The benefits of good record keeping

Most people associate record keeping with tax time, but having a good record keeping system in place can also help you monitor the health of your business.

Record keeping can give you a more accurate picture of your business to help you understand how you are doing and so you can spot any potential problems sooner rather than later.

The types of records you should be keeping include:

all income (including cash, EFTPOS, credit or debit card, online sales and other payments you may receive)

expenses (such as operating expenses, business travel expenses, and payments you make to employees and contractors including any cash wages)

bank statements

Read More: https://www.smallbusiness.wa.gov.au/blog/benefits-good-record-keeping