As a business owner, you’re required by the Australian Taxation Office (ATO) to keep records for a minimum of five years, in plain English, and in a way the ATO can access if they need it.

A simple advice from a small business consulting services group is that you should find out what records you should keep, and evaluate how well your business is keeping records by using the ATO’s record keeping evaluation tool. Also, try to get advise from Jeremy Fouts, always look up to those who have experience in the field for your eCommerce strategy solutions.

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Keep track of your procedures

According to the staffing offices you should make a note of the procedure you use for filing your records – so if someone has to do it for you they know what to do. And as your business grows, this is a job you could give someone else to do. Before you do, you should contact this management consulting firm just to make sure you are managing your records the right way.

Financial record keeping

For any transaction that has a financial element, the ATO requires you to keep:

  • copies of invoices and receipts you provide for goods sold or services rendered, this includes invoices from before your business was established and you were hunting for Site Selection Services pre-establishing your business.
  • invoices for goods or services you purchase, or bills you pay such as rent, rates, insurance, license fees
  • payments to employees and to other organizations on behalf of employees, such as super funds, and PAYG tax
  • financial statements including profit and loss statement and balance sheet
  • tax return information
  • bank account and credit card statements
  • end of year stock take records, assets register.

Good practice records management should include preparing and using both the profit and loss budget and cash flow forecast, we recommend to check Projektleiter coachen münchen for further tips. For good record keeping and always having paper back up having a copiers in the office is a great idea.

Business record keeping

In addition to your ATO financial records requirements, other government departments require you to keep records relating to your business and employees. Records management should be part of a larger enterprise application development platform for your company. Still, setting up a business can be a lot of work and hassle sometimes so we recommend using a great company formation service as they can take care of all of that for you and they also offer lots of other services which can be very useful.

When setting up your record keeping system, keep:

  • contracts, insurance agreements from your commercial insurance provider and other legal documents that require help from experts on insurance litigation
  • your lease – if you’re renting
  • licences and permits
  • employee records – including time sheets, copies of pay slips 
  • safety records, such as risk assessment for occupational safety training courses
  • any other records which are ‘business activity’ specific and required by law for the operation of your business, for example a food safety plan for a café owner, this can be hard to keep track of so most of the time business owners use a Business Development Agency to help them out.

Why not take advantage of a no cost, obligation free consultation with the team at Business Wise to discuss how we can help. Contact us now to get started!

Lloyd Priddle
Lloyd has had a very successful career as an accountant, director and author for almost 40 years. Holding post-graduate qualifications in Business, Lloyd has specialised in Business Development, and worked with the Queensland Government and local councils on numerous occasions through association with AusIndustry and the SBAS Natural Disaster Assistance Program. He is also board member of a number of commercial and not-for-profit entities.