Moving to the cloud: tech trend impacts tax time

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We all look for quicker and more efficient ways to live and work. Technological evolution means that we have replaced typewriters with computers and ditched dial up Internet for wireless broadband. So when it comes to business, why would you still settle for keeping paper receipts and invoices, usually piled high in shoe boxes and folders?

It no longer makes good business sense to put off using technology for your bookkeeping and accounting, especially with the end of the financial year upon us.

For thousands of Australian small to medium-sized businesses their tax strategy is nebulous and reasonable planning has been replaced by a last minute dash to get everything in order before June 30.

With tax collection moving to the cloud, it is now more important than ever for small businesses to get on board with using online tools and modern software. 

Governments are already moving forward with doing things digitally with more online service portals such as myGov. The Australian Taxation Office is already using electronic lodgement systems like myTax and they now accept digital copies of receipts and invoices.

As the end of the financial year approaches, many small businesses have admitted that they have fallen behind on their tax obligations. To be prepared for tax time and to take advantage of these systems you can use Receipt Bank’s online accounting software.

Receipt Bank extracts the information you need for your taxation records including the total amounts payable, the GST paid, and supplier’s name. Then, using it’s smart key, it puts this information under the right deduction. For instance, it can match your taxi receipts to the transportation expense account or your courier invoices to your postage and shipping account.   

Businesses must streamline and automate time-intensive processes, like managing expenses and supplier invoices, and embrace products that provide distinguishable data that can better inform their business growth strategy.

Using Receipt Bank is a clever way to sidestep the dreaded monotony of manual data entry. The program does this work for you. By snapping a photo of your receipt and uploading it to the online program, the rest of the work is done for you. Linked up with your accounting software, such as Xero or MYOB, you are ready to go in case you ever face an audit.

This content was brought to you by Receipt Bank. World leading software that automates your bookkeeping. To discover more or sign up for a free trial of the product please click here.

Chloe Potvin
Chloe Potvin is a contributing small business writer for Kochie's Business Builders.