Similar to location, location, location, receipts are an important part in running your business and providing efficent records to the ATO. In the event of an audit you don't want to get stuck with a mountain of illegible receipts that you can't remember what they actually correspond to. Staying on top of your receipts is paramount in being an organised small business. The best way to do this is to use Xero's receipt scanning app to easily capture your receipt and upload it to your account. Say goodbye to lost receipts and time spent reorganising them. And our advice is to scan your receipts straight away (so it's done) and file them when you return to the office.
Tax law does require that most records to be kept for five years, that includes:
Sales receipts
Expense invoices
Credit card statements
Bank statements
Employee records (wages, super, tax declarations, contracts)
Vehicle records
Lists of debtors and creditors
Asset purchases
If you would like to give Xero a try to get organised give us a call.
We love Xero and can help you integrate it into your small biz.