can a company keep financial records electronically
It's important for a business of any size to keep well-organized and up-to-date financial records. For the purposes of a small business, this can be through either hard copy or electronic filing.Not only will this organizational practice help prepare financial statements and tax returns, but it's also a good way to track your company's personal growth while maximizing your return.or the purposes of a small business, this can be through either hard copy or electronic filing. Not only will this organizational practice help prepare financial statements and tax returns, but it's also a good way to track your company's personal growth while maximizing your return.
You must also keep records that show your business is carrying on activities that are eligible for fuel tax credits. If you are claiming fuel tax credits of $300 or less in a financial year, you do not have to keep records of fuel purchases.ip. Keep your records electronically, using accounting software approved by the ATO. It takes more time to set up at the beginning but it has advantages like automatic calculations of earnings and profits. Remember-you can also claim the cost of record keeping software as a business tax deduction.