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Record keeping

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Categories,

Does your office look like this:

 

Or this:

 

Xero has functionality to save down invoices against the payment in the system. Takes less than 10 seconds to attach an invoice to a payment in Xero and forever saved in the system.

Record keeping is required to be retained by the ATO for 5 years after the tax return is lodged. Also for audit purposes we could extract invoices from Xero to provide to auditors with no disruption and impact to the practice.

There is a client at Castle Hill who we do the book keeping and accounting function and mid last year they had hard copies of all expense receipts and approvals in filing cabinets in the office. It takes up space in the office, they would then send to archive every couple of years, resort the filing cabinet and after 7 years shred the boxes. Significant cost in off site storage, destroying boxes in storage, rental for space of cabinets. By sending the invoice to a mail box we set up for them, we save down each invoice in Xero and prepare ABA files for payment with email of receipts to check for each batch of payments.

Files easily accessible by auditors with no requests to the business to find invoices and tax records saved if requested by the ATO.

 

Let us know if you would like to find out more about storing support documents in Xero.

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