Benefits of electronic records for small business

Cash continues to be more common in certain types of businesses. While there are many reasons for this, the advantages of electronic payment and record keeping systems are more beneficial – especially in the long run.

The ATO will be visiting and contacting businesses around Australia, with a particular focus on those that mainly deal in cash, promoting the benefits of electronic payment and record keeping.

Perks of using electronic systems

In addition to saving you time, electronic payment and record keeping systems can help you:

• reconcile sales more easily

• manage your books and generate reports to keep track of your business and identify issues early on

• capture and access records on the go and through different devices

• reduce the risk of errors compared to recording everything manually

• lodge your activity statements more quickly

• safeguard your records from flood or fire

• reduce the risk of employee theft

• keep up with customer expectations – most people expect to be able to pay electronically.

Remember to back up your information regularly.

For more information about using electronic systems for your record keeping please contact us on 02 6260 4994. 

Source:
Reproduced with the permission of the Australian Tax Office. This article was originally published on www.ato.gov.au/newsroom/smallbusiness/ 

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