It's tax time and I can't find anything: a small business records checklist
⏱ In about 8 minutes
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In this article
The short answer
Short answer
Don't panic and don't guess. Spend one focused session gathering five groups of records (income, expenses, bank statements, assets and payroll), put them in one folder, and hand that folder to your accountant or tax agent. Then set up a simple system so next year takes minutes, not weekends.
Accounting software with bank feeds and receipt capture, such as Xero or QuickBooks, keeps this folder up to date for you all year.
Why it matters
- You have to be able to back up your return. The IRS says supporting documents "support the entries in your books and on your tax return," and to keep them "in an orderly fashion and in a safe place." (IRS)
- There can be consequences. The ATO warns "there can be legal and financial consequences if your business doesn't comply with these record-keeping requirements." (ATO)
- Deadlines are fixed. For example, in the UK, GOV.UK lists 31 January 2027 as the deadline for online Self Assessment returns, and for paying the tax owed, for the 2025 to 2026 tax year. (GOV.UK) Check the deadlines for your country and business type.
- Disorganised records cost money. Your accountant's time sorting a shoebox is time you pay for.
Fix it: step by step
Step 1: Find out your deadline and what your accountant needs (15 minutes)
Ask your accountant or tax agent for their list and deadline. Use the checklist below to fill the gaps.
Step 2: Create one folder for this year (5 minutes)
A single cloud folder named like Tax 2025-26 with sub-folders: Income, Expenses, Bank, Assets, Payroll, Other.
Step 3: Gather your records (2–4 hours)
Work through the checklist below one section at a time.
Step 4: Match bank statements to income and expenses (1–2 hours)
For most small businesses, the IRS says "the business checking account is the main source for entries in the business books." (IRS) Highlight anything you can't explain and write a short note.
Step 5: Share it securely (10 minutes)
Give your accountant their own access to your accounting software rather than emailing spreadsheets. See how to share access safely.
Step 6: Fix next year now (1 hour)
Set up the simple bookkeeping routine: separate bank account, receipt capture, weekly reconciling.
The tax-time records checklist
Based on government record-keeping guidance (ATO, business.gov.au, IRS, GOV.UK). What applies to you depends on your country and business type.
INCOME
[ ] Sales invoices issued this year (and which are still unpaid)
[ ] Sales records: till/POS reports, payment platform reports, deposit records
[ ] Any other business income
EXPENSES
[ ] Receipts and supplier invoices for business expenses, including cash purchases
[ ] Bills received but not yet paid (if you use traditional/accrual accounting)
[ ] Records showing the business share of anything used for both business and personal
BANK & CARDS
[ ] Business bank statements for the whole year
[ ] Business credit card statements
[ ] Year-end bank balances
ASSETS & STOCK
[ ] Purchase invoices for equipment, vehicles, machinery bought this year
[ ] Records of assets sold or disposed of
[ ] Stock value at year end (if you hold stock)
PAYROLL & SUPER / PENSION (if you employ people)
[ ] Payroll reports and payslips
[ ] Super / pension / employment tax records
SALES TAX (if registered)
[ ] GST / VAT / sales tax records and returns lodged during the year
LAST YEAR
[ ] Last year's return and your accountant's notes
Sources for these items: business.gov.au's list of records you must keep (income and sales, business expenses including cash purchases, lists of debtors and creditors, assets and stock, GST) (business.gov.au); GOV.UK's list for traditional accounting (money owed, unpaid bills, stock, year-end bank balances, money taken out for your own use) (GOV.UK); and the IRS list of supporting documents for gross receipts, purchases, expenses, assets and employment taxes (IRS).
Quick pick
Quick pick: accounting software that keeps tax-time records together (product details from official vendor pages, checked 18 Oct 2026. Not hands-on tested. No ratings. Confirm on the vendor's site.)
- Best for most small businesses: Xero. Bank reconciliation, "Smart Document Capture" and real-time reports; Australian plans list "Track GST and lodge BAS". → See our accounting guide
- Australian businesses: QuickBooks Online. Plans list automated bank feeds, receipt capture, and GST tracking and BAS e-lodgement, with accountant access on every plan and a 30-day free trial. → See our accounting guide
What we'd avoid: honest limits
Free: the Small Business Password & Access Checklist
A 1–2 page checklist that turns this article into a to-do list: which accounts to protect first, how to set up shared access, and what to do when someone joins or leaves.
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Frequently asked questions
I've lost some receipts. What now?
Gather what you can (bank and card statements, supplier copies, email receipts) and tell your accountant. Don't make up figures.
Can I give my accountant photos of receipts?
In Australia, the ATO accepts electronic images of paper records if they are true and clear copies. (business.gov.au) Check the rules in your country.
I've missed the deadline. What should I do?
Contact your tax agent or tax authority as soon as possible. The ATO says "we will help you get back on track if you make an error." (ATO)
How do I avoid this next year?
Separate bank account, accounting software with bank feeds, and ten minutes a week. See our bookkeeping guide.
Related guides
- Accounting: our hub
- My bookkeeping is a shoebox of receipts
- My accountant wants access to my accounting software
- I'm still doing invoices in a spreadsheet
Sources
Government bodies first. All links checked and loading on 18 Oct 2026.
- Australian Taxation Office: Overview of record-keeping rules for business
- business.gov.au (Australian Government): Record keeping
- IRS (US): What kind of records should I keep · Recordkeeping
- GOV.UK: What records to keep if you're self-employed · Self Assessment deadlines
- Vendor pages (checked 18 Oct 2026): Xero AU pricing · QuickBooks Australia pricing
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