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Do I need to keep paper records of invoices, receipts and anything else required for running a business?

Ideally I am hoping that scanned copies are sufficient when running a business.

  • 1
    Do you do your own accounting or have an accountant ? If you use an accountant ask him what to do. That should be the surest option. – DumbCoder May 23 '13 at 15:46
  • Currently I do my own, but soon looking for an accountant. – Marvin May 23 '13 at 18:29
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Scanned or electronic copies of invoices should be sufficient as long as they are accurate and you can deliver them during an audit. Also, if you have an accountant prepare your taxes you would either need to provide them a copy of the invoices or a summary of them with the corresponding amounts to be claimed.

Personally I prefer to print out a paper copy and file that away with that quarter's and year's other tax documents. I do my own taxes and find paper copies handy as I can go through each invoice/receipt and make sure I have entered its information by ticking it. I find that when handling a large number of documents that paper copies are more easy to handle than electronic ones.

In the end you will need to use a system that you feel comfortable with and are able to use effectively.

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    Personally, I would agree 99% of the time, but would keep an original paper copy of any contracts etc. that are hand-signed (probably not many). – JAGAnalyst May 23 '13 at 5:39

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