Receipts – Keep ALL of them?
Question – Are you required to keep that $2.99 receipt from your coffee purchased while on the road for business?
Answer – YES!
As a business owner, you are required to keep receipts for anything purchased as a business expense regardless of the amount.
Whether you have a box of receipts for the year or a file of scanned images, make sure you’re keeping those records.
Of course, it’s always best to keep up with this on a monthly basis instead of a yearly one. Some tips that might help:
- Take a photo with your phone. Create a file for that year/month and file it electronically – done!
- Utilize cloud storage such as Google Drive. Sync with your phone to store receipt photos or file on your computer later.
- File paper copies in a folder or envelope each month. Write information such as the client’s name whom the expense pertains to on the receipt.
- If you’re using QuickBooks Online you can upload the receipt as an expense with the phone app. Then your expense is recorded AND your receipt is filed!