How Will Your Business Look Under this more intense Scrutiny?
The Small Business Tax Gap is reported to be $11.1 Billion. A figure of that magnitude means that our friends at the Australian Tax Office will definitely consider it to be worth any extra delving and scrutinising on their part in an effort to close such a substantial gap…indeed they have already stated that this is the intention.
Now more than ever, Your Business needs your INVISION Team and our systems…
As a Client of INVISION Bookkeeping, you can be confident that the quality of the records we keep on your behalf will always be your best defence in the face of any unscheduled visit or surprise activity by the A.T.O.
But even quality records will only ever be as good as the quality of back up documentation that you supply to us in order to substantiate the claims we make on your behalf and it has always been the Clients’ responsibility to make sure we get all the original documents that support each transaction.
You choose the system that works best for you…
Any talk of “Documentation” and “Substantiation” can tend to sound a little tedious, but the good news is that it doesn’t have to be because we offer you so many different options to make it easy to stay on top of this all-important aspect of your Business.
It can be as simple as providing a paper copy, if that’s the most suitable procedure for you, and we will scan it and store it in both The Cloud (Utilising your preference of Dropbox, Google Drive or One Drive shared with you) and your chosen accounting package. (Xero or QuickBooks)
Or you might prefer the alternative of setting up a dedicated email address, such as firstname.lastname@example.org and putting an automatic forward to us on that. And don’t forget… “Receipt Bank” can be used to record your receipts so that the paper copy doesn’t need to be kept!
Tax Safety and Business Efficiency are the direct benefits of making sure we have received all the source documents sooner rather than later…
Whichever option you choose to use, it is important that we get all the information needed to back you up with the best quality records. And it’s just as important that we get it as it happens rather than months later and following multiple requests.
“Consistent Records-well kept” is the creed we need to follow…together…so that we can show, over any requested period, that we have been keeping the right records, supported by accurate and adequate documentation and any claims can be easily substantiated.
We can help you with this…
Take the first step today…call or email Alan and his INVISION Team and ask them to show you how to future-proof your record keeping system and stand a far better chance of coming through an audit unscathed.
Tel: 07 3293 1436