Thursday, 15 Oct 2020
Businesses cannot be run on hunches and guesswork. They require proper planning and a systematic approach to manage daily activities. Keeping records of every task is a necessity for creating reference points for the future and making analytical inferences.
Besides securing data of all the client projects and customer details, the business owner also needs to store information related to the financial transactions. Record keeping must be a robust procedure which should be performed without fail for every big and small cash transaction.
Most entrepreneurs hire bookkeeping services in Melbourne to ensure good record keeping. If you are maintaining the books yourself, then you need to be cautious about the accuracy of the financial records.
The data comes handy in managing the cash flow, filing tax returns and understanding the financial well-being of the entity. If you want to know which is the best way of record keeping, then take a look at the information given below.
All the financial transactions must be recorded by the bookkeeper since these records are required for fulfilling tax and superannuation obligations of your company in Melbourne. According to the Australian Taxation Office (ATO), you need to save all the financial records without making any changes to them.
They should be tucked away in such a protective system that doesn’t allow any changes to be made to the information or causes any damage to the records.
Most of the records need to be kept safely for five years from the date of the transaction. The bookkeeper must be able to identify the information requested by the ATO and present it to them when needed.
The records must be maintained in English or should be effortlessly translated to it when required. There are not too many obligations when it comes to recordkeeping in Melbourne.
However, you need an efficient bookkeeping service to keep everything organised and protected. If you want to evaluate the record keeping performance of your business, then you can make use of the evaluation tool to know how good you have been at it until now.
The ATO can charge you with penalties if it identifies loopholes with the tax records. Thus you must be well-organised and hire an experienced bookkeeper to take care of the obligations and requirements and free up your time for other important work.
Every financial transaction should be logged by the small business in Melbourne. Here are the documents that need to be safeguarded.
If you think that your record keeping methods are not up-to-date, then it is the right time to make some transformations. Here are some tips that will help you to adopt the best practices for recording financial information.
You can benefit from a well-managed record keeping system in the following ways:
Most small business owners are too occupied to concentrate on planned record keeping. An expert bookkeeping service in Melbourne can take away all the worries of financial management by maintaining effective records and providing sound advice.
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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