Creating an End of Financial Year Paperwork Ritual

September 1, 2019

Meeting the deadlines of the end of financial year reporting often leaves a paper trail of chaos behind. As business owners struggle to meet critical lodgement dates, they neglect to set their own deadlines for the clean-up required once the fiscal year-end fiasco is behind them. And, this could be hurting their business more than any late lodgement penalty.

Studies have shown that people are 50% more productive in a clean and orderly work environment1. Paperwork is no question a major contributor to workplace clutter and disorder. So, staying on top of what to do with paperwork is good for productivity which in turn is good for business.

How long are financial records needing to be kept?

  • The Australian Taxation Office (ATO) requires individuals and businesses to retain 5 years of financial records.
  • For registered companies, The Australian Securities and Investments Commission (ASIC) requires 7 years of financial records to be kept.
  • Likewise, the Fair Work Ombudsman (FWO) requires 7 years of employee records to be retained.

What is the best way to store and dispose of financial records?

Having a secure archival system off-site for files you need to access infrequently is a good idea. This should be combined with a safe and secure location for sensitive files within the office. Lastly, a proven system needs to be in place to safely destroy financial documents when they are no longer needed.

Secura Bags offers the perfect document-destruction solution for individuals, families and small businesses, looking to protect themselves from the loss or theft of private data. Secura Document Bags (minimum order of two) are delivered to your premises. You simply fill them with the documents you need destroyed. We pick up the bags and transport them to one of our secure destruction facilities. All data is completely erased — our Certificate of Destruction guarantees it.

Contact Secura Bags today on 1800 985 322 to place an order or learn more about our services.

Sources:

  1. https://hbr.org/2015/01/why-a-messy-workspace-undermines-your-persistence