ATO Audits are on the rise! Audit-proofing your bookkeeping process.

30 Aug
business bookkeeping and accounting processes

The Government committed a fresh $1 billion funding boost to the ATO to extend their operation of the Tax Avoidance Taskforce. We expect we will start to see a large increase in audit activities in the coming years. Especially with the Single Touch Payroll data starting to flow through, we believe more small businesses will be reviewed by the ATO if their data falls outside the benchmarks for their industry.

It is the time to audit-proof your business bookkeeping and accounting processes!

Luckily with advancement in cloud-based machine learning technologies XERO and Hundoc, bookkeeping can be more efficient and affordable.

What is Hubdoc?

Businesses require to keep all invoices/recepts for their business expenditure for 5 years from the lodgement date of tax returns.

As a business owner, ask yourself a question! Can you practically find the receipt from say officework in 2015?

Hubdoc is the solution. It extracts key information from your receipts, invoices, and bills. No more data entry, no more filing.

Hubdoc offers different options for your recepts/invoices and business records to be imported into the hub. So whether it best suits you to take a photo of receipts using the app on your phone, to forward email paperwork to your unique Hubdoc email address, to drag-and-drop attachments, or to scan and upload existing paper files.

With all your financial records accounted for, backed-up, organised, and available at anytime, on any device, you are essentially audit-proofing your business by way of automation.

How can we help?

At Cloud8, we have helped many clients implementing the XERO and Hubdoc combo. The key benefits of the existing integration between Xero and Hubdoc are:

  • Streamlined data capture: Hubdoc complements Xero’s “Financial Web” strategy by auto-fetching financial documents from over 700 utilities, telecom providers, and online vendors, extracting the key financial data, and then seamlessly syncing the data into Xero
  • Real-time financial data: Xero can automatically match data imported from Hubdoc with bank feed transactions, so you have an always up-to-date set of books, and can make more informed, timely business decisions
  • Organised and verified data: Hubdoc provides accountants and their clients with confidence that their financial documents are organised, secure, and always available. All data is “verified” with the source document, and easily searchable on any device

We offer customised bookkeeping solutions. We believe each client’s circumstances are different and we build solutions specifically for you, to suit your individual situation.

Contact us today to understand how you can take advantage of this great technology! Or, let us show you how it works, by simple booking an obligation appointment with the link below:

Let’s tailor the right solution for your business