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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.

Date published 11 Mar 2020

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

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We specialise in supporting independent businesses and work with over 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

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