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Maintaining proper payroll records

Posted by   |   June 26th, 2014   |   Categories: Business Fundamentals

I know the end of the financial year hasn’t occurred but its a good idea to start thinking about it. And one of the things that needs to be seriously considered is your business’s payroll record keeping.

 

I know it sounds easy to keep records regarding employee details, pay and leave. You can keep these records either electronically or in a handwritten format.

 

But here’s the thing. You have to keep these records accessible for seven whole years. If a stern looking officer from the ATO taps you on the shoulder requesting certain documents, can you lay your hands on them pronto.

 

You can store handwritten records in archive boxes or somewhere in the office. But for computerised records, you’re best to archive data either to a CD, memory stick or in the cloud.

 

I always advise my clients to store their records off-site. Importantly, if there is a password connected to the memory media, make sure it’s close by. Can you imagine the nightmare if you had changed the password on your accounting software in later years and couldn’t open the backup copies from previous years because the passwords are different. It happens!

 

If you need to discuss how to maintain payroll records, please contact info@bookkeepingconcepts.com.au

 

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