When businesses are doing well, one reason is that they have accurate and complete records. Accurate and complete records allow you to: 

• monitor the health of your business and know whether your business is running at a profit or loss 
• make informed business decisions 
• keep track of money you owe and money that’s owed to you 
• monitor your cash flow to help you plan and make payments on time 
• avoid penalties that may apply for failing to keep proper records 
• demonstrate your financial position to lenders, businesses, tax professionals and prospective buyers 
• more easily meet your tax, super and employer obligations, including preparing and lodging your tax returns and other reporting requirements that may apply to your business. For example, business activity statement (BAS) and taxable payments annual report (TPAR). 
• provide the information the ATO need if they audit your business, making the process easier and shorter.