Spring Clean Your Finances: How to Audit a Year of Expenses in 30 Minutes
In short: To audit a year of expenses in 30 minutes, review your income summary, look through each category for miscategorised and personal expenses, compare your bank statement with your records to find missing receipts, check your home office, phone and vehicle apportionment, then export and back up your records. Repeat it every quarter, and keep records for five years from the date you lodge, as the ATO requires.
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