You need to take extra care to keep your company records safe. Data vanishes. PCs aren't fire-proof. Viruses attack and files corrupt themselves.
The following is good practice to keep your records safe:
Keep your physical and electronic records safe using these four tips
Here's an example of what could happen if you lose your company records:
The Practical Vat Loose Leaf Service explains that BNQ Chemicals got into trouble with SARS when its financial records were ruined and it couldn't back up any of the claims it'd made.
The financials were kept in a box in the basement. A water pipe burst and the records turned into a soggy, illegible mess. BNQ learned the hard way.
No back up of financial records means SARS won't accept your company's input tax claims as there's no proof you actually made the purchase. Think of all the money and time that was lost!
Your electronic copies can also meet disaster, so backing up everything is important!
Using these four tips will help ensure your physical and electronic records are safe.
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