How Do I Keep My Bookkeeping Records Organised?
- johnry8
- Sep 23
- 2 min read
When your books are in order, you gain more than just peace of mind. You’re able to:
Make smarter financial decisions
Stay compliant with the ATO
Lodge BAS and tax returns accurately and on time
Be ready for audits or funding applications
On the flip side, disorganised records can lead to missed deductions, cash flow issues, and penalties from late lodgements. Many business owners don’t realise how much disorganisation is costing them until it’s too late.
Use a Cloud-Based Accounting System
Investing in a reliable accounting system is one of the best ways to stay organised.
Platforms like Xero, MYOB, or QuickBooks allow you to:
Upload and store receipts digitally
Reconcile bank transactions with a few clicks
Share access with your bookkeeper or accountant
Track income and expenses in real time
Make sure to connect your bank feeds and update your records regularly. Even just 15 minutes a week can make a big difference.
Set a Weekly or Monthly Routine
Consistency is key.
Whether it’s weekly or monthly, set a time to:
Reconcile your transactions
Upload receipts and invoices
Review overdue payments or outstanding bills
Update your cash flow
Treat this time as non-negotiable. It’s easier to manage small tasks regularly than to catch up on months of backlogs.
Keep Digital and Paper Records Sorted
If you still receive some documents in paper form, make sure you’re not mixing them up. Here’s what helps:
Create separate folders for income, expenses, payroll, and tax
Use labels that make sense to you, like “March 2025 Expenses” or “Invoices – Clients”
Scan and save paper documents to the cloud as soon as you receive them
You don’t need fancy systems, just consistency in where and how you file things.
Know What to Keep and for How Long
The ATO requires you to keep most financial records for at least five years. These include:
Tax returns and supporting documents
Invoices, receipts, and bank statements
Super and payroll records
BAS and GST records
Storing them securely, either digitally or physically, is essential in case of an audit.
Get Help When You Need It
If bookkeeping eats up too much of your time or you’re unsure where to start, getting help from a bookkeeper or accountant can save you hours and headaches. They can help set up your systems, clean up backlogs, and train you on best practices.
At Rise Accountants, we’ve helped clients turn messy spreadsheets into streamlined, cloud-based systems that keep their business running smoothly.