Once set up, electronic record-keeping packages can save you time.
How to choose
There are hundreds of packages available. Some are designed for specific business types. Here are some things to consider:
recording sales, voids, refunds and exchanges (per employee, over a period of time)
tracking and managing stock, work in progress, customers' orders, jobs or other task management requirements
producing invoices and receipts
payroll requirements, including wages, annual leave, long service leave
managing multiple bank accounts or businesses/franchises
dealing with foreign currency
doing budgets or forecasting cash flow
getting regular reports
back-up processes and security.
If you have a registered agent, invest in a package that is compatible with their software.
Electronic systems vary in complexity. We recommend you search online reviews to make sure the product meets your needs. You can also use our Software Developers Product Register to search for tax-related software products that meet our requirements and are commercially available.
See also:
Software Developers website External Link
ATO app
The ATO app is free and suitable if you have simple requirements. It can help:
individuals or sole traders
record and manage car trips, expenses, and other deductions on the go using myDeductions
upload financial year deductions within the ATO app myDeductions tool to the ATO for pre-filling your tax return
check Australian business numbers (ABN) using ABN Lookup.
See also:
ATO app
Advantages
Electronic record-keeping software will help you:
increase the quality of your business management and record keeping
track sales and expenditure
streamline your accounting practices
increase compliance with your tax obligations
automatically tally amounts and provide ready-made reports
develop summaries and reports for GST and income tax purposes
report some information to us online (if the package meets our requirements), for example your activity statement
use less physical storage space
back up records and keep them in a safe place in case of flood, fire or theft.
If we ask you for copies of records you keep electronically, you can provide either electronic or printed copies. We may also request documentation from your computer system or ask that you provide us with paper copies.
Backups and security
You must keep your computer system secure and accurate. It's vital to have a good back-up procedure for computer files and programs with external off-site storage. This generally ensures records can be recovered if something unexpected happens.
You must also be able to show that you have control over:
access to your computer, for example through the use of passwords
incoming and outgoing information
processing of information.
Source: Australian Taxation office
About Authors : Swan Partners is a progressive service provider dedicated in providing high quality tax consultancy, accountant in victoria park, bookkeeping service in perth, BAS lodgement service in perth and accounting services to individuals, sole-traders, partnerships, trusts, and companies.
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