Keeping Hard Copies of Receipts, Invoices, Bills, etc

Discussion in 'Growing and Managing a Business' started by LindseyInteract, Aug 17, 2015.

  1. LindseyInteract

    LindseyInteract
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    Hello Guys,

    Now, that we are in the digital age, where basically all your statements, credit card receipts, invoices and all that can be printed out "on the fly" and are saved in databases, is it still important to keep all your receipts, all your invoices that you receive (or send out) and keep all this paperwork? or is that just becoming such a time consuming task that it is best to not waste time/money/resources on this any longer?

    Thanks in advance for your responses.
     
  2. Sparkster

    Sparkster
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    I don't know about other countries but in the UK you are allowed to keep digital copies only, as long as you keep them backed up. If the documents are required by HMRC you can also submit them digitally. There is no legal requirement to keep physical copies of your documents but all data must be kept for a minimum of six years by law.
     
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  3. m0n2k

    m0n2k
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    I don't usually keep anything that I won't need. If you keep your credit card receipts that might be a good idea. Documents that you keep for tax purposes are important, saving these in a data base would make sense. Anything that would just take up space I wouldn't waist my time with. Over all the digital age makes it easier to keep records, that's a good thing.
     
  4. Damien Lee

    Damien Lee
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    I always keep hard copies of all receipts, invoices, statements and even contracts for at least 5 years. This is required by law in my country and I also have to print out receipts that are emailed to me. It may be a bit of a chore to keep track of all of these, especially for the small business owner but it's necessary. The good news is that this process instills a sense of discipline over time that can only benefit an entrepreneur.
     

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