Business.gov.au have published an article outlining the advantages of both digital and manual record keeping.
Business.gov.au emphasise the importance of a strong record keeping system to business owners so they can “monitor the health of (your) business and quickly prepare financial statements.”
In regards to digital record keeping, Business.gov.au state that it is usually carried out by accounting software that allows simplified record keeping. They also state that some of the advantages of digital record keeping include: requiring less physical storage, automation in tallying amounts and generating reports, its ease when it comes to backing up and safety, and being able to use and access records from different devices almost anywhere.
In regards to manual record keeping, Business.gov.au emphasises that this may work better for some business owners. They also state that some of the advantages of manual record keeping include: reduced set up costs, reduced chances of data becoming corrupted, its simplicity, and a reduced chance of duplicate copies of records being made.
Business.gov.au’s article can be read in full and more information on record keeping can be found here.
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