Business financial records keep track of company activities. They are vital documents that can tell the performance of a business. It can provide a company with an insight as to where it is and where it’s heading, in terms of goals. It can also be used to create strategies for future business endeavours. With its importance, you always have to make sure to keep your business financial records safe.
Create Digital Copies
In order to secure your financial records, one action you can take is to keep digital copies of your statements. Don’t just stack your documents in filing cabinets, paper stacks or paper boxes. Most of the commercial printers come with scanners. You may use one to create digital copies.
Keep both your hard copies and digital copies organised. This will curtail the amount of time that you spend to track down your important files. Make a document that tells you exactly where you put your importing files such as licenses, receipts, invoices, etc. Label each folder to make it easier for you to locate them. ATO provide guidance of keeping any business related documents for at least seven years.
Protect Your Financial Records
Make sure to have your computer’s anti-virus/firewall updated at all times.. Speak with your IT contractor to get best protection for your budget. Encryption, password protection, Two Factor Authentication may be the way to go.
You should also get a cloud-based accounting software, where you can also keep copies of your business documents. Cloud based accounting software companies have created several measures to keep hackers from accessing important information.
Get External Drive for Financial Records
Lastly, you may also get an external hard drive. While external hard drives are a little sensitive, they also provide a great way to back up your business financial records. They can also be removed from a computer so they’re not easy to hack.
If you’d like to know more about bookkeeping, please talk to us. ACT Bookkeeping Group is a trusted bookkeeping company in Australian Capital Territory for many years. Our bookkeepers know how vital it is for small and medium sized businesses to get professional advice. Talk to us now and we’ll see how we can help your business grow through proper bookkeeping!
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