Streamline your business administration with digital record keeping

4r8cpdNScNROADNBEfdxG0 markus spiske hL8slYnc bM unsplash 2

Good record keeping is the mainstay of accounts management. It assists you to both meet your compliance obligations and provide verification for all your business transactions.

The Government requires that relevant records exist to support all business transactions – purchases, sales, payroll, and other business matters such as loans or foreign currency dealings. It is a business owner’s responsibility to maintain and store accurate records for all financial transactions.

Did you know that you are allowed to store all business records digitally? This is both more efficient and sustainable than having to keep years’ worth of paper records at your office.

The most important thing to take care of if you are moving to electronic record keeping is the security of your information.

Using systematic electronic record keeping makes it so much easier to run your business, as you will not waste time trying to find documents when you need them — whether that’s for yourself, your bookkeeper, or your tax agent.

Most government departments allow business records to be either in paper or digital format. The legal requirements for record keeping are the same, regardless of format.

All records must be:

  • True and correct
  • Unaltered once stored
  • In English and legible
  • Stored in a secure system, whether physical or digital
  • Easily accessible if required
  • Held securely for the statutory five to seven years, depending on the type of record.

For best protection, store records both locally on your business computers and secure external online storage. This makes the records easily accessible from anywhere at any time. Always take care of who has what level of access to your documents and manage user access accordingly.

If you need help setting up digital business systems, we'd love to hear from you. We can also get you set up with encrypted digital signature technology to streamline your business admin even further.

Acro Accounting & Financial Planning (AAFP) offers a one stop solution right from accounting, taxation, financial planning to other business advisory services. As Certified Practicing Accountants (CPA’s) and professional tax advisors, we pride ourselves on being experts with the latest developments relating to business and taxation. We as professional public practice firm, provide high quality taxation and business advice to our clients through a personalised service at competitive rates.

Related Articles

Are you considering an SMSF? Here’s what you need to know
It’s always a good idea to think about your retirement. Many people in Australia use a Super Fund to manage their retirement savings. But some people opt to do something a little different, and set up a self-managed super fund (SMSF).
Writing a Business Plan? Read Our Proven Guide (2023)
Read our guide to writing a business plan and find out the major benefits of having a detailed roadmap to follow.
5 Steps To Better Cash Flow
To maintain a better cash flow, you need more than just strong revenue. Improve your small business cash flow by implementing five simple rules.
The Importance of Checking Your Supplier ABNs
Do you check your supplier ABNs? Correct tax codes are essential for getting GST on the BAS right. Now is a good time to review supplier ABNs and GST status.