Receipts Be Gone!
Yep, you’ve got to hold onto your tax records. Yep, for FIVE YEARS. Nope, you don’t need to keep the paper.
The Australian Tax Office is fine with you keeping digital records and receipts, and there are a few rules with that, but not too much to worry about.
So the burning question is – how do I get rid of the paper?! Well, in fear of being clichéd, there’s an app for that.
There’s lots of app solutions in the marketplace which digitise your paper records. They all work on a similar basis…
- You take a photo of the receipt or invoice and;
- Upload the receipt or invoice into your accounting software.
The solution works well. Once the app is installed and linked to your accounting software, simply take the photo and instantly it is uploaded to an electronic in-tray.
A lot of accounting software can even create a bill by reading the details from the photo, and also link the receipt to your bank feeds if you have them running.
The Australian Tax Office states it is satisfied for business records to be stored electronically, provided that the documents are clearly legible and represent the original version.
Saving digital receipts in a crisp, clear photo ensures they won’t fade, and when linked permanently to your accounting software can’t get lost. Now that is smart business!
Talk to one of our accountants at Bosco Accounting Nowra, Sanctuary Point or Sussex Inlet to discuss a accounting solution right for your business.
As always, we’re here to help.