As a small business owner, it’s important to know what records you need to keep and for how long. The Australian Taxation Office (ATO) requires records going back five years in case of an audit, which puts the burden on you as a business owner to maintain detailed files.
When you have detailed, correct records, it can make the end of the financial year a lot easier too. The question is how can you maintain your records accurately without adding extra stress to your daily routine while trying to keep up with all your bookkeeping responsibilities?
Keep reading to find out what to keep, how to keep it, and for how long.