The pace of change has accelerated exponentially in recent years. The pandemic heavily impacted how we live and work, forcing businesses to adapt rapidly. Many companies that focused on updating their technology not only survived but thrived.
The 2022-2023 federal budget highlights the need for continued technology investment with additional tax deductions on offer. $1.6bn in tax revenue will be put towards supporting tech investment. In addition, SMEs with an aggregated annual turnover of less than $50 million will be eligible for the Small Business Technology Investment Boost and Small Business Skills and Training Boost schemes.
In his budget speech, Treasurer Josh Frydenberg said he hoped these schemes would encourage small businesses “that are embracing the digital revolution” and reward them for investment in new technologies.
“Every hundred dollars these small businesses spend on digital technologies like cloud computing, e-invoicing, cybersecurity, and web design will see them get a $120 tax deduction,” Frydenberg said.
The Small Business Technology Investment Boost
Small businesses with under $50 million turnover will have access to an additional 20% bonus deduction for the cost of business technology expenses and depreciating assets. According to the ATO, “portable payment devices, cyber security systems or subscriptions to cloud based services” will all be covered.
The bonus deduction will apply to purchases made from 7:30 pm AEDT 29 March 2022 until 30 June 2023, up to a limit of $100,000 in expenditure per year. These deductions include expenses for cloud ERP systems.
Small Business Skills and Training Boost
Small businesses can also access a 20% bonus deduction for eligible external training courses to upskill employees and help businesses “become more productive and competitive”, according to Frydenberg.
For every $100 spent on external training courses for employees, the business can claim a $120 tax deduction. There is no spending limit for deductions on training courses at the 120% bonus rate. Still, rules will apply, such as the course being run by an external education provider registered in Australia. Internal or on-the-job training initiatives are not eligible.
This bonus scheme will apply to eligible skills and training expenditure incurred in the period commencing from 7:30 pm AEDT 29 March 2022 until 30 June 2024.
See the full details of the Small Business Technology Investment Boost and Small Business Skills and Training Boost at ato.gov.au.
A cloud technology platform for business growth
NetSuite is one cloud ERP solution that is designed as a platform for business growth.
Many companies add single-use systems to their infrastructure over time, such as an accounting system, a separate inventory system, a separate CRM, and so on. However, running several disconnected systems in parallel introduces a range of issues – particularly as a business grows.
Data needs to be exported from one system, re-imported into another, consolidated, checked, and re-checked to get an accurate picture of finances and operations across the company. Many companies rely on complex spreadsheets for reporting, though this also means relying on static, often-outdated data. As a result, systems and processes start slowing you down when they should be helping you grow faster.
NetSuite is a core technology platform that brings together all core business functions. Inventory, CRM, sales and marketing, project management, HR, and more are managed within a single system. Key advantages of using a single ERP system include:
- You gain an accurate, real-time view of business performance.
- Manual, repetitive work like re-entering and re-checking static data is eliminated.
- With a reduced manual workload, your team can focus on strategic initiatives
- Live dashboards with KPIs and report snapshots help you make faster, more informed decisions.
- Secure, cloud-based access enables decision-makers to react quickly to changes, wherever they are.
How DWR can help maximise your technology investment
The implementation of an ERP is just as important as selecting the right technology platform. When set up by a team of cloud technology experts, company-wide, streamlined processes are put in place. This approach puts everyone on the same page, increases digital process efficiency, and creates a holistic solution that enables rapid scalability.
To maximise the ROI of your ERP investment, DWR takes a personalised approach. The team listens, understands, and takes a considered approach to solve current problems and set up best practices for long-term business transformation. Crucial areas which DWR focus on to deliver implementation value include:
- Time-saving automation that increases your company’s bandwidth
- Streamlined processes for high-performance operations
- Live, consolidated reporting that empowers decision-makers
Whether you’re considering a new ERP implementation or running an existing NetSuite instance, user training is essential to maximise your long-term ROI. DWR can tailor training options to your specific needs, which may involve:
- New starter training to work effectively with NetSuite, faster
- System admin training to stay up-to-date with NetSuite processes, form customisations, reporting, workflows, and more.
- Optimising your existing setup and configuration
- Automation of business processes
- Industry-specific system configuration
DWR’s lasting relationships with customers are driven by a passion for consistently adding value to new and existing implementations. So book a live demo of NetSuite or get in touch with an expert now.
Small Business Digital Transformation Strategies
Find out 3 digital transformation growth strategies that small businesses should prioritise right now to gain a competitive advantage.
Grab your complimentary eBook now.