. This new digital solution means businesses can get faster access to cash flow to cover short-term operational needs and be better placed to leverage fixed assets for longer term strategic goals and investments.

“We’ve heard from our customers that they want to be able to hold more inventory and build relationships with more suppliers to mitigate supply disruption. They also face increasing pressure from suppliers wanting to be paid earlier and buyers wanting to extend payment terms.

“Using invoices to access credit addresses this issue and can provide some peace of mind for businesses who can now access cash locked up in their invoices to be able to pay suppliers or hire employees. It’s an essential part of helping small businesses recover and grow as they continue to navigate a new operating environment during the pandemic.”

Founder and director of Waddle, Simon Creighton, said: “We’re delighted to partner with CBA to make it easier for small businesses to access capital. We’re passionate about supporting small businesses to grow.  We see this as alleviating processes that take time – like automating much of the finance process like credit assessment, underwriting and monitoring. It also gives small businesses the ability to better manage cash flow, which is critical in today’s environment, and this partnership will provide the flexibility and support they need.”

Credit limits will be tailored to the business and will rise and fall in real time based on the value of current outstanding invoices. The more customer invoices nominated, the higher the available limit. Businesses will not have to pay an establishment fee and can use as much or as little as they need. Interest will only be paid on the amount businesses draw down, with interest calculated daily on the outstanding balance.

From today onwards, select eligible small business customers will be able to access Stream Working Capital, with the product set to be available more broadly within the next six months. For more information or to register your interest, visit commbank.com.au/streamworkingcapital. 

Also read Small Business Answers guide on loans and equity funding
For more information on customer invoices see our guide on how to invoice

D-Link A/NZ has launched four new high-performance Nuclias Cloud-Managed Wi-Fi 6 Indoor and Wi-Fi 5 Wave 2 Outdoor Access Points, enhancing Managed Service Providers’ device offerings built upon the Nuclias Cloud Network Management platform. With the latest in Wi-Fi technology combined with the unparalleled visibility and manageability that the Nuclias Cloud platform provides, MSP’s and end-users alike can now enhance their offering and their Wi-Fi networks with these new additions to the Nuclias Cloud device range.

Nuclias Cloud makes all aspects of network management easy through a highly powerful centralised system. Tasks such as segmenting the network, managing multiple devices simultaneously, enforcing security policies and monitoring live network statistics remotely can be done anytime, anywhere, across single or multiple sites.

DBA-X2830P

The DBA-X2830P is empowered with next generation Wi-Fi 6. Enhanced MU-MIMO with even more uplink and downlink streams serves more devices simultaneously. OFDMA dramatically increases transmission efficiency and 1024-QAM packs even more data, bringing unadulterated speed increases of a searing 25%.

Wi-Fi 6 leverages all these features and more to create Wi-Fi with unparalleled performance.

The DBA-X2830P Nuclias Cloud-Managed Access Point is deployed as a pre-managed, zero-configuration Access Point. No need to send out your most experienced engineer for every installation. With Nuclias’ Zero-Touch Deployment, you can power-up the Access Points on site, plug them in, and remotely set up and manage them through Nuclias Cloud.

The DBA-X1230P is fully prepared to handle all day-to-day demands of SMBs. Equipped with Wi-Fi 6 and turbocharged speeds, plenty of bandwidth and simple central management make it the ultimate booster in productivity.

DBA-X1230P

The DBA-X1230P also enjoys the power and functionality of D-Link Beamforming Technology, OFDMA, the latest 802.11ax MU-MIMO technology with two spatial streams and 1800Mbps combined throughput enabling it to click through congestion offering all users a better Wi-Fi experience and making it ideal for busy offices or places with users often on the move.

The DBA-X1230P’s Power over Ethernet functionality allows for easy installation and a simple, clean setup. No need to run extra power lines, no added hassle when configuring your wiring and no more cable clutter makes it perfect for advanced installations in areas where power outlets are not readily available.

Busy businesses need exceptional connectivity outside as well as in, and often in harsh conditions. The DBA-3621P is built with that in mind, with an IP67-rated water and dust resistant housing designed to keep your Wi-Fi working, no matter the conditions. Packed with connectivity features to keep data flowing fast — up to a soaring 1267Mbps — even at the busiest of times.

DBA-3621P

The DBA-3621P Nuclias Cloud-Managed Wave 2 Access Point is also deployed as a pre-managed, zero-configuration Access Point, enjoys complete control when combined with the Nuclias Cloud management platform and the DBA-3621P’s Power over Ethernet (PoE) support allows for easy installation and a simple, clean setup.

The DBA-3620P is a Nuclias Cloud Managed AC1300 Wave 2 Outdoor Access Point that is deployed as a pre-managed, zero-configuration Access Point also controlled through Nuclias Cloud. This new Access Point comes in a robust IP55 rated housing that easily enables it to be installed outdoors.

DBA-3620P

The DBA-3620P easily expands a business’ wireless range and coverage for outdoor applications especially highly dense environments, such as universities or luxury hotels. The Access Point also features convenient remote deployment, system configuration, and ongoing site analytics via the compatible Nuclias Cloud app.

Availability and pricing

The new Nuclias Cloud Managed Access Points are available now from www.dlink.com.au, and from all authorised D-Link partners for the following RRP:

DBA-X2830P – AUD$1249.95
DBA-X1230P – AUD$629.95
DBA-3621P – AUD$949.95
DBA-3620P – AUD$499.95

Small Business Answers have a guide on improving your Wi-Fi.

• Top sacrifices made by small businesses include reducing the number of takeaways (62%), dipping into savings (60%) and cutting back on key grocery items (50%)
• 5.4 – the astounding average equivalent job roles a small business owner completes themselves
• Almost half (45%) of small business owners identify as SOOs (Sole Owner Operators)
• 71% believe their sacrifices have been worth it or will pay off in the long run

More than 1.1 million Australian small business owners have made significant sacrifices in the past year to keep their business afloat. Cutting back on small pleasures like takeaway (62%), dipping into hard-earned savings (60%) and scrimping to reduce utility bills (48%) are all steps these small business owners have taken in the past year to keep their dreams alive. Commissioned by Vistaprint, the national survey delves into the reality of life on the hustle during the tough pandemic year and shows that while the majority of small business champions have been doing it tough, most (71%) believe the personal sacrifices made have been worth it or will pay off in the long run. 

According to the research, around two in five (38%) small business owners who have made significant sacrifices have taken on additional work. In comparison, one in five (18%) borrowed a significant amount of money from a friend or family member. In addition, some small business owners have made significant life choices by re-mortgaging their house (5%) or putting off having kids (5%).

Speaking about the Vistaprint Small Business Recovery Report, TV presenter, author and small business founder of SWIISH, Sally Obermeder, said: “The past 12 months have been like no other for small business owners Australia-wide, and Vistaprint’s research certainly reveals the grit, determination and support entrepreneurs need to thrive. It’s great to see also that in spite of all the challenges these COVID-19 times have thrown at us, more than half (52%) of entrepreneurs would still encourage other aspiring business owners to give it a crack. 

“Personally, I’ve had to rapidly adapt and alter several aspects of my own business in order to keep it moving forward, and essentially be ready for anything – wearing lots of hats and staying nimble. 

“Vistaprint’s report shows that small business owners are now regularly fulfilling 5.4 job roles to drive forward their company – from Customer Service and Sales, to Finance Management, Planning & Strategy and Marketing. And over a third (38%) have upskilled to keep their business going. This is certainly something I can relate to, but I’ve learned it’s also important to seek support where you have skill-set gaps and work with partners to achieve your potential.”

Almost half (45%) of small business owners surveyed identified as “SOOs”, a new term coined for sole owner operators. Another popular term was Owntrepreneur (30%), a hybrid term which lends itself to the responsibility, flexibility and all-encompassing nature of being a small business owner.

With a third (32%) of respondents highlighting marketing as one of their biggest challenges in the past year, a third (33%) noting financial support as a main struggle, and one in 10 (10%) calling out design as their key pain point, Vistaprint is launching 99 days of design – a global initiative to empower 99 small businesses around the world with financial support and refreshed design identities on the heels of a challenging year. 

Within Australia, six businesses will be selected to each receive a refreshed brand identity and marketing materials, as well as a $15,000 AUD financial donation to help their business be ready for anything during this unprecedented time of change.

“We know how powerful great design can be in fueling success for small business owners but our research shows it is often an area small Aussie businesses struggle with,” Vistaprint Australia CEO Marcus Marchant said. “Matching entrepreneurs with the right creative talent is where the magic happens when it comes to building a brand and growing a business. Through 99 days of design, we’re excited to support businesses in this space and help them on their road to recovery, sharing these stories of global creative connection and collaboration with the world.”

Small business nominations will be open from 15th June and close at midnight (AEST) on 25th June 2021. A panel including Vistaprint CEO Marcus Marchant, 99designs by Vistaprint CEO Patrick Llewellyn, alongside entrepreneurs Twice Blessed and artist Rachael Sarra will help select the six successful businesses. Those wanting to get involved can nominate themselves or be nominated by someone else via vistaprint.com.au/mlp/99-days-of-design.

Top 10 Sacrifices made by small business owners who made sacrifices in the past year:

1. Cut back on dining out/buying takeaway food and coffees (62%)
2. Dipped in Savings (60%)
3. Cut back or stopped buying expensive snacks and drinks in our grocery shopping (50%)
4. Made a conscious effort to reduce use of electricity/gas to save on utility bills (e.g. used appliances during off-peak times, reduced/stopped using heater/air-conditioner/clothes dryer) (48%)
5. Gave up entertainment and shopping subscriptions (40%)
6. Taken on additional work (38%)
7. Started making meal plans and changing the way we shop for food to reduce food wastage (38%)
8. Borrowed a significant amount of money from a friend or family member (18%)
9. Gave no Christmas or Birthday presents to whole year (16%)
10. Put off wedding, large birthday party or similar big event (14%)

Canon Oceania is today opening submissions for its 2021 Grants Program for small business. As the ramifications of COVID-19 continue to impact Australian businesses, Canon’s Grants Program includes a small business category and increased cash donations for the second year running.  

In the spirit of our guiding philosophy of Kyosei – which means living and working together for the common good. Over the last 15 years, Canon Oceania has supported more than 75 schools, not-for-profits and community groups with more than $420,000. 

“Australian communities and organisations have been significantly impacted by COVID-19. As the JobKeeper program has drawn to a close, it’s important for us to get behind small businesses and support their shift from survival to recovery mode,” said Akira ‘Dave’ Yoshida, Managing Director, Canon Oceania.  

“Last year, we extended our Grants Program to include small businesses for the first time, and we were thrilled to see the positive impact this delivered. Looking ahead, it’s imperative that small businesses not only adjust to the ‘new normal’ but are set up for success in the future. We’re committed to helping our local business community navigate a COVID-19 world.” 

That’s why Canon is once again including a Small Business category in its Grants Program.  

Winners will also be selected from two additional categories: Community, which is open to organisations ranging from not-for-profits to grassroots groups and environmental causes, and Education, which is available to schools and other educational centres for children and adults alike. Winners will be selected based on the strength of their initiative and the impact it will have on their community or business.  

Each Grant recipient will receive $5,000 in cash and Canon products, ranging from cameras and printers to projectors and other accessories. This year the value of the Grants will be equally divided between cash and equipment – $2,500 each – reflecting organisations’ greater need for cash to help rebuild themselves in a weaker economy (where the split before 2020 was $1,000 in cash and $4,000 in products).  

Mr Yoshida continued: “At Canon, we believe the Kyosei philosophy is something we live and breathe every day, so we’re pleased to continue supporting small businesses as they take the important next steps towards recovery.” 

The winner of the 2020 Small Business Grant was Dogs for Kids with Disabilities, an organisation that raises and trains assistance and therapy dogs for children whose everyday activities are restricted by emotional, physical and intellectual challenges. They used their prizes from the Grant to create videos that drive awareness of their work among the wider community. This awareness has been imperative in helping Dogs for Kids secure sponsors so that they have the means to continue their important work for children with disabilities.  

“The Canon equipment has been wonderful in enabling us to create educational videos to promote the work of our amazing volunteers, staff, families and of course, our incredible dogs,” said Tracey Harris, Chair and Board Member.    

“Educating the community and attracting new sponsors has been critical during the lockdown period. At the same time, it’s been very rewarding to connect with our community through the love of assistance dogs. For any small business in need of support – big or small – I encourage you to apply for Canon Oceania Grants.” 

Telethon Speech and Hearing, an independent school offering therapy services for children with hearing loss and speech delays, was another worthy 2020 winner. Their Grant was used to develop a ‘mobile pack’ to facilitate teletherapy sessions. 

“During lockdown, the prize money and cameras from the Canon Grant allowed us to facilitate online delivery of high-quality learning to families in remote Western Australia,” said Mark Fitzpatrick, CEO.  

“A highlight has been providing children in our Chatterbox Program (aged 0-5) and their families with access to specialised teachers, regardless of their location. Thanks to Canon, we’ve been able to conduct virtual intervention, ensuring that distance isn’t a barrier to quality support for children in the early years of development.” 

Furthermore, the winner of the 2020 Community Grant, Action for Dolphins, is working to stop cruelty and gain legal protection for dolphins. The organisation is using equipment supplied by the Grant for everything from recording evidence of animals trapped in underwater nets to capturing interviews with experts. 

“We were lucky enough to receive the Canon Grant which enabled us to create a video warning against illegal handfeeding of Dolphins on North Stradbroke Island,” said Hannah Tait, CEO.  

“The video was displayed on the ferry to the island, educating visitors as well as our local community about how to end activities that harm marine life.”  

The 2021 Grants will be awarded under the following categories: 

• 1 x Small Business Grant – AU$5,000 
  Open to any for-profit entity that employs fewer than 20 people and have less than AUD 10 million aggregated turnover (according to ABS and ATO guidelines). 
• 1 x Community Grant – AU$5,000 
  Open to a range of organisations keeping their community at the heart of what they do, ranging from not-for-profits, to grassroots groups and environmental causes. 
• 1 x Education Grant – AU$5,000 
  Open to schools and other educational centres for children and adults alike. 
• 1 x Runner-up Grant – AU$1,000  
  A runner up will be selected from any of the categories above. 

Submissions are now open until Friday 30^th July. The wider community will vote on finalists in August, and winners will be announced in September. Mark your diaries!  

More information can be found in Small Business Answers guide to grants

2020 will be remembered for many things. And while many global communities still face enormous challenges, an important legacy of the pandemic is the acceleration of what was considered futuristic technology into mainstream adoption.

Almost overnight, our homes were turned into offices, classrooms, gym studios and social spaces, pushing technology reliance to a new level. All the evolution fostered over the past 30 years was incorporated at a broad scale and almost overnight. From video conferencing and streaming to massive eCommerce adoption and, even further, incredible digital tools for business management, healthcare and schooling, it all became essential in the ‘new normal’.

As we all adapted to this new reality, companies of all sizes began to see remote work as a new opportunity for the future. A recent Gartner CFO survey revealed that over two-thirds (74%) plan to permanently support employees working from home after the Covid-19 crisis ends.

Unfortunately, the new world of remote workforces drove a surge in cyberattacks and the risks continued to grow way into 2021. Check Point Software Technologies, a leader in cybersecurity solutions globally reported a 24% increase in cyberattacks in Australia.

During the Jan-Feb period of 2021, Check Point Research revealed each Australian organisation faced an average of more than 1,500 cyberattacks monthly compared to the previous four months, no organisation was spared. Check Point Research data also reported Australian SMBs experience an average of 50 cyber incidents each month, with 63% having accessed a malicious website in the last 90 days.

Are you prepared to conduct your business safely over the internet in this new world? There are many ways to transform challenges into opportunities.

How did this happen?

Both employees and businesses also faced numerous challenges with this new work-from-home environment. Suddenly, devices were being shared between different family members, homes had low complexity passwords to their Wi-Fi networks, and business data was being spread everywhere.

SMBs had it harder, but the lack of cybersecurity best practices and policies cannot be ignored. In fact, most institutions still rely on cybersecurity technology that dates back to the 2010s – what we call Generation III security that’s based on intrusion prevention systems (ISP).

For those unfamiliar, the First Generation of cybersecurity tools dated to the late 1990s and mainly comprised anti-virus software. In the early 2000s, the increased use of the internet drove the creation of firewall platforms evolved (Gen II). Since then, technology developed faster: around 2015, it incorporated behavioural analysis (Gen IV). Over time, detection-only based solutions stopped being enough against fast-moving attacks, which led to the current multi-vector prevention approach (Gen V) we see today.

Many Australian businesses only have third generation security deployed but this outdated technology can be just as dangerous as not having security at all. This is largely because the architecture in previous generations (i.e Gen III and IV) can’t protect against 5^th generation attacks on today’s IT devices and networks.

The Covid-19 pandemic and the working-from-H\home necessitated that companies need to reconsider their cybersecurity approach. So how can businesses bridge this security gap?

Adopting a new mindset: Prevention vs (attempted) Remediation

Adopting to a preventative mindset will help improve your security posture. Here’s an easy guide to help you get started:

• Make it Secure – the longer it takes to identify and deal with a cyber-attack, the bigger the cost to business; this is why it’s crucial to prevent threats in the first place. By taking a proactive approach to cybersecurity, you are closing the security gap and protecting yourself against the rapidly evolving and expanding threat landscape.
  
  
• Implement Automation – automating your security policies can help you better manage and prevent cyberattacks, this is especially true for small businesses that don’t have the human resources or skills to navigate cybersecurity challenges. At Check Point, we provide businesses with automated security checks to help identify the gaps and assess the best solutions.
  
  
• Make it Simple – cybersecurity doesn’t need to be daunting. Easy plug-and-play tools such as Check Point Quantum Spark SMB can be an affordable, all-in-one solution to help protect your business from the latest security threats.

• Apply Integration – it is important to look at your systems from a holistic perspective, protecting servers, cloud applications, front-end computers, employees mobile and other devices. Unprotected endpoints expose an entire business to threats and unauthorised access, making your business as easy target. An integrated approach, combined with cybersecurity awareness training for your employees, will help you implement a Zero Trust safe approach.

Cybersecurity isn’t inaccessible, and Check Point Software offers high levels of threat intelligence to all organisations, from larger companies to SMBs. Speaking to a cybersecurity expert can help you identify your path forward to prevent cyberattacks and protect your bottom line. We also provide Incident Response via the following hotline.

Contributor bio:
Ian Raper is the Managing Director, Australia and New Zealand for Check Point Software Technologies. With over 30 years of experience in sales management, business planning and partner management in cloud, network and security, he is responsible for growing the business in the region.

For more information, see Small Business Answers guide on Internet Security

The pressure on small and medium-sized enterprises (SMEs) from economic decline due to COVID-19 is felt by 35% of SMEs. This is down 20 percentage points compared to this time last year. However, past pressures are creeping back to pre-pandemic levels with some increasing 6% in the past six months, finds MYOB Business Monitor. 

The latest research of 1,000+ Australian SME owners and operators found top business concerns to be cash flow and the cost of utilities, felt by 32% of respondents. The greatest increases include access to finance, a pressure for 26% of respondents up from 20% in December and late payments from customers increased to 29% from 25%. 

According to Emma Fawcett, MYOB’s General Manager SME, as some businesses return to normality, traditional small business concerns are creeping back in.

“It’s an unfortunate return to ‘business as usual for the country’s 2.29 million SMEs, with 14 of the 16 business pressures measured by the MYOB Business Monitor increasing in the last six months. This demonstrates that as COVID-19 pressure subsides, other business pressures increase. 

“SME concerns with payment times and old bugbears associated with a physical presence – such as utilities like electricity and gas – are back on the table. It seems these issues were temporarily superseded during the pandemic but are increasingly back on the radar now for many SMEs.”

Business confidence

The research, conducted before Victoria’s latest lockdown, found overall, business owners are feeling positive about the year ahead, with 57% predicting an uplift in Australia’s economy. Almost half (48%) predicting their revenue will be up in a year.

The latest Business Monitor shows a marked difference in confidence for the coming year by industry. With 78% of Finance and Insurance SMEs predicting the economy will improve in the next 12 months, compared to a national average of 57%. Retail and Hospitality are at the other end of the spectrum, with only 46% predicting uplift.

Queensland SMEs are the most confident, with 60% predicting an improvement in the economy in the year ahead, followed by Victorians, at 59% when the survey was conducted before the latest lockdown. In New South Wales, 58% believed the economy would improve, as did 55% of Western Australian SMEs. 

Nationally 30% report an increase in revenue on a year ago, up from 19% in December. The likelihood of a revenue increase in 12 months is up 11 points to 48%, compared to 37% at the end of last year.

Business priorities to overcome small business concerns

In the next 12 months, SMEs are looking to increase the prices and margins on what they sell (30%), retaining customers (29%), as well as customer acquisition, employee payments and marketing/advertising online (all 28%).

“After a challenging trading year, it’s encouraging to see SMEs looking to explore new revenue opportunities over the next 12 months,” Ms Fawcett said.

“It’s concerning those operational pressures are on the rise as the country recovers from COVID-19. However, overall confidence in the economy, as well as SME revenue, is a good sign for a sector that makes up 95% of Australian businesses.”

Read Small business Answers buyers guide to accounting software.