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BUSINESS TIPS

Business records – can I keep them electronically?

Many small business owners are concerned about whether they are able to keep their business records electronically, or whether they are required by law to keep paper records.

On the whole, the law requires businesses to keep complete and accurate records for accounting and tax purposes.  However it is not a legal requirement to keep paper records.

There are some documents which need to be available for inspection.  One example is the company register, the document which details the shareholders, directors and company secretary.  However, again you are perfectly entitled to keep such business records electronically.

Given that you can keep business records electronically, many businesses struggle to co-ordinate this.  Suppliers, the bank, contractors, clients, the government, the council – they all send you paper documents.  How do you get all of this paper into an electronic format?

Most small business owners have only a basic scanner and sitting by it for hours a week scanning documents is time consuming and on the whole bad use of their time.

The answer is using a back office service provider.  Most providers have high quality and fast scanners which can scan your documents easily and quickly.  Furthermore, they will have the facility to shred documents for you securely.

The time saving on this type of outsourcing is significant and allows most small business owners to concentrate on making their business a success.

Wisteria offer back office services such as cheque banking, data processing, scanning and secure archiving.  This service came about due to demand from clients and more and more clients have used the service, due to the very high level of accuracy and professionalism that being part of a firm of Chartered Accountants provides.

For more information on Wisteria’s back office services, please contact us on 020 8429 9245.