Having problems with the company financial records is one of the worst nightmares any company can have. When you do have such problems with financial record keeping you will have a hard time remembering what kind of transactions you have done in the past. This will make it impossible to find out where the money went that you received or paid for some kind of service or product.
If during an ATO audit the authorities find out you have such a problem with your financial record keeping you are not going to have a great time. There are going to be a number of bad results to face because of this one mistake.
Having to Go Through Legal Punishment
The worst result you have to go through when there is a problem with your financial record keeping is legal punishments. Usually, you will be receiving a fine to pay if they find out there are problems with your financial record keeping. However, if you get accused of maintaining two sets of financial records and trying to stay out of paying the levies you are going to be in more trouble. That kind of legal trouble is not going to go away easily as you want it to.
Damage to Your Reputation
While you are going to go through such legal problems if there are problems with your financial record keeping, you should also remember the damage this situation does to your reputation is not going to be good. The moment your customers hear about such a problem, they could start not trusting you. Even your employees could start not trusting you. That is not an ideal situation to be in. Especially, when you could have used the help of a small business accountant North Sydney to maintain your financial records in the right manner, all of this will seem like unnecessary trouble to go through.
Having a Hard Time Putting Everything Back on Track
Once you have gone through such a problem with the financial record keeping then you have to solve the problem and get back on track if you want to continue with your business work. That is not going to be easy to do if your problem is too complicated. However, you can still get everything sorted out right if you hire the right professional for the job at least at this point.
There is no need to face any kind of a problem due to not maintaining company financial records right. Use the help of the right professional to make sure no such problem occurs.