best accounting software for small business australia

enables you to meet your record-keeping requirements.

You should choose record-keeping software that:

How to choose suitable record-keeping software

you download a complete copy of any records stored in the cloud before you change software provider and lose access to them.

the record storage meets the record-keeping requirements.

If you use cloud storage, either through your accounting software or through a separate service provider, for example, Google Drive, Microsoft Onedrive or Dropbox, ensure: We may also request documentation from your computer about your record-keeping system (for example, information about your regular back-up and record destruction procedures) or ask that you provide us with paper copies. If we ask to see copies of records you keep digitally, you can provide either digital or printed copies. Some accounting software packages may do both your accounting as well as your record keeping. However, if you enter information (for example, supplier information, date, amount and GST) from digital or paper records into your accounting software, you still need to keep a copy of the actual record, either digitally or on paper. Once you have saved an image of your original paper records, you don’t have to keep the paper records unless a particular law or regulation requires you to. We accept images of business paper records saved on a digital storage medium, provided the digital copies are true and clear reproductions of the original paper records and meet our five rules for record-keeping.

You can store and keep paper records (or hard copies) digitally.

back up records using cloud storage to keep your records safe from flood, fire or theft.

meet your legal Single Touch Payroll (STP) reporting obligations.

send some information to us online (if the package meets our requirements), for example, your activity statement.

be prepared to lodge your tax and super obligations, including your tax return, business activity statements (BAS) and taxable payments annual report (TPAR) if you are a business that is required to.

develop summaries and reports for GST, income tax, fringe benefits tax (FBT) and taxable payments reporting system (TPRS), as required.

automatically calculate wages, tax, super and other amounts, including.

streamline your accounting practices and save time so you can focus on your business.

keep track of business income, expenses and assets as well as calculate depreciation.

If, for example, you use a commercially-available software package, it may help you:

There are many advantages to keeping your records digitally.

How to choose suitable record-keeping softwareĪdvantages of keeping your records digitally.

Providing the ATO with copies of records.

Advantages of keeping your records digitally.

Best accounting software for small business australia