Keen to use new tech? Get the right advice on your innovation budget.

SMEs drive towards investment in innovative technology and knowledge

The latest MYOB Business Monitor report has revealed that Australian SMEs are proven early adopters of new innovative technology and techniques.

This report asked small business owners about their latest investments, with technology, equipment and knowledge the most common choices in the last 12 months.

Their research showed that 31 per cent acquired new computer hardware or software, 26 per cent acquired new equipment or machinery, 22 per cent focused on knowledge and 17 per cent focused on employee training. The fifth most common was new business or management techniques, at 16 per cent.

"We need to keep adding to our collective skills base to remain relevant and competitive," said MYOB Chief Technology Officer Simon Raik-Allen.

"SMEs see that technology can help them do business more efficiently and service their customers better."

A struggle to find room in the budget

The report also investigated the perceived barriers to further investment.

Results showed that the most common issue for SMEs was the cost to develop or introduce these new technologies. Without the use of an expert business development consultant, it is obviously proving difficult for the average Australian to find the room in their budget for new technologies. 

Evidently, remaining on the forefront of innovation is a focus for the current Australian economy, as MYOB reports the government's new attempts to address regulatory barriers around start ups and further encouragement in research and development spheres.

It is likely that this new support will help stimulate a business sector that is already forward-thinking, with 40 per cent of enterprises doing at least some of their work using cloud computing. 

To find out how you can fit investment in new technology into your budget, contact Wilson Porter today for expert accounting advice and business solutions.