The importance of accurate and complete record keeping

When we see businesses doing well, one reason is that they have accurate and complete records.

Accurate and complete records allow you to:

• Monitor the health of your business.

• Know whether your business is running at a profit or loss.

• Make sound business decisions.

• Keep track of money owing to you and money you owe to others.

• Monitor your cash flow to help you to make payments on time.

• Avoid penalties which may apply for failing to keep up to date records.

• Demonstrate your financial position to lenders, businesses, tax professionals and prospective buyers.

• More easily meet your tax, superannuation and employer obligations.

In addition to your own benefits, having accurate records at all times ensure that you have all the information required if you are audited by the ATO, making the process easier and shorter.

Contact us to find out how we can help you.