The end of financial year has crept up on us yet again, and now you’re ruffling through files to locate the documents you need to complete your tax return. You might not have thought it before, but now is a great time to digitise your records. Save valuable office space and do your part to help protect the environment by digitising your tax records and achieving efficient information management.
Most of your bills and invoices will be sent to you electronically, and these need to be filed away appropriately so they don’t get lost or accidentally destroyed. If there are invoices that you receive that aren’t already electronic, opt for the electronic option or scan and save them.
Digital workflow systems exist to make invoicing much easier as they automatically send the invoice to those in your company who need to approve and sign off on them. So, setting up digital invoicing processes in time for the end of financial year will help speed up the process.
One of the most stressful parts of tax time is getting together the appropriate documentation that is required for your business to complete its tax return. Digitising your records is a great way to prevent duplicates and create an easy organisational system to catalogue and index your documents.
Not only does this streamline your document retrieval processes at tax time, it also helps make information management more efficient overall. Keep your documents organised and prevent risks associated with data breaches and compliance.
Your tax documents aren’t necessarily something you want to share with the world, and digitising them allows you to maintain their security. Back up your financial records to help you in the case that you are audited. Your backups will require regular testing to ensure that the data stored in them is accessible and retrievable.
If you need help digitising and organising your financial records this end of financial year, get in touch with Grace. At Grace, our information management arm is experienced in scanning and storing your digital records. Speak to us today for more information on how we can help you survive this tax time.