Move away from "shoebox filing", firms are told

News Article - 24 May 2012
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As the tax year draws to a close, companies using "shoebox filing" are just not cutting the mustard, it has been claimed.

Commenting on a Washington Post blog, Laura Leist, owner of Eliminate Chaos in the US, is a professional business organiser who helps firms deal with issues such as tax.

She claims that even the smallest of companies can have the latest version of an online accounting software programme.

"The amount of money that will be used to purchase the software and set it up will far outweigh the cost," Ms Leist explains.

Businesses which stick to paper documentation for stock control and payroll will not be easily able to summarise what expenses are for particular categories, she explains, adding: "You can't slice that data like you can with software."

A survey by KPMG and the Sunday Times found 57 per cent of Irish businesses are planning to increase their investment in technology during 2008.

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