Important changes to the Australian cyber security landscape in 2022
November 21, 2022
Companies need to consider their cyber security more than ever due to the increased threat of hacking and cybercrime.
This threat has been highlighted by cyber security experts for years, but it wasn’t until May 2022 that the Australian Federal Court made a decision to place the responsibility of cyber security defence on companies that operate in financial services. The court ruled that an Australian financial services company failed to meet its obligations by not mitigating its cyber security risks thoroughly.
This has set a precedent for all other financial services companies in Australia, as the burden is now on them to ensure their cyber security standards are up to scratch. Unfortunately, this is the result of growing threats of cyber attacks in recent years. Failing to protect against things like brute force hacking could lead to serious leaks of personal information as well as financial problems for companies and clients alike.
As a result of this ruling, the Australian Securities and Investment Commission (ASIC) outlined that all financial entities adhere to the latest guidance from the Australian Cyber Security Centre. One of the main tenets of their guidance is adopting the Essential Eight framework which provides a good foundation for cyber security and compliance.
What is the Essential Eight?
The Essential Eight is a type of cybersecurity framework established by the Australian Signals Directorate. It’s an iterative piece of guidance that’s changed considerably over the past 5 years, bringing in additional strategies and components to their guidelines. The eight strategies outlined in this framework include:
• Application control
• Patch applications
• Configure MS Office macros
• User application hardening
• Restricting administrative privileges
• Patch operating systems
• Multi-factor authentication
• Daily backups
These eight strategies fall into one of three distinct categories: preventing attacks, limiting attack impacts and data availability.
What is the Essential Eight maturity scale?
If you’re adopting the Essential Eight framework, you can monitor and assess compliance levels using the Essential Eight maturity scale. This breaks progress into one of three different levels, including:
• Level one:
Partially aligned with the strategy goals
• Level two:
Mostly aligned with the strategy goals
• Level three: Fully aligned with the strategy goals
The maturity scale is particularly useful because it can be tailored to address the unique risks found in specific organisations. This level of customisation makes the scale more useful when addressing compliance, as it ensures everyone involved knows the specific actions and steps necessary to progress through the levels.
At the moment, guidelines from the Australian Signals Directorate suggest that all businesses in Australia reach level three of the maturity scale to ensure their protection against cyber threats. With that said, the Essential Eight is seen as the minimum level of protection that a company should strive for. These strategies are ideally used alongside more advanced and tailored solutions for businesses to prevent cyber attacks.
Is the Essential Eight a legal obligation?
Due to the increased threat of cyber criminality and our growing reliance on the internet for business, the Australian Federal Government is going to mandate the Essential Eight framework for all non-corporate Commonwealth entities. Prior to these changes, it was only expected that the top four controls found in the first objective in the Essential Eight were followed by all organisations. Now, all eight strategies are to be adhered to.
Part of this new mandate will involve assessing companies to ensure they’re maintaining compliance. As a result of this, all organisations expected to comply with the Essential Eight will also receive an in-depth audit every five years to assess their security measures, starting in June 2022.
Other approaches to reducing the risk of cyber attacks
As mentioned above, the best way to protect your business is by going beyond the minimum level outlined in the Essential Eight. There are many different tools and strategies you can bring in to help with this, but enlisting the expertise of an Accounting Service provider like 360 Accounting Services is one of the most effective approaches. Bringing in the experts can help with a number of things, such as:
• Establishing systems to provide you with greater control over your cloud-based applications and websites.
• Providing guidance around compliance with regulatory requirements and best practices for your industry.
• Experience high-quality support, training and other resources for the organisation to help with cyber security and protection.
As the need for stronger cyber security strategies continues to grow, having the right expertise on your side is becoming more important. Whether you’re an accounting firm or another type of financial services provider, it’s vital that you have the right infrastructure and intelligence in place to protect your business - and your clients - from the threat of cyber attacks.
360 Accounting Services is proud to be Accounting Data Security Standard Certified and we have implemented Practice Protect for added security. To learn more about how 360 Accounting Services can help you protect your business from the threat of cyber attacks, get in touch with our team today at 1300 360 749
Sign up to our
newsletter here!
newsletter here!
Share This Post
In the fast-paced Australian business environment, managing expenses is critical for financial health and compliance. For too long, the humble spreadsheet has been the go-to tool for tracking costs. While familiar, relying on manual data entry is a recipe for errors, inefficiency, and stress come tax time. It's time for your business to look beyond the rows and columns and embrace the power of a dedicated expense tracking app. Here’s why making the switch isn't just an upgrade—it's essential for smart, modern financial management. The Pitfalls of Spreadsheet-Based Expense Tracking While spreadsheets offer flexibility, their limitations quickly become liabilities for a growing business: Manual Errors: Every number typed is an opportunity for human error. These small mistakes can lead to major discrepancies in financial reports and tax returns. Time Consumption: Staff spend valuable hours entering data, chasing receipts, and manually reconciling accounts, diverting time from core business activities. Compliance Risk: Keeping track of Goods and Services Tax (GST) input tax credits and ensuring all expenses comply with Australian Taxation Office (ATO) requirements is difficult and error-prone when relying on scattered digital files and paper receipts. Lack of Real-Time Visibility: Spreadsheets are often updated sporadically, meaning business owners lack an up-to-the-minute view of cash flow and spending patterns. The Australian Advantage: Why a Dedicated App Wins A modern expense tracking application addresses these issues head-on, offering specific benefits tailored to the Australian market. 1. Seamless Receipt Capture and Digital Storage Forget the shoebox full of fading paper receipts. Dedicated apps allow staff to simply snap a picture of a receipt using their phone. Optical Character Recognition (OCR): The app automatically reads key information—such as the supplier, date, and amount—and creates an instant digital expense entry. ATO-Compliant Storage: Digital receipts are stored securely in the cloud, making them easily retrievable for audits. This eliminates the worry of losing physical documentation required by the ATO. 2. Automated GST Tracking and Categorisation One of the biggest headaches for Australian businesses is correctly applying and claiming GST. An app automates this process: Automatic Calculation: Apps can be configured to automatically calculate and split the GST component of an expense, ensuring accurate input tax credit claims. Policy Enforcement: Business expense policies can be programmed into the app, flagging out-of-policy spending instantly, providing better financial control for Person. 3. Integration with Accounting Software A key benefit is the ability to connect directly to major accounting platforms used across Australia, such as Xero, QuickBooks, and MYOB. This integration means that once an expense is approved, it automatically posts to the correct ledger account, drastically reducing end-of-month reconciliation time for your bookkeeper or accountant, ensuring timely submission of your Business Activity Statement (BAS). 4. Simplified Reimbursements and Approvals For employees incurring out-of-pocket expenses, the reimbursement process can be slow and frustrating. Apps streamline the entire workflow: Mobile Submission: Employees submit expenses on the spot. Digital Approval Flow: Managers receive instant notifications for approval, which they can action from their own device, speeding up payment. Making the Transition Switching from spreadsheets to an app is easier than you might think. Start by identifying a few key areas that are currently causing friction, such as travel expenses or project spending. Implement the app for a small team first, then scale across the company. The move to a dedicated expense tracking application is an investment in efficiency, accuracy, and compliance. It frees your team from tedious data entry and gives you, the business owner, a clear, real-time picture of where your money is going, right down to the specific Place of the transaction. Stop tracking and start growing. To learn more about implementing expense tracking technology, reach out to us on 1300 360 749
Running a small business requires wearing many hats, and for a long time, you might have managed to handle the bookkeeping yourself. However, as your business grows, so does the complexity and volume of your financial records. Trying to keep up can lead to stress, errors, and missed opportunities. If you are debating whether or not it’s time to bring in professional help, here are five clear signs that you should stop delaying and hire a virtual bookkeeper. 1. You’re Spending More Time on Books Than Business Time is your most valuable resource. When you first started, a couple of hours a week might have been enough to manage your transactions. Now, if you find yourself regularly working late or dedicating entire weekends just to categorise expenses, reconcile accounts, and chase down receipts, it’s a red flag. A virtual bookkeeper can take these essential but time-consuming tasks off your plate. This frees you up to focus on core business activities, strategy, and client service—the things that actually generate revenue and help your business grow. 2. You’re Constantly Missing Deadlines (or Filing Extensions) Tax season always seems to sneak up, and if you’re consistently scrambling to prepare the necessary financial statements or missing key filing deadlines, you need help. A virtual bookkeeper keeps your books organised and up-to-date year-round, ensuring that all necessary documents are prepared well in advance of deadlines. If you are preparing for tax season, you can also ensure all your necessary files are ready by reviewing the File. 3. You Don't Truly Know Where Your Business Stands Do you really know your profit margins? Are you unsure which services or products are your most profitable? If you have to guess the answers to crucial financial questions, your current bookkeeping method is failing you. Good bookkeeping provides a clear, real-time picture of your company's financial health. A virtual bookkeeper provides consistent reporting and analysis, giving you the accurate data needed to make informed business decisions, such as when to expand, purchase new equipment, or increase pricing. Without this insight, you are effectively running your business blind. 4. You Are Afraid of an Audit Fear and anxiety around financial records are clear indicators that your system is disorganised. If the thought of a tax audit makes you panic because your receipts are a mess, or your records are incomplete, it’s time to seek professional organisation. A virtual bookkeeper implements a solid, cloud-based system that organises all your financial documents logically and securely. They ensure every transaction is recorded correctly, backed by documentation, and compliant with current regulations. This professional structure eliminates audit fear and provides peace of mind. 5. Your Business is Growing Rapidly Business growth is exciting, but it almost always means increased financial complexity. More transactions, new employees, international sales, or taking on debt all complicate the bookkeeping process. What worked for your business when it was small won't work when it's scaling rapidly. Don’t let growth become a burden. Bringing in a virtual bookkeeper allows you to sustain your expansion without sacrificing the accuracy of your financial data. They can seamlessly integrate with your existing processes and grow with you. Next Steps If any of these signs resonate with your current situation, it's time to explore the benefits of outsourcing your financial records. Ready to see how a virtual bookkeeper can save you time and money? Schedule a consultation today! Phone us on 1300 360 749.
Running a successful trades business requires more than just skilled craftsmanship; it also demands meticulous bookkeeping. Effective financial management can mean the difference between thriving and merely surviving. This blog post offers essential bookkeeping tips tailored specifically for professionals in the trades. 1. Separate Business and Personal Finances This is fundamental. Using a separate bank account and credit card for your business not only simplifies tracking income and expenses but also protects your personal assets in case of a business audit or liability. 2. Track Every Expense, No Matter How Small Every dollar spent on your business is a potential tax deduction. Keep detailed records of all your expenses, including: ● Materials and supplies: Lu mber, pipes, wiring, paint, etc. ● Tools and equipment: Purchases, rentals, and repairs. ● Vehicle expenses: Fuel, maintenance, insurance, and registration for your work vehicles. ● Subcontractor costs: Payments to other professionals you hire. ● Marketing and advertising: Website fees and online ads. ● Insurance: General liability, professional indemnity, and workers' compensation. ● Training and certifications: Keeping your skills up-to-date. ● Office supplies: Software subscriptions, stationery, computers...e ven small items add up. Consider using an expense tracking app to easily capture receipts on the go - dext, xero, etc. 3. Understand Your Revenue Streams Do you charge per project, hourly, or have retainers? Clearly categorising your income helps you analyse profitability and identify your most lucrative services. This information can inform your pricing strategies and future business decisions. 4. Master Invoicing and Collections Timely invoicing is crucial for cash flow. Ensure your invoices are clear, detailed, and include: ● Your business name, address, and contact information ● Client's name and contact information ● Invoice number and date: Date ● Description of services or materials provided ● Quantity and unit price ● Total amount due ● Payment terms and due date ● Accepted payment methods Don't be afraid to follow up on overdue invoices promptly and professionally. 5. Reconcile Your Accounts Regularly Reconciliation involves comparing your bank statements with your bookkeeping records. This process helps you: ● Catch errors or discrepancies. ● Identify missing transactions. ● Prevent fraud. ● Ensure your records are accurate for tax purposes. Aim to reconcile your accounts at least monthly. 6. Utilise Bookkeeping Software Gone are the days of manual ledgers. Modern bookkeeping software like QuickBooks, Xero, or MYOB can automate many tasks, including: ● Categorising transactions ● Generating invoices ● Tracking expenses ● Producing financial reports ● Integrating with your bank accounts Investing in good software can save you significant time and reduce errors. 7. Plan for Taxes As a business owner in the trades, you'll likely need to pay estimated taxes quarterly. Set aside a portion of your income specifically for taxes to avoid a large bill at the end of the financial year. Consult with a tax professional to understand your obligations and maximise deductions. 8. Monitor Your Cash Flow Cash flow is the lifeblood of any business. Regularly review your cash inflow and outflow to ensure you have enough money to cover your operational costs. A healthy cash flow allows you to take on new projects, invest in equipment, and handle unexpected expenses. 9. Seek Professional Help While these tips provide a solid foundation, don't hesitate to engage a professional bookkeeper or accountant. They can provide expert advice, ensure compliance with tax laws, and help you make informed financial decisions. Their expertise can free up your time to focus on what you do best – your trade. For a consultation, contact Person at File. By implementing these bookkeeping tips, you can gain better control over your finances, make more informed business decisions, and ultimately build a more stable and profitable trades business.
In the fast-paced Australian business environment, managing expenses is critical for financial health and compliance. For too long, the humble spreadsheet has been the go-to tool for tracking costs. While familiar, relying on manual data entry is a recipe for errors, inefficiency, and stress come tax time. It's time for your business to look beyond the rows and columns and embrace the power of a dedicated expense tracking app. Here’s why making the switch isn't just an upgrade—it's essential for smart, modern financial management. The Pitfalls of Spreadsheet-Based Expense Tracking While spreadsheets offer flexibility, their limitations quickly become liabilities for a growing business: Manual Errors: Every number typed is an opportunity for human error. These small mistakes can lead to major discrepancies in financial reports and tax returns. Time Consumption: Staff spend valuable hours entering data, chasing receipts, and manually reconciling accounts, diverting time from core business activities. Compliance Risk: Keeping track of Goods and Services Tax (GST) input tax credits and ensuring all expenses comply with Australian Taxation Office (ATO) requirements is difficult and error-prone when relying on scattered digital files and paper receipts. Lack of Real-Time Visibility: Spreadsheets are often updated sporadically, meaning business owners lack an up-to-the-minute view of cash flow and spending patterns. The Australian Advantage: Why a Dedicated App Wins A modern expense tracking application addresses these issues head-on, offering specific benefits tailored to the Australian market. 1. Seamless Receipt Capture and Digital Storage Forget the shoebox full of fading paper receipts. Dedicated apps allow staff to simply snap a picture of a receipt using their phone. Optical Character Recognition (OCR): The app automatically reads key information—such as the supplier, date, and amount—and creates an instant digital expense entry. ATO-Compliant Storage: Digital receipts are stored securely in the cloud, making them easily retrievable for audits. This eliminates the worry of losing physical documentation required by the ATO. 2. Automated GST Tracking and Categorisation One of the biggest headaches for Australian businesses is correctly applying and claiming GST. An app automates this process: Automatic Calculation: Apps can be configured to automatically calculate and split the GST component of an expense, ensuring accurate input tax credit claims. Policy Enforcement: Business expense policies can be programmed into the app, flagging out-of-policy spending instantly, providing better financial control for Person. 3. Integration with Accounting Software A key benefit is the ability to connect directly to major accounting platforms used across Australia, such as Xero, QuickBooks, and MYOB. This integration means that once an expense is approved, it automatically posts to the correct ledger account, drastically reducing end-of-month reconciliation time for your bookkeeper or accountant, ensuring timely submission of your Business Activity Statement (BAS). 4. Simplified Reimbursements and Approvals For employees incurring out-of-pocket expenses, the reimbursement process can be slow and frustrating. Apps streamline the entire workflow: Mobile Submission: Employees submit expenses on the spot. Digital Approval Flow: Managers receive instant notifications for approval, which they can action from their own device, speeding up payment. Making the Transition Switching from spreadsheets to an app is easier than you might think. Start by identifying a few key areas that are currently causing friction, such as travel expenses or project spending. Implement the app for a small team first, then scale across the company. The move to a dedicated expense tracking application is an investment in efficiency, accuracy, and compliance. It frees your team from tedious data entry and gives you, the business owner, a clear, real-time picture of where your money is going, right down to the specific Place of the transaction. Stop tracking and start growing. To learn more about implementing expense tracking technology, reach out to us on 1300 360 749
Running a small business requires wearing many hats, and for a long time, you might have managed to handle the bookkeeping yourself. However, as your business grows, so does the complexity and volume of your financial records. Trying to keep up can lead to stress, errors, and missed opportunities. If you are debating whether or not it’s time to bring in professional help, here are five clear signs that you should stop delaying and hire a virtual bookkeeper. 1. You’re Spending More Time on Books Than Business Time is your most valuable resource. When you first started, a couple of hours a week might have been enough to manage your transactions. Now, if you find yourself regularly working late or dedicating entire weekends just to categorise expenses, reconcile accounts, and chase down receipts, it’s a red flag. A virtual bookkeeper can take these essential but time-consuming tasks off your plate. This frees you up to focus on core business activities, strategy, and client service—the things that actually generate revenue and help your business grow. 2. You’re Constantly Missing Deadlines (or Filing Extensions) Tax season always seems to sneak up, and if you’re consistently scrambling to prepare the necessary financial statements or missing key filing deadlines, you need help. A virtual bookkeeper keeps your books organised and up-to-date year-round, ensuring that all necessary documents are prepared well in advance of deadlines. If you are preparing for tax season, you can also ensure all your necessary files are ready by reviewing the File. 3. You Don't Truly Know Where Your Business Stands Do you really know your profit margins? Are you unsure which services or products are your most profitable? If you have to guess the answers to crucial financial questions, your current bookkeeping method is failing you. Good bookkeeping provides a clear, real-time picture of your company's financial health. A virtual bookkeeper provides consistent reporting and analysis, giving you the accurate data needed to make informed business decisions, such as when to expand, purchase new equipment, or increase pricing. Without this insight, you are effectively running your business blind. 4. You Are Afraid of an Audit Fear and anxiety around financial records are clear indicators that your system is disorganised. If the thought of a tax audit makes you panic because your receipts are a mess, or your records are incomplete, it’s time to seek professional organisation. A virtual bookkeeper implements a solid, cloud-based system that organises all your financial documents logically and securely. They ensure every transaction is recorded correctly, backed by documentation, and compliant with current regulations. This professional structure eliminates audit fear and provides peace of mind. 5. Your Business is Growing Rapidly Business growth is exciting, but it almost always means increased financial complexity. More transactions, new employees, international sales, or taking on debt all complicate the bookkeeping process. What worked for your business when it was small won't work when it's scaling rapidly. Don’t let growth become a burden. Bringing in a virtual bookkeeper allows you to sustain your expansion without sacrificing the accuracy of your financial data. They can seamlessly integrate with your existing processes and grow with you. Next Steps If any of these signs resonate with your current situation, it's time to explore the benefits of outsourcing your financial records. Ready to see how a virtual bookkeeper can save you time and money? Schedule a consultation today! Phone us on 1300 360 749.
Running a successful trades business requires more than just skilled craftsmanship; it also demands meticulous bookkeeping. Effective financial management can mean the difference between thriving and merely surviving. This blog post offers essential bookkeeping tips tailored specifically for professionals in the trades. 1. Separate Business and Personal Finances This is fundamental. Using a separate bank account and credit card for your business not only simplifies tracking income and expenses but also protects your personal assets in case of a business audit or liability. 2. Track Every Expense, No Matter How Small Every dollar spent on your business is a potential tax deduction. Keep detailed records of all your expenses, including: ● Materials and supplies: Lu mber, pipes, wiring, paint, etc. ● Tools and equipment: Purchases, rentals, and repairs. ● Vehicle expenses: Fuel, maintenance, insurance, and registration for your work vehicles. ● Subcontractor costs: Payments to other professionals you hire. ● Marketing and advertising: Website fees and online ads. ● Insurance: General liability, professional indemnity, and workers' compensation. ● Training and certifications: Keeping your skills up-to-date. ● Office supplies: Software subscriptions, stationery, computers...e ven small items add up. Consider using an expense tracking app to easily capture receipts on the go - dext, xero, etc. 3. Understand Your Revenue Streams Do you charge per project, hourly, or have retainers? Clearly categorising your income helps you analyse profitability and identify your most lucrative services. This information can inform your pricing strategies and future business decisions. 4. Master Invoicing and Collections Timely invoicing is crucial for cash flow. Ensure your invoices are clear, detailed, and include: ● Your business name, address, and contact information ● Client's name and contact information ● Invoice number and date: Date ● Description of services or materials provided ● Quantity and unit price ● Total amount due ● Payment terms and due date ● Accepted payment methods Don't be afraid to follow up on overdue invoices promptly and professionally. 5. Reconcile Your Accounts Regularly Reconciliation involves comparing your bank statements with your bookkeeping records. This process helps you: ● Catch errors or discrepancies. ● Identify missing transactions. ● Prevent fraud. ● Ensure your records are accurate for tax purposes. Aim to reconcile your accounts at least monthly. 6. Utilise Bookkeeping Software Gone are the days of manual ledgers. Modern bookkeeping software like QuickBooks, Xero, or MYOB can automate many tasks, including: ● Categorising transactions ● Generating invoices ● Tracking expenses ● Producing financial reports ● Integrating with your bank accounts Investing in good software can save you significant time and reduce errors. 7. Plan for Taxes As a business owner in the trades, you'll likely need to pay estimated taxes quarterly. Set aside a portion of your income specifically for taxes to avoid a large bill at the end of the financial year. Consult with a tax professional to understand your obligations and maximise deductions. 8. Monitor Your Cash Flow Cash flow is the lifeblood of any business. Regularly review your cash inflow and outflow to ensure you have enough money to cover your operational costs. A healthy cash flow allows you to take on new projects, invest in equipment, and handle unexpected expenses. 9. Seek Professional Help While these tips provide a solid foundation, don't hesitate to engage a professional bookkeeper or accountant. They can provide expert advice, ensure compliance with tax laws, and help you make informed financial decisions. Their expertise can free up your time to focus on what you do best – your trade. For a consultation, contact Person at File. By implementing these bookkeeping tips, you can gain better control over your finances, make more informed business decisions, and ultimately build a more stable and profitable trades business.
