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:

1. Take a photo with your phone. Create a file for that year/month and file it electronically – done!
2. Utilize cloud storage such as Google Drive. Sync with your phone to store receipt photos or file on your computer later.
3. 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.
4. 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!

If you’re filing/storing receipts electronically, you aren’t required to keep the paper copy. Make sure you have those files saved and ideally stored by month & year.