March 29, 2018
Start keeping your records on-line and free yourself from paper!
Most of you know we work almost exclusively on-line at Effective Services and encourage you to make the same efficiency in your own business. This involves storing records on-line (in the Cloud) instead of on paper. The use of an on-line (or Cloud) storage system also allows you to access your documents when or where you need them most.
Firstly, choose a Cloud Storage Provider. This Cloud Storage COMPARISON CHART from our associates at Cloudwards easily shows the different features offered by some of the more commonly used Storage providers.
Next, set up a data base of files and folders, just like keeping the documents and folders in a filing cabinet. Documents may be stored in a number of formats, including .pdf, .jpeg. Many accounting systems also have the facility to attach documents to transactions records which you can do from your data base.
This from the Tax Office:
“Electronic records. Documents that you are required to keep can be in written or electronic form. If you make paper or electronic copies they must be a true and clear reproduction of the original.
We recommend that if you store your records electronically you make a backup copy to ensure the evidence is easily accessible if the original becomes inaccessible or unreadable – for example, where a hard drive is corrupted.”
This link to the tax office shows the type of records you need to keep and the retention periods. Remember additional retention periods may be applied by Fair Work or other bodies.
Contact us if you need help on 0411 218 570