Do you have boxes and boxes of old records sitting at the back room of your office?
As business owners, generally you have to keep your source records for 5 years after you lodge your business’ tax returns.
Do you know that your accounting software will probably have the function to store the digital version of your records for you?
Accounting software like MYOB and Xero have the ability to upload scanned/digital copies of your invoices and receipts and attach them to your transactions accordingly.
There are many benefits of attaching your source documents to each transaction directly in your accounting software. Not only are your records kept safe, you will no longer need to make room in your office for paper copy of invoices/receipts – they can be accessed by you anytime from anywhere (with internet access). In addition, your accountants may also view your source documents if you give them access. This will also mean that when they need to access an original invoice made many months ago, they can easily click on the transaction, view the documents themselves instead of asking you to go through your box of receipts!
Paperless bookkeeping is the way of the future.
It is always daunting to implement changes, but the gain is worth far more than the trouble.
There are many software add-on’s that can help you start on your way to paperless bookkeeping.
Software like ReceiptBank lets you take pictures of your receipts, store your receipts, read your receipts and send the data directly through to your accounting software.
It may take a while to learn the processes but once set up, they work seamlessly and you will be saving a lot of time with your bookkeeping.
CrossCorp is proud partners of MYOB, Xero and ReceiptBank.
If you want to make a start with paperless bookkeeping, contact us today and we can help set you up!