Record-Keeping and Compliance for Accountants and Bookkeepers
Good record-keeping is essential for any business, but it’s especially important for businesses in the accounting and bookkeeping industry. Why? Because businesses in this industry are subject to a higher degree of regulation and oversight. That means they need to be able to produce accurate and up-to-date records upon request.
Fortunately, many software programs and other tools are available to help businesses in the accounting and bookkeeping industry keep track of their records. In this blog post, we’ll take a look at some of the most popular options.
1. Accounting Software Programs
There are several different accounting software programs available on the market, each with its own set of features and capabilities. Some of the most popular accounting software programs used by businesses in the accounting and bookkeeping industry include QuickBooks Online, Xero, and FreshBooks Accounting.
2. Online Tracking Tools
In addition to accounting software programs, a number of online tracking tools can be used to keep track of records. Some popular options include Google Sheets, Microsoft Excel, and Smartsheet. These tools can be used to track financial transactions, invoices, customer information, and more.
3. Paperless Record-Keeping Systems
Another option for businesses in the accounting and bookkeeping industry is to use a paperless record-keeping system. This type of system allows businesses to store all their records electronically, making it easier to access them when needed. Popular paperless record-keeping systems used by businesses in this industry include Hubdoc and Dext.
4. Security and Backups
The best accounting tools online can be subject to attack, whether the attack is at a global level or individual, the ability to restore from backups is essential and required by the tax authority. Your cloud accounting provider will have excellent security but makes it clear that you backing up your records is part of the workload. When choosing a backup service, make sure it can be easily restored with minimal expense and a reasonable time frame.
There are several different options available for businesses in the accounting and bookkeeping industry when it comes to record-keeping and compliance. The best option for your business will depend on your specific needs and preferences. However, all of the options mentioned above are popular choices that can help you keep accurate and up-to-date records but backups are your responsibility.