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While IT risk management can assist in deterring threats from your business, there can still be limitations to what you can accomplish. Therefore it is extremely important to know both the strengths and weaknesses of any system present in your business. Here are 5 limitations to IT risk management that you should prepare for:

Imagine pouring hours and hours into a project, only to lose all of your work due to computer malfunctions. Nowadays we have alternative ways in which to store data (such as the cloud), enabling us to minimise the risk of this happening.

IT has undeniably changed the way that today’s business owners and managers take on project management initiatives. The impact is immense,  and it is clearly evident how strong the influence of IT is in the planning and execution phases of project management.

Is it really possible to juggle a number of tasks at once without compromising the quality of your output? The answer is yes, but only with effective project management.

Loans are an important, sometimes necessary, part of small business management. However, there could be instances where the terms and conditions of your loan are not favourable for your current and future financial planning. This calls for debt restructuring which means changing the terms or method of debt payments through restructuring your borrowings and re-negotiating payment arrangements.

Challenges should always be anticipated in running any kind of business.  With the varying economic situation, changing markets and fast-evolving consumer trends, small businesses are most often the first hit by these changes and the challenges they bring.

In our previous blog, we discussed the importance of maximising your tax returns for extra profitmaximising your tax returns for extra profit. However, you should also file them correctly with the ATO to reap the full benefits and avoid being slapped by fines. Whether you operate your business as a sole trader, a partnership or as a company, here are some general tips from the ATO to make your tax filing error-free:

When you have a small business, you are more or less hands-on in terms of operations. However, there are some cases wherein some seemingly minor details end up slipping through the cracks — or where one aspect of your business ends up needing more time and attention, thus leading to other equally vital parts suffering.

For most us, just thinking about the time and effort it takes to file a tax return can be taxing in itself.

It doesn’t have to be this way, though.  With a bit of organisation, the help of a virtual accountant and the following tips, tax time can be made much easier to cope with.