# ATO: How good is your record-keeping?



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office's Small Business Newsroom:

https://www.ato.gov.au/Newsroom/smallbusiness/General/How-good-is-your-record-keeping-/

*How good is your record keeping?*








*24 June 2020*
Good record keeping helps you keep track of
the money you've made
the money you've spent
your cash flow position.
It also helps provide a snapshot of your current situation to help with your business decisions and planning, which is why it's important to do it properly.
Consider your record keeping practices, do you:
keep records electronically and make a backup so they don't fade or get lost, and keep them for five years
reconcile sales regularly to help you identify problems early, such as administration errors
remember to account for stock taken for personal use
only use your business account to pay for business expenses, so you don't need to sort through and separate your business and personal expenses all the time
keep complete and accurate records as you go along, instead of leaving it until later?
Good record keeping practices will make it easier for you, and your registered agent if you use one, when it's time to lodge.
If you're having difficulty with your cash flow, you can prepare a cash flow projection to help you plan and manage. You can also talk to a registered tax professional who can work through our cash flow coaching kit with you.
*Next steps:*
Try the record keeping evaluation tool to see how well you're keeping your business records
Talk to a registered tax professional to find out more about our cash flow coaching kit
*Find out about:*
Record keeping for business
Using stock for private purposes
Manage your business cash flow


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## Uberguyken (May 10, 2020)

I spreadsheet all my income and expenses... And use TRIPLOG to track my daily milage...gotta stay on top of that shyt...


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