Kingston, Jamaica – With the 2025 tax season in full swing, the Jamaica Business Development Corporation (JBDC) is encouraging Micro, Small, and Medium Enterprises (MSMEs) to adopt digital tools to improve recordkeeping and tax compliance. Speaking at the JBDC’s Virtual Biz Zone Webinar, Khary Sharpe, CEO of Head Office Inc., emphasised that digital solutions can help business owners avoid last-minute stress while ensuring compliance with the Tax Administration of Jamaica (TAJ) requirements.
“Digitally storing your tax records ensures you are always prepared for audits and compliance checks. No more scrambling to find missing receipts or invoices,” Sharpe said.
The webinar, titled ‘Tech Steps for Good Recordkeeping’, is part of JBDC’s Tax Compliance Series, aimed at educating businesses on best practices for tax filing. Sharpe outlined the importance of digital record-keeping, stressing that poor financial management is a major hurdle for small businesses during tax season. He explained that while the process itself is simple, many business owners fail to track and store key documents properly.
“The tech steps are really very easy to do. The challenging part is knowing what to capture,” he said.
To address this, Sharpe advised MSMEs to use cloud-based accounting solutions such as Google Drive, Dropbox, OneDrive, or software like Head Office and QuickBooks.
“Use Google Drive, Dropbox, or OneDrive to store documents securely. Not only is it online, but it’s backed up, and you can share files with your bookkeeper or accountant,” he explained.
For businesses that may not be able to afford full accounting software, Sharpe recommended using Microsoft Excel or Google Sheets to maintain basic income and expense tracking.
With March 17, 2025, set as the deadline for tax filing, Sharpe emphasised that businesses should ensure their financial records are organised and up-to-date.
“Jamaican businesses must retain financial records for at least six years. Keeping digital copies ensures that nothing gets lost or damaged over time,” he said, reminding MSMEs of the legal requirements.
He also noted that integrating online banking with accounting software can further simplify the process.
“Integrate your online banking solutions. Most banks locally don’t have integration, so you will need to download the transactions manually and import them,” Sharpe explained.
While many businesses think of recordkeeping only in relation to tax season, Sharpe stressed that proper financial management benefits businesses year-round.
The JBDC, the implementing body for the EU-funded Digital Jamaica Project, continues to push for digital transformation among MSMEs, ensuring that businesses can adapt to the increasing demands of a tech-driven economy.
MSMEs looking for more guidance can access JBDC’s Virtual Biz Zone Webinars on YouTube (@JBDCJamaica) or visit www.jbdc.net/digitaljamaca to register for training.
JBDC is an agency of the Ministry of Industry, Investment & Commerce (MIIC).
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