As demand for small-format photos continues to grow, businesses are looking for a cost-effective way to deliver quality prints quickly and cost-effectively. To meet that need, Epson has launched the SureLab ^® D1060. This new DryLab printer has been built to address a range of customers from wedding and event photography, to retail in-store ad-hoc printing, to back-office print houses.

It offers a more compact footprint with reduced noise, lower heat output, as well as a range of new features to suit retail and in-house photo production. It also has a faster print speed and a super-fast one-off print mode for event applications.

A new ink system is combined with more flexible networking and an extended print life for those involved with on-demand and back-office print production. Complementing all of this is a new duplex unit that enables automatic double-sided borderless printing for photobook and photo merchandise production.

“High-quality, small-format photo printing is more popular than ever. Whether you have a high-end digital camera or the latest smartphone with megapixel imaging capability, there is nothing visceral quite like a tangible printed photo of a treasured moment. People want to put photos in their family albums, on the desk and up on the wall. Moments in time are fleeting and special. There is nothing like having a memento there in front of you as a reminder of what’s truly important,” said Gordon Kerr, Business Marketing Manager, Large Format, Epson Australia, “Epson has always produced great photo printers. The SureLab D1060 is a leap forward in terms of flexibility, productivity and durability. Never before has it been easier or more cost-effective to produce quality photo prints.”

The new SureLab D1060 delivers print speeds of up to 460 6”x4” photos per hour.¹ It is up to 10 per cent faster than the previous generation, and the new 15-second one-off print mode is set to be a boon for photo studios and event work.²

For improved productivity, the SureLab D1060 features a high-capacity ink system that uses 250ml bags that are cost-effective to purchase, compact to store, and crushable for reduced waste.

For single-sided printing, the machine uses large 65m roll-based media that is available in widths from 3.5”-210mm (A4) in a range of media weights and finishes.

One of the key design features of the SL-D1060 is its reduced Total Cost of Ownership. Not only has it been designed to offer worry-free operation with minimum maintenance, but it features double the print life of its predecessor. It comes with a comprehensive ‘heads-and-all’ on-site warranty that can be extended with CoverPlus for up to five years.

Pricing and Availability SureLab D1060

The SureLab D1060 is expected to be available from November 2021 in Australia. A base printer with 5 years CoverPlus is expected to cost $6,995 (RRP ex GST), while the version with the duplex unit is expected to cost $7,995 (RRP ex GST).

For information on general office, printing see our guide on printers.

The Australian Banking Association says banks will defer loan repayments for small businesses affected by COVID-19 lockdowns throughout Australia for three months.

“Deferred COVID loan repayments is a positive initiative that will help many struggling small businesses stay afloat in these challenging times,” says the Australian Small Business and Family Enterprise Ombudsman Bruce Billson .

“The banks’ commitment to supporting small businesses through this period is highly valued and is the kind of a key support element that could be incorporated into an agreed predictable and known national framework of support. 

“Such a framework, involving both Government and private sector elements, step up as COVID-inspired economic constraints and introduced, up-levelled or extended that small and family businesses can count on when seeking to navigate these challenging and uncertain times.

“I would encourage all small businesses owners who are experiencing financial difficulties to call their banks now to make the necessary arrangements.

“Home loan support, including deferrals on a month-by-month basis, is also available to small business customers.

“Banks are promising to support small businesses if they need it – so long as the loan is in good standing with repayments up-to-date or there’s a payment program in place.

“It’s encouraging to see our banks taking this proactive approach and leading by example.

“This consistency from the banks will help small businesses navigate and adapt to periods of uncertainty such as this.”   

See Small Business Answers guide to a small business bank account.

With the latest COVID-19 outbreak putting many states in Australia into lockdown, it’s more important than ever to support someone close to you who may be showing signs of a mental health condition.

There are signs to look out for and resources available to help you and your colleague tackle these challenges to fully understand and support someone close to you who may be struggling with their mental health.

Glenn Baird, Head of Mental Health at leading life insurer TAL, shares some tips on how you can help someone struggling with a mental health condition.

Treat them with respect and dignity

Treating people living with mental health conditions with respect and dignity can go a long way towards creating healthy and respectful relationships. Being non-judgmental can help break down any stigma or misunderstanding associated with mental health, which is crucial for long-term growth and happiness.

A good place to start is listening. The most important thing to keep in mind when listening is that you shouldn’t be listening to respond. You should be listening to understand. You do this by listening to the content, and the feeling, i.e., what do you pick up that is not being said. Once you begin to understand how your friend/family member is feeling, you’ll be better placed to show empathy and offer support.

Ask them if it’s okay to talk about how they are feeling

Talking about how you feel is a positive step towards improving mental health, but it can take a lot of trust and courage. Despite the prevalence of mental health conditions in Australia, it’s not uncommon for those dealing with mental health conditions to be reluctant to talk about their challenges. 

Start by asking directly, “is it okay if we talk about how you are feeling?” and then you might follow this with “, if now is not a good time, I can check in with you another time?”. If they are okay with talking, you might want to start with an open question, “help me understand how this impacts your day today?”. Let your friend/family member lead the discussion at their own pace, and don’t pressure them to talk about things they’re not ready to share. It’s also important to let them express themselves without you interrupting. Being sensitive and encouraging in your responses will help make them feel comfortable to open up further. It may also be beneficial to avoid problem-solving mode, which has the right intent but can often shut down the conversation rapidly.

Offer pathways of support

Support from family, friends and professionals plays a significant role in the recovery process of someone experiencing mental health issues.

When you are in a place where you understand what your family member is experiencing, and they feel understood, it is worth having further discussion about what additional support may be useful to them. Encouraging someone to look after their physical health by eating right, sleeping well, and regularly exercising are always good places to start. Empowering them to seek professional help is also a healthy step forward if they aren’t already. This could be offering to make an appointment with a GP or mental health specialist and ask if they’d like you to go with them. 

Follow through and follow up

Providing ongoing emotional support and continuity of care can increase the likelihood to recover from a mental health condition. Knowing you are always there for them is crucial in helping them recover.

Admitting that you need support can be one of the hardest steps for a person with a mental health condition. If support offers are made, it is important to follow through with whatever action you have stated you would do. Once this is done, ask them directly, “do you mind if I check in with you again in a few days?”. This way, you are not applying immediate pressure for them to take action. You can keep the dialogue open so they understand they are not tackling their challenges alone.

Supporting someone who experiences a mental health condition isn’t easy, and it can affect your own mental health and wellbeing. It’s important to also look after yourself during this process.

Other resources:

www.beyondblue.org.au 1300 224 636

www.lifeline.org.au131114

Australia is facing one of its toughest challenges in containing the spread of the Covid-19 Delta variant, with thousands of businesses seeing themselves back in lockdown. However, eCommerce business expansion shows no signs of slowing down, presenting an opportune time for SMEs to examine the learnings that helped Aussie SMEs navigate the road to recovery last year. 

ABS data revealed online sales increased by 52.7% in February 2021 and 37.4% in March 2021 compared to the respective months last year*. However, a considerable portion of Aussie SMEs is yet to embrace eCommerce business expansion due to financial barriers**.

The accelerated update of eCommerce as a response to the pandemic offered many businesses the opportunity to tap into global markets and reach new customers. However, part and parcel of this are that many SMEs were required to learn about foreign exchange (FX) on the fly. The reality is that a false step and currency volatility can transform what seems like a great deal into a potential loss.

So whether you’re an eCommerce newbie or looking to expand your current business operations, you will want to limit your exchange rate risk and keep conversion fees to a minimum whenever you are exchanging one currency to another. 

Understanding the role of FX can help you better protect your profit margins against currency risk exposure when dealing in multiple currencies. Currency fluctuations and the strength of local currencies can impact the amount you end up paying when supplier invoices are due. At times, you could be paying more than you originally planned for.

So, how can you ensure you have the appropriate FX safeguards in place when engaging in cross-border trade?

Integrated FX solutions for eCommerce business expansion

If you’re selling on international marketplaces, or collecting and receiving funds from payment gateways, one of the most important factors as an online business is ensuring you don’t get stumped by unnecessary conversion fees. 

Let’s break this down further. Some countries like the US require businesses to have a local bank account to receive funds in the local currency. Without a US-based account, marketplaces and payment gateways can automatically convert your US dollar revenue back into Australian dollars using their own exchange rates. As a result, if you use your Australian bank account, you could pay more in conversion and merchant fees than necessary.

So, whether you’re selling on Amazon, eBay or using payment gateways like Stripe, opening an OFX Global Currency Account can be a great way to bypass merchants double-dipping in currency conversion and merchant fees. 

Financial connectivity when selling globally

We all know as a business owner, you can wear many hats in your business. So it’s no wonder that turning to one institution, like a bank, to conduct all finance and FX related logistics can be very appealing. However, you could be missing out on the more FX specific expertise and tools that an FX specialist, like an OFXpert, can offer to help safeguard your business against exchange rate fluctuations.  

For example, the OFX Currency Exposure calculator reveals that a US20,000 invoice could have cost as much as AU$26,745 and as little as AU$25,439 in the last 3 months – an annual difference of AU$5,224. Having the awareness and education to understand how currency volatility can impact your costs and profit and how to access favourable rates even if the market isn’t in your favour is key. 

When planning and preparing for potential FX risk, it’s worth looking beyond traditional institutions to currency specialists who have the expertise to support you and your business on your global FX journey. Working with an OFXpert can help give you the tools to help take control of your transfers, so you can go back to focusing on what matters most – your business. 

Contributor Bio:

Edward Wiley, Director, Strategic Partnerships – eCommerce, OFX
Ed Wiley has been running the eCommerce partnership arm of OFX since 2016, responsible for driving growth and innovation. He regularly shares his wealth of knowledge in the areas of international payments and eCommerce with sellers and partners around the world. Ed is an annual speaker at conferences such as Retail Global and Online Retailer and a guest speaker on several eCommerce podcasts. By partnering with other leading eCommerce services, Ed is creating educational content and resources to help OFX online sellers take their business global.

Edward.wiley@ofx.com or visit ofx.com

Also, see Small Business Answers Guide to loans and equity funding.

Suppose you are in the market for a video surveillance camera. In that case, there are many to choose from with varying technologies and a range of prices. Refer to our buyers guide to explain the ins and outs of making a decision.

Two of the challenges of investing in a video solution for your business are cost and camera resolution.  Normally the higher the resolution, the higher the cost. Small business Answers has reviewed the ANNKE C500 turret security camera and was pleasantly surprised to find a high-resolution solution at a reasonable price.

This camera has a video resolution of 5MP (2560 X 1920 pixels @15 frames per second). This equates just better than what is commonly referred to as High definition or 2K, which is better quality than you see on a free to air high-definition TV channel like channel 90 in Sydney (9HD). Resolution is important in surveillance, as if you are watching a cash register or trying to identify a number plate, this means you will get a sharp image. Other cameras at this price point offer around half the resolution.

The ANNKE C500 is not Wi-Fi capable, but in this case, it is a good thing as an ethernet connection will mean a reliable quality connection. A 12-volt power supply is required if your network switch is not “PoE”, which means it offers power through the ethernet cable.

The camera is weatherproof thus can be mounted inside or out, and has a tamper-proof design. Remember, you will need to run at least one cable.

A built-in microphone will capture sound up to 9m away, and the camera is OK in low light conditions. Up to a 256GB microSD card can be inserted into the camera, giving you up to 20 days of continuous recording.

SETUP an ANNKE C500

To set the camera up at a minimum, you need to use your PC, which is the cheaper option. Alternatively, you can purchase a Network Video Recorder, which will allow a stand-alone video recording solution, especially if you are using multiple cameras.  We set the camera up on the PC, which needs to be on the same network.  After downloading some software and plug-ins, the camera controls work well via your browser with all the features you would expect, including continuous recording, motion alerts etc.

Those wishing to access the camera on the move can download a free APP so you will never miss an important alert.

Whilst not as flashy as some of the better-known brands in Australia. It certainly offers value for money for a small business wanting an HD resolution camera for their business, and you have intermediate computer knowledge.

The camera can be ordered from the following locations and will set you back around $75-$80 per camera.
Amazon
ANNKE

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