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I am considering upgrading my PC to an Apple and plan on using 'cloud' based accounting software for my clients. My question is... I realise it is a legal requirement for companies to retain records for a period of time (I think seven years). Does this only apply to the original records of entry i.e. the paper copies of the invoices, receipts etc? I was wondering how a client would have 'proof' of their accounts being processed electronically if they had employed me to do them via a 'cloud' accounting software? Would the reports generated e.g. Trial balance ect be sufficient along with the invoices receipts etc? Obviously if a client has their own software and I went into their offices to process their records, should they ever be audited they would have the PC on their premises with the software and could show what had been processed. Not so if I had used a 'cloud' based system.
Before I make the investment in an Apple Mac and go the route of 'cloud' accounting software, I want to ensure that this will meet the legal requirements of prospective clients and the 'retaining of their records'.
Hope this makes sense, any advice is most appreciated.
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