Increased Industry work from home?
Sick of trying to store 5-7 years of records?
Want to save the trees? And lessen your environmental footstep?
What is Digital, and how do I convert my entire system to it?
What is the cloud? Is it safe? Where is the cloud?
There are many reasons to “Go Digital” in business in today’s environment, along with the increase in “cloud accounting” and work from home. There are a few reasons not to. However, we know that many businesses are choosing not to for one simple reason;
IT IS DAUNTING.
About Bookkeeping has been helping clients go digital for over ten years, keeping in step with what the ATO requires you to keep physically and digitally. And we can tell you. It is different for every business. Some clients only keep the bills digital, others can move everything over, and yes, we still have some who like to keep a hard copy of everything just because it works for them. There is no right or wrong way to go about this.
Most of our clients will send the “on paper” bills and receipts to us to scan, upload and digitize into the accounting system they use. once we are sure it is saved in the correct places, we destroy them.
The ATO will accept a digital copy ( or even a photo) of the document for auditing purposes. And with the majority of accounting software giants ( MYOB, XERO, INTUIT) going to “cloud accounting”, everything can be emailed or sent straight from your software to your customers.
which you can read all the ins and outs of the rules for that below
www.ato.gov.au/business/record-keeping-for-business/setting-up-and-managing-records/business-record-keeping-systems/digital-record-keeping/
This not only helps businesses with compliance, but saves time and space on the physical storage of paperwork, makes it easier to find historical documents, and allows you to access your data from anywhere. and brings the bonuses to your pocket,
there are other ways of “going digital” or “paperless’ in your business. The above is just the method we see the most commonly.
Our favourite method of handling documents is just not.
Don’t get the bill mailed to you. Ask your bank, phone company, and suppliers ( if they haven’t already) to email everything to you. Even store receipts can be texted to you a lot of the time. A unique method to lessen your paper receipts is to sign up for a 30-day account with places like bunnings, Officeworks, fuel stations, and industry suppliers, as this will then put all your purchases on account (because they want to get paid). This can help with cash flow if handled correctly too.
Plus, when the end of the quarter rolls around, you aren’t the one that has to hunt through the car, wallets, boot, bags and work folders for those petrol receipts you put in a safe place for later.
Suppose you aren’t a fan of “credit” accounts. We all have a camera in our pocket now. Before leaving the store, take a photo of your receipt. You can even email it straight to your accounting software from your phone.
With Xero, you can use the app to upload it right then and there. Camera to files in 4 clicks.
Just remember, there is no right way. It doesn’t have to happen all at once; you don’t have to do everything. Just change a few things, and it will come naturally.
If you have more questions or want help in planning your paperwork journey, contact About Bookkeeping,
