Record keeping for business

Good record keeping can help you protect your business, measure your performance and maximise profits.

Records are the source documents, both physical and electronic, that specify transaction dates and amounts, legal agreements, and private customer and business details.

Developing a system to log, store and dispose of records can benefit your business by allowing you to:

• plan and work more efficiently
• meet legal and tax requirements
• measure profit and performance
• generate meaningful reports
• protect your rights
• manage potential risks.

Most businesses use an electronic record keeping system to make it easier to capture information, generate reports, and meet tax and legal reporting requirements.

If you are unsure whether to keep certain records, retain them and seek advice from your accountant or financial adviser.

This guide provides advice about basic record keeping. 

Source: www.business.qld.gov.au

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