The end of another financial year has recently commenced. So, it might be a good idea to brush up on your record keeping before it all becomes a big mess again. Now is the perfect time to make sure that your approach is up to your workplace standards.
Effective record keeping is extremely important for time strapped small business administrators. And often those in this role can over look that value of strong operational and financial records, systems and processes.
However, having effective and reliable access to your valued information on your business helps you contact your day-to-day processes immensely. Below are 5 simple tips that are beneficial for establishing and maintaining an effective administrative record keeping system.
It sounds weird… plan your record keeping. But, establishing what processes are needed for different types of records makes the process much easier. Planning a record keeping process will assist you to maintain a system which actually works for you, not against you. Accordingly, planning will also provide clear expectations from others involved in your record keeping process.
Being consistent makes it way easier to accomplish future work. Anyone that accesses the data in the future won’t have any bits of missing information and all your data is collected in the one space. It’s extremely easy to lose consistency, but you have to be disciplined with your record keeping.
The ATO have standards put in place for record keeping. One of those being that businesses must keep records for five years from the date they lodge their tax return. Sometimes however, you may need to keep records for even longer then that. It’s important that you conduct the research appropriate and work-out what your record keeping standards should be.
You need to take the responsibility to know what to record, how to record it and long you need to keep records for. Sometimes you may to take part in a Medicare compliance audit or a Financial audit. You will 100% need reliable records during that auditing period.
Regularly conduct investigation into new technology services which that are available. A lot of the time they will help improve the effectiveness of your record keeping system. However, you don’t need to have a stand-alone system. Meaning you can keep both physical and digital records. Backing up your records is really important and there’s really nothing stopping you from doing so.
If you are interested in creating a digital back-up system then don’t be scared to give us a call at … and we will be happy to discuss with you what systems we can put in place to help store, secure and protect your records.