It's important to understand your record-keeping obligations and to plan properly and know what's involved. Accurate and complete record keeping will help you meet your tax, super and employer obligations.
The first step is choosing your business record-keeping system. It can be digital or manual but unless you have simple business affairs, an electronic system may be more beneficial and is what we recommend where possible.
As part of your set up and ongoing management of your records, you need to ensure you keep your records safe and secure and you know when to do your record keeping and reporting tasks.
Proper set up of your invoices will also help you run your business more effectively.
You can look after your own record keeping or engage a registered tax or BAS agent, or a bookkeeper, to do all or part of the work. If you are new to business or not sure what you need to do, it is best to seek help early.
Our Record-keeping evaluation tool can help you to understand what records you will need to keep as well as see how well your business keeps records. In addition, we have other record-keeping support available to help small businesses.
We recommend you regularly check you're meeting the record-keeping requirements that apply to your business, particularly as your business changes or grows.
Find out about
- Business record-keeping systems – digital or manual
- Setting up your business invoices
- Keeping your business records safe and secure
- When to do record-keeping and reporting tasks
- Debtor and creditor records
- Manage your business cash flow
- Record-keeping help for small businesses
- Index – Record keeping for business
See alsoSet up and manage your business records and invoices so you can meet your tax, super and registration obligations.