By
Balance Pro Staff
posted on
October 17, 2022
Both small businesses and individuals are legally required to retain receipts and invoices for a minimum of seven years.
Typically, this meant stacks of papers on your desk or in filing cabinets, which took up a lot of space but served little another purpose than to sit there and store documents.
Fortunately, things are improving. The world is currently shifting to the digital era, and the trend toward digital receipts and invoices, as opposed to paper-printed receipts, is common in many countries throughout the globe. Countries such the United States recognize digital receipts as legal documents without the need to hang on to the original paper receipt or invoice.
Although you can keep your current old, outdated physical filing system, it can be difficult to keep organized, and it is difficult to keep track of all your expenditures. You could be missing out on critical tax deductions if your receipts are not properly organized.
Throwing all your digital receipts and invoices into a folder isn’t much better than a physical filing system. There are tools that help keep your receipts organized by categories, show you expense reports, and allows you to find exactly what you need with a single click.
Instead of printing and filing away receipts, save time, money, (and trees!) by uploading a digital copy of your receipt into an online tool like Receipt Cat. You can also do-away with any cumbersome filing cabinets or document storage fixtures.
What should you do with all receipts and invoices? Start scanning now and then using a receipt expense management software like Receipt Cat.
Receipt Cat has artificial intelligence that analyses your receipts or invoices to find the merchant name, taxes, totals, and more so that you don’t have to manually input those items. As a result, the process of tracking and reporting the expenses incurred by your company or business will become simple, effortless, and automated.
You will have the ability to rapidly categorize your receipts, view the status of your expenses and experience the highest level of protection available to ensure that your personal information is not shared with third-party service providers.
This post is for informational uses only and is not legal, business, or tax advice. Please consult with an attorney, business advisor, or accountant with concepts and ideas referenced in this post. Balance Pro assumes no liability for actions taken in reliance upon the information contained in this article.
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