Do your records need a spring clean?

Do your records need a spring clean?

Has your record keeping left a lot to be desired lately? Jobmaker and other government support has made matters even more complicated, and factoring it into your calculations is a confusing but necessary task.
Having your record keeping and expenses in order means you’ll have full oversight of your business and be in a better position for decision making. Income, stock levels, and expenses are all important to keep track of in preparation for business statements, returns and other mandatory activities.

The ATO cite the following as important to remember when spring cleaning your records:

  • Keep records for a minimum of five years
  • Streamline administration with digital tools. This will also make accounting and bookkeeping with us easier.
  • Reconcile mistakes.
  • Account for any personal use of business stock.
  • Keep business expenses separate from any personal accounts.
  • Only claim the portions of asset uses used for business purposes.

Talk to us today if you need help getting your records straight.

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