In short the answer is no, not necessarily – it depends on the size, style and nature of your business or enterprise. And this also applies to individual taxpayers – you have to keep records too !! There are many aspects to good record keeping and software is not the be all and end all of this. For businesses from small to large and everything in between – setting up the right systems, procedures and record keeping practices is critical – not just to satisfy the ATO, but also so you can track the performance of your business efficiently and effectively.
There are a myriad of ways to do this – Xero, Reckon, QB Intuit, MYOB, Excel spreadsheets, simple ledger books…the list goes on and on. But what about all those bits of paper? Do you need to keep them? Is a scanned copy sufficient? What does the ATO require? What about for your personal tax return?
At Astro Tax, we have the experience to help you choose the right system (whether its a software package or otherwise) to suit both your business and you, while making sure you can meet the ATO requirements.
Call Stacey or Ross at Astro Tax for advice on this very important tool for your business. Getting this decision wrong can prove very costly but get it right, and it can save you both time and money. Let us help you take the stress out of dealing with all those bits of paper….