End of financial year (EOFY) is an ideal time to look at your IT systems and decide if it’s time to replace old computer hardware and other devices with newer, faster, and better alternatives and with the financial year coming to an end, your organisation may have leftover budget that needs to be allocated before 30 June.
Time is money. Your business can potentially lose money as slower performance kicks in and replacing old machines and technology will save you, in the long run.
While the average lifespan for an IT systems refresh is every 3-4 years, small businesses tend to run their systems until they crash. We’ve outlined some key reasons why it’s important to consider a hardware update as EOFY approaches.
Instant Asset Write Off
Let’s be real, the main reason to upgrade your hardware before EOFY is that it can save your business money. Replacing your hardware before EOFY allows you to write off the depreciation on work-related asset purchases instantly. If your annual turnover is less than $50 million, you might be able to write off assets that cost less than $30,000 each year as part of your tax return.
Keep your data secure
Older hardware is generally slower in response and is less likely to support upgrades, bug fixes, and new software, which means your security can become compromised.
When updating your hardware to limit possible security breaches, consider:
- User accounts: Ensure that each user in your organisation understands the new systems and security.
- Systems usage: IT changes can mean a steep learning curve for staff – it is important to implement the right processes to train employees on using the new system correctly and efficiently.
- Downtime: IT upgrades can be disruptive to workflow and result in lost productivity. Where possible, proper planning will assist in reducing disruptions and ensuring staff productivity is maintained.
Support employee growth
Employees who want to develop professionally, gain more skills and progress their career will thrive with the right tools, training programs, and systems in place. Upgrading your systems regularly will encourage growth within your organisation and increase productivity.
centreRED can provide advice on hardware upgrades and assist in the installation, training and ongoing maintenance of your devices. Contact us before 30 June to hit the EOFY deadline.