Set up record keeping & accounting systems
It's a legal requirement for you to keep records of your business transactions for a minimum of five years, so it's important that you have good record keeping practices in place. The records you must keep include all documents relating to your income and expenditure.
Keeping good records makes paying your taxation and other business transactions much easier and helps you to monitor how your business is going.
You also need to keep other important papers, legal documents and contracts in a safe place, so make sure to set up a filing system for easy retrieval.
What to do...
- Visit our Finance & accounting topic for information on setting up a bookkeeping system.
- See our Tax topic for information on record keeping and reporting.
- Read about the differences between a sole trader and a company structure for more information on the recording keeping requirements for each.
- Read about setting up inventory records and systems to manage your inventory.
- See the Australian Taxation Office (ATO) for extensive information on Managing your invoices, payments and records.
- Read the ATO guide on managing your cash flow.
- Read about employees and record keeping to ensure you keep the right employee records.