Staying on top of record keeping

We get it: it’s an arduous process to manage the records, receipts, bills and payments that a business generates, but staying on top of record keeping is vital to the success of your business.

According to the Australian Securities and Investment Commission (ASIC), the records you must keep and how long you need to retain them depends on the type of designated services you provide.

At North Advisory, we understand that the process of record keeping feels like a ‘micro detail’ when you’re busy reaching for the goals that will help your business to flourish.

You want to focus on connecting with your customers and finding new areas for growth, right?

ASIC provides us with a list of vital documents and records that every company should keep, namely:

• Financial statements
  Including profit and loss statements, balance sheets, depreciation schedules and taxation returns.
• Electronic copies of critical documents
  Don’t forget to back up your most critical business documents on a weekly or even daily basis.
• Cash records
  Including cash receipts, records of bank deposits, petty cash books and cheque butts.

Some handy tips for record management include:

1. Establish record-keeping policies and procedures

Define the rules and processes for collating, keeping and storing important records to ensure your business consistently manages them and that each employee understands the expectations for record keeping.

2. Ensure records are easily accessible

While some business records will need to be stored under password protection or lock and key, for the most part, employees in your organisation should be able to easily access the records they require to carry out their roles and assist in ensuring they adhere to record keeping policies and procedures.

Utilise online and offline systems to order and file records in easily accessible ways.