Monday, 15 Jun 2020
Record keeping is a quintessential requirement for every small business to keep the paperwork organised, streamline the cash flow, monitor the bottom-line for making vital decisions, and influencing money lenders. It is also a legal obligation to maintain financial records, employee records and documents related to fringe benefits and capital gains for all enterprises in Melbourne.
It assists in timely report submissions and tax filing and effortless management of the information of the workforce. Thus experienced bookkeeper in Melbourne are highly sought-after for the copious amount of work covered by them in a structured and controlled manner.
Let us take a look at all the record keeping requirements for a small business which are efficiently handled by professional bookkeepers
According to the law, every business must explain all the financial transactions taking place in the organisation either electronically or on paper in English or any other language that can be translated.
Most of these records need to be preserved for five years, and some are to be kept for even longer. If you are unable to maintain these records, you become liable to penalties which will be slapped on your business in Melbourne by the ATO. So here is a list of the financial records that are stored safely by the bookkeeper.
While the financial records are requested by the ATO, there are other government obligations in Melbourne which require safeguarding a plethora of staff and employee records. The records must be protected even if you sell or shut down your business as you might need them to meet government regulations.
These records must be updated every day by the bookkeeper so that nothing misses the eye of the entrepreneur. You can also take advantage of the record keeping evaluation tool to identify the records that need to be conserved. Here is a list of the requirements in Melbourne.
Every small business in Melbourne must have a robust record keeping system that is professionally and diligently maintained by the bookkeeper so that you can concentrate on other important work. It is essential to meet the legal requirements for running a business and being ready with proof of every transaction to avoid any losses.
Your bookkeeper will help you in setting up the record keeping system which can be on both paper and computer. The entrepreneur must have access to this data, and you should have it saved in the cloud so that it can be retrieved if the hard disk of the computer gets damaged.
It is easier to use accounting software which is tailored to the needs of your organisation and automates a lot of the manual work. Your bookkeeper can help you to get the best cloud-based accounting software for your business in Melbourne so that you can keep track of all the updates in real-time.
Record keeping is an essential part of managing and running a business without facing any legal and financial challenges. Thus bookkeeping companies in Melbourne make sure that all your business and financial information is updated and secure at all times.
We are a family run bookkeeping business that has grown to include offices around Australia in Melbourne, Adelaide, Brisbane, Sydney and Canberra. We have been helping our clients grow since 2001. Being one of the leading Bookkeepers in Melbourne, we are offering free consultation to every new client.
Suite 1/200 Toorak Road, South Yarra, VIC 3141(03) 9088 0251
Suite 20, Level 4 161 London Circuit, Canberra City.2601(02) 6152 9116
605-609/118 King William
Street,Adelaide, SA 5000
Level 5/150 Edward Street, Brisbane, QLD 4000(07) 3123 4872
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