ATO warning regarding small business record-keeping
According to the ATO, of all of the things that can cause small businesses to fold, "high on
that list is poor record keeping". More than half of the businesses they visited in their Protecting honest business campaign
needed to improve their record keeping. Issues they found include businesses: estimating their sales and income; using the 'no sale' and 'void' button on cash registers when taking cash payments; not keeping cash register tapes and not reconciling at the end