The Financial Foundations of Small Business
Good Books are Key to Good Business
There are two primary reasons that you need to maintain good financial records for your business:
- The Australian Tax Office requires you to submit your periodical returns (PAYGW, BAS & Income Tax) which detail the financial operations, (revenue and expenditure) of your business. This information needs to be kept and accessible for a period of 7 years in the event the ATO wish to verify your trading data via an Audit. (This is referred to as Compliance)
- Because you’re a pro-active, savvy business owner who knows the true value of having up to date, accurate data that can be used to plan for future growth and development within your business. Not only that, it makes meeting the ATO’s reporting requirements a breeze and can provide you with a snapshot of your financial position at the drop of a hat.
How does Sprout help with this?