It is very important for businesses to keep detailed records of all income and expenses related to the business.
You can keep these records in paper or electronic format, but electronic format is by far the most efficient option.
Online accounting software, like Surf Accounts and Receipt Bank, enables business owners to manage their accounts through their mobile device. No accounting knowledge is required to use software like Surf Accounts. Once you can use a smartphone you can use online accounting.
In the case of both paper records and digital records you must store them for a minimum of 6 years.
TaxAssist Accountants would be delighted to help you choose the right digital solution for you. Contact us today to discuss your options.