Elinor Kasapidis, senior manager of tax policy at CPA Australia and Andrew Watson, a member of the Australian Taxation Office’s (ATO) small-business division stated that digital records of receipts can immensely reduce pressure and tax calculation times.
Mr Watson added that digitalisation is a good strategy and many people don’t realise now that a digital receipt is equally as valid as a paper receipt. Digital record-keeping can help businesses avoid taxation issues, including clearing tax gaps.
He also claimed that businesses that keep good and organised records are less likely to have tax issues. It has been seen that there is a strong correlation between going digital and preventing tax issues. It’s also crucial that you have a good bookkeeper for your business so that your track record is flawless.
Below are some benefits of having digital records:
1. Saves time
Physical records of your business are more likely to be accidentally lost or misplaced. Even if you find them, you might have wasted your valuable time by digging through papers and folders. On the contrary, digital records allow you to access all your key documents in just a few clicks.
2. Saves money
With digital records means you don’t have to hire an admin assistant because all your records are automatically stored and maintained online. Also, you can cut off costs for paper records and storage
3. More informed decisions
Since all your data is in one-source, you can access them with just one-click. You don’t have to wait until the end of the year to see how well your business is doing. It lets you stay on top of your progress and make future plans with more clarity. You will be able to make wiser decisions, that too in just a few clicks.
SMG Accounting has provided many Australia based businesses with the momentum to shift towards digital record keeping. We ensure all information available is duly recorded, aptly organised and works out well in all the critical aspects. Whether it’s the precise software or the reliable team, we put forth our client’s interests ahead of everything and make sure all the procedures, methods and approaches bring out the best for you and your business.
Adopt digital record-keeping today with us, especially if you plan to grow your business. Not only will you save time, money, and focus, but also improve your customer experience and have the power to make data-driven decisions.