The past financial year has been one of the toughest Australians have faced in decades with progressive price increases in energy, location fees, material hard costs and more, meaning almost every business from retail to warehousing has felt an impact.

The result is a greater reliance on tax refunds with recent research showing that approximately one quarter of Australians consider the EOFY cash injection to be important to their budgets.

Brother International Australia pre-sales solution specialist, David Molloy (pictured below) and managed print services (MPS) specialist, Stephen Nicholls (pictured above) have shared their advice on how business leaders can set themselves up for success.

The first piece of advice to any small business owner is to be aware of the latest rules and regulations implemented by the Australian Taxation Office (ATO). ATO guidelines change regularly and the procedure for processing a tax return as an individual is vastly different for businesses.

The ATO’s tax time toolkit for small businesses is an excellent first point of reference. This is also extremely useful for Australians who have started side hustles or home businesses in the past year. Those new business owners may be less familiar with the expenses that a deduction can be claimed on – for instance, occupancy expenses, running expenses, or even on business travel when running a home-based business.

To this point, planning ahead and understanding legal obligations for the data, documents and receipts required is critical. But, as a general guide, backup everything. From here, business leaders should create and document all processes for staff to ensure that everything is captured and documented accordingly. Then, next financial year, review those processes and ask what could be done better for next year.

There are also numerous tools and technologies that can assist with these processes. For example, a desktop scanner, such as those in Brother’s ADS4 Scanners range, can help create efficient digital workflows by allowing paperwork, receipts, and invoices of all shapes and sizes to be quickly scanned and automatically stored. This also allows data to be accessed easily for retrieval (such as when logging tax returns) and backed up securely to meet legal requirements.

A desktop scanner can also assist the unsung heroes of EOFY, business accounts payable and receivable departments. Here are a few simple ways to make their lives even easier:

  • Scan documents as they come in to create a clean paper trail. But if you’re scanning in bulk, it’s best to organise files chronologically
  • Scan to PDF for consistency and the best file sizing
  • Utilise automated workflows and a consistent naming structure (e.g. year, month, day, company name) to easily find and store files

What technology is going to be the most important?

A common trend among Australian business leaders, especially in recent months, is a request for employees to return to the office. Big name brands including Amazon and Commonwealth Bank have scrapped remote working policies in favour of a structured ‘hybrid approach’.

It’s fair to say that small businesses will slowly follow this trend and, as such, it will be critical to empower organisations with the right tools and technology to work effectively from both home and the office.

Ultimately, the tools and tech required will differ from business to business. This is where the assistance of a Managed Print Services (MPS) provider can help to identify the optimal hardware for your needs and help you better understand and control printing costs.

Review what technology is needed behind the lens of an organisation’s sustainability targets. A Mastercard survey found that over three in four Australian business leaders identified sustainability as critical for success in their industry. With consumers also becoming increasingly eco-conscious, implementing sustainable practices and green strategies may be critical for long-term success and profitability.

While there is not a one-size-fits-all approach, small businesses could benefit from something as simple as introducing printers that utilise double-side (or duplex) printing to cut paper usage in half; recycling printer and toner cartridges through programs like Planet Ark; or using upcycled or refurbished technology products to reduce electronic waste.

The introduction of a paperless digital document management system provides both benefits, by eliminating paper wastage and making it even easier for remote workers to access files that may have previously been kept through traditional pen-and-paper record-keeping.