Paperless Record Keeping- Best Practice

We strongly suggest converting to electronic record keeping, which makes this aspect of running a business much, much easier, especially as now more and more documents are being sent in an electronic versions in the first place anyway. Storing records electronically not only reduces some need for physical space, but also (providing right document management software is used) makes finding records much easier.
 
Many of our clients have switched to electronic records keeping already and we have helped some in doing so. Some software solutions (e.g. receipt bank, MYOB essentials) now also automatically extract key information from the documents (Supplier name, date, invoice number, amount, GST etc). This saves time on data entry as well as reducing the risk of error.
 
Uploading the documents is easy for example, in receipt bank:

  • On the go – take a picture with your mobile using the app.
  • Email – Forward emails with attachments to your unique email address.
  • Computer – Drag and drop from the file on your computer or simply click the upload button.
  • Dropbox – Link your drop box.
  • Post – receive a prepaid envelope and post all invoices off each month to be scanned.

 
If you’d like more information on any of the above solutions, please get in touch:
Peter Gorecki, Director- Tax & Business Advisory, pgorecki@moorestephens.com.au, (0)8 9225 5355.