Digital Disruption and SMEs
The digital era is well and truly upon us. But many small business owners are spending too much time worrying about keeping up, and not enough time embracing the opportunities in front of them, says Jim Vass.
The digital era is well and truly upon us. But many small business owners are spending too much time worrying about keeping up, and not enough time embracing the opportunities in front of them, says Jim Vass.
We talk a lot about the endless pressure on small business owners, because we see it with our clients often. The constant juggle… so much to do, so little time. And the solution is not always to employ extra people, because often there’s a fine line between needing extra hands, and actually being able to afford it.
Organisations with 20 or more employees are already reporting through STP unless they have specifically been granted a deferral. And now, smaller-sized organisations will need to migrate to STP as well.
This is the digital age. We have no choice but to operate within it, and it has many advantages. Cybercrime is an unfortunate downside, so we need to make sure we adequately protect ourselves and our customers/clients to the best of our ability.
Various experts suggested recently that Australia could be cashless within as little as three years, and while The Reserve Bank has responded by saying it is not likely to happen as quickly as that, the question still remains – is your business ready?
The new payroll tax threshold will increase by $100,000 to $850,000 next year (from 1 July 2018), rising to $900,000 in 2019-20, $950,000 in 2020-21 and $1 million in 2021-22.
ATB Chartered Accountants are cloud based accounting software specialists, having moved to a paperless environment more than 20 years ago.
ATB are proud Gold Partners with Xero, and it’s no secret that we are fans of the application.
Cloud-based accounting is one of the most effective innovations for small and medium businesses.
Artificial intelligence is reaching new heights.