As a refreshingly different accountancy firm, we know that taking on the role of a business owner comes with a lot of financial and legal responsibilities. But don't worry, we're here to make it easy for you. In addition to helping you stay compliant..
In this blog, we’re talking record-keeping for business. As a business owner, you should keep detailed records of all transactions. These include:
Statements for your bank and/or credit card accounts
Copies of all your sales invoices
Copies of all your receipts for purchases or expenses
Calculations of the figures entered onto your BAS
Company constitutions
Trust deeds
Share Registers if applicable
Annual financial reports
Keeping accurate and complete records for all your business transactions will also help you manage your business and its cash flow. In most cases, you’re required to keep these records for 5 years from the date you lodge the relevant tax return.
As your dedicated partner, we'll work with you to understand your goals and help you achieve them. Give us a call on 07 5500 0898 or email info@mjmaccountants.com.au.
You can also connect with MJM Accountants on Facebook and post a review to our Google profile.