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Keeping Up: Digital Record Keeping in 2024

In today's fast-paced world, staying on top of your tax record keeping is crucial. Luckily, technology has made this task much easier. By embracing digital solutions, you can streamline your processes, boost accuracy, and stay compliant with tax regulations without breaking a sweat.

One of the best tools at your disposal is cloud-based accounting software. With this, you can track your income and expenses in real-time, making record keeping a breeze. Plus, automation features mean fewer manual errors and more time saved for focusing on what really matters: running your business.

But it's not just about keeping track of your finances. This software can also generate summaries and reports for all your tax needs, whether it's GST, income tax, fringe benefits tax (FBT), or the Taxable Payments Reporting System (TPRS). Plus, if you're using software that complies with Single Touch Payroll (STP) reporting, you're already one step ahead.

For those of you using cloud storage, whether it's integrated into your accounting software or provided by a separate service, there's one thing to remember: make sure it meets the ATO’s record keeping requirements.

It's also a good idea to download complete copies of your records before making any changes, just to be safe. That way, you won't risk losing access to important information.

If you're ever unsure about your software or your record keeping processes, don't hesitate to reach out to your software provider or a professional advisor. They can help you understand the ins and outs of data retention and access, so you can focus on running your business with peace of mind.

Source: Institute of Certified Bookkeepers

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