Tips for Effortless Records Management
- March 11, 2017
- Posted by: Quarles Business and Financial Strategists
- Category: Business Advice
Tips For Effortless Records Management
What sort of records manager are you? If your system resembles a shoebox of faded, dog-eared receipts you might want to reconsider your set-up. Not many business owners cite record-keeping as a pleasurable part of the job. However, no matter what line of business you’re in, keeping efficient records is crucial to your success.
Tax law requires records be kept for a five year minimum – if the ATO selects your operation for an audit, handing over a shoebox is unlikely to impress. To save yourself less pain in the long run, read on for an overview of what you should be filing.
KEEP THESE TO STAY IN CHECK FOR EFFORTLESS RECORD MANAGEMENT
- Bank statements
- Sales receipts
- Expense invoices
- Credit card statements
- Employee wages, super, tax declarations and contracts
- Vehicle records
- Lists of creditors and debtors
- Asset purchases
TIPS FOR EFFORTLESS RECORDS MANAGEMENT:
Whether you prefer a digital system or the old-fashioned paper trail, easy retrieval of these documents should be your main aim. Continuous recording, rather than a haphazard approach just before tax time, is more likely to guarantee efficiency. If you would like to know more about effortless records management, contact our Business Advisors in Perth.