Bookkeeping Services
Accurate, ATO-compliant bookkeeping and record keeping for businesses. Digital or paper records maintained for 5 years as required.
Bookkeeping Services
Professional bookkeeping ensures your business meets the ATO record-keeping requirements and gives you clear visibility of your financial position.
ATO Record-Keeping Requirements
The ATO requires businesses to:
- Keep all records related to starting, running, changing, and selling or closing your business
- Hold records that clearly explain all business transactions ??? proof of every dollar earned and spent
- Keep most records for 5 years from the date of last transaction
- Have records accessible if requested by the ATO
- Keep records in English (or easily convertible to English)
Our Bookkeeping Services Include
- Sales Records: Invoices, receipts, cash register tapes
- Purchase Records: Supplier invoices, purchase orders, payment records
- Payment Records: Wages, superannuation, contractor payments
- Asset Records: Purchase documents, depreciation schedules
- Bank Reconciliation: Monthly matching of bank statements to records
- Payroll Records: Employee payments, leave balances, STP reporting
- BAS Preparation: Quarterly reporting of GST, PAYG, and other obligations
Digital vs Paper Records
The ATO recommends digital record keeping where possible. Digital records must be:
- Stored securely and backed up regularly
- Accessible and readable when required
- Retained for the required 5-year period