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Record keeping tips for small businesses
How startups and small businesses can keep record efficiently?
Go cloud
Use online accounting software that is accessible from any device with an internet connection at any time. All your team can have access to enter transaction on the go and upload supporting documents in a centralized cloud database that is automatically backed up.
Cloud software can integrate with a whole ecosystem of business apps, so you can capture VAT records from emails, scanning apps, and many other third-party apps.
Mobile apps
Most of the cloud accounting software comes with mobile app such as Xero Expenses, which enables multiple users to scan, upload, and claim expenses.
Outsource
Keeping records can be complicated and time-consuming. In addition, there are a lot of legal requirements, which means there are serious risks to getting things wrong. For these reasons, many business owners prefer to leave it to the experts. It gives them more time, and extra peace of mind.
Moreover, bookkeeping consultants are often able to do your record keeping at a relatively low cost as they use software to automate many of the tasks involved.
They also provide bundled packages of services at a low fee that include:
Online accounting software
Bookkeeping & data entry
Financial reporting
VAT return filing