Record keeping management tips for small businesses

By Sky Accountants

The Australian Taxation Office requires small businesses to keep business records for at least five years and the ATO should be able to access these when needed. 

Business documents
Pixabay

To help you set up a good record keeping system, you should first know what records you should keep and find out if your business is good at keeping these records.  You should take note of your filing record procedure even if you task someone to do this for you.  

All transactions that have financial elements are required to be kept including:

  1. copies of receipts and invoices provided for goods sold or services rendered;
  2. invoices for goods and services you purchase – including bills such as insurance, license fees and rent
  3. employee payments
  4. Payments to organisations on behalf of employees including PAYG tax and super funds
  5. financial statements such as
    • balance sheet
    • profit and loss statements
    • tax return information
    • bank account and credit card statements and
    • end of year stocktake records and assets registered.

It is a good idea to keep a profit and loss budget and cash flow forecast records as well. 

Other government departments also require business owners to keep records such as contracts, insurance agreements, legal documents, licenses and permits, employee records including time sheets, pay slips, safety records such as risk assessments for occupational health and safety, and other records such as a food safety plan for restaurant owners. 

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.  You can click here to speak to experts who specialise in business consultancy.  We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. 

Sky Accountants specialise in small business tax.  We can keep track of the profits and taxes of your business to avoid surprises at year end and develop tailored strategies and systems specifically for your business to streamline your bookkeeping and accounting. 

Our vision is to allow you to focus your energy and enthusiasm for your business and save time and money at the same time through our low cost, efficient systems with fast turnarounds.  We ensure accuracy and that all the deductions and offsets available to you will be secured.  

Reap the benefits of outsourcing your bookkeeping and accounting with us.  Follow expert advice on your business structure, tax breaks, tax implications and other considerations of building or upgrading your business. 

Like this? Share it...
Twitter
Facebook
Pinterest
LinkedIn
Google+
https://www.skyaccountants.com.au/record-keeping-management-tips-for-small-businesses">

Related Reading

Leave a Reply

Your email address will not be published. Required fields are marked *

Social media & sharing icons powered by UltimatelySocial