Digital experiences


26th June, 2023

Embracing the digital future

With the Technology Investment Boost passing parliament, small businesses have been given another reason to digitise their operations.

Small businesses, the backbone of the economy, have an unprecedented opportunity to embrace digitisation.

But as more businesses navigate digitising their business, it’s critical to know the difference between good and bad digitisation.

And it’s just as important to understand the value of a business management platform approach.

Digitisation, at its core, is the process of transitioning from analog to digital or manual to automated systems.

It can also be increasing how you currently use digital tools to build complete value for your business. For example, scaling from using digital payroll solutions to implenting digital tools across every aspect of your business.

Digital Adaptation Program extended

While digitisation provides numerous benefits such as cost reduction, improved efficiency, and greater accessibility, it’s also essential to tread wisely to ensure your business realises the potential payoff.

Not all digitisation is created equal, and understanding the differences can make or break your business transition.

Your future success is not just about embracing the digital future.

It’s about doing so to add value, improve efficiency, and creating an experience for customers that keeps them coming back.

If you’re eligible for the Tech Investment Boost, you can get assistance in making the right investment decisions that help drive efficiency and competitiveness.

About the Tech Investment Boost 

With time running out on the tech boost, many SMEs have jumped on the rush to digitise.

As part of the Small Business Tech Investment Boost legislation, SMEs will be allowed an additional 20% tax deduction to support the digitisation of their operations.

The boost applies to eligible expenditure incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2023.

The boost is for business expenses and depreciating assets and is capped at $100,000 of expenditure per income year. This applies to multiple purchases of anything that supports the digitisation of your business.

This means you can receive a maximum bonus deduction of $20,000 per income year. This is for anything ranging from a new computer to your digital business management tools.

business technology, embracing the digital future

Digitising your business is a marathon, not a sprint, and an ongoing piece of work as you grow and evolve.

That’s why it’s important to consider the quality of your digital transformation as you digitise more of your processes.

You should also consider how a platform approach can maximise the value of your digitisation journey.

With the Bill expiring this week, thinking about the purchases you have made since March 2022 will be essential.

Any new piece of hardware or software you have invested in since 25 March 2022 can now be claimed under the Boost, and that additional 20% deduction applied at tax time.

Good digitisation vs bad digitisation

The hallmarks of good digitisation include deeply integrated workflows, greater profitability, and a business that is more connected, decisive and adaptable.

Good digitisation doesn’t just replicate existing processes in a digital format. It takes the opportunity to refine and improve those processes, providing greater connection across your business workflows.

For instance, an efficient inventory management system can automate the tracking process and save time and resources. But it should also be deeply connected to your customer, supply chain, finance and accounting processes.

Inventory management, embracing the digital future

On the other hand, bad digitisation is a mere ‘copy-paste’ of analog processes into a digital format without any added value.

This often happens when businesses rush into digitisation without a proper understanding or plan. This leads to reduced productivity, increased costs, and disillusioned employees when the reality doesn’t meet the promised benefits.

Making the time to think about how digital processes can work for your business operations will end up saving time and money.

MYOB’s Disconnection report found that almost one in two Australian SMEs (42%) are paying for digital tools that they no longer use.

Over one in ten businesses (12%) believe getting rid of software applications they seldom use could save them between $100 and $200 each month, and a similar proportion (9%) estimate it could save double this.

Rather than this kind of bad digitisation that leads to such disconnection, an integrated approach to digital tools helps drive value. With the end of financial year upon us, and the Technology Investment Boost about to expire, now is the time to do a review of your subscriptions.

The MYOB business management platform

Looking for good digitisation? The MYOB business management platform manages your key workflows together in one place and caters to the diverse needs of small businesses.

  1. Efficiency and Productivity: Seamlessly integrate and automate key workflows across your business — from managing your customers and employees, overseeing your supply chain and projects, and taking care of your finances, accounting and tax.
  2. Real-Time Insights: Get real-time financial data, enabling informed decision-making. With analytics and reporting features, businesses can monitor their performance, identify trends, and make strategic adjustments.
  3. Seamless Integration: Create a central platform to manage your business, reducing complexity and boosting efficiency. Manage your key workflows all in one place, giving you a complete picture.
  4. Scalability: As your business grows, we grow with you. Scalable features can accommodate businesses at different growth stages, ensuring the platform grows with you.
  5. Security: A reduced number of applications means fewer potential entry points for hackers and a smaller security risk profile. We use advanced encryption and multi-factor authentication to keep your sensitive business information safe.
Process management, embracing the digital future

There is currently a golden opportunity for businesses to digitise. However, diving in headfirst without understanding the potential pitfalls could be detrimental.

Embrace good digitisation practices and your business will not just survive, but thrive in a rapidly evolving digital landscape.

Remember, digitising is not just about adopting apps and software. It’s just as important to do it well to drive efficiency, profitability and growth.

Talk to your accountant or financial advisor, or MYOB, to understand how to capitalise on the government’s incentive program and digitise the right way.

The digital future is here. Are you ready to seize it?