If you’re looking for ways save time and get better, more valuable and timely information out of your accounting processes, consider going paperless.
One of the first things we do with new clients is map out and analyse their existing accounting processes to find ways to do things better. Often going paperless is a simple first step that enables lots of great process improvements to follow. If you’re prepared to take a leap of faith, there are plenty of potential payoffs, including:
- Enabling the use of electronic and internet based tools for work teams to create, review, approve and action transactions and decisions
- Anywhere, anytime access documents (that can be quickly sort and searched)
- Security – low cost tools these days offer enterprise grade security and back-ups
- Easily allowing work to be outsourced or done by team members in other locations
- Better control – it is easier for approvers and decision makers to review source documents when they can be access electronically.
Apart from the process benefits, it frees up a lot of space! We always recommend a secure enterprise grade online based back-up service to make sure you’re covered, and to be totally protected if the world should fall apart, making your own off-line back-up of information on a monthly or quarterly basis.
Importantly, the ATO also accepts electronic records. For details of its requirements see its publications Record Keeping for Small Business (NAT 3029) and Electronic Record Keeping Requirements, or talk to us.