Both Federal and State agencies require businesses to keep supporting financial documents up to to 7 years, depending on the circumstances. Receipts of all expenditures are required to keep in case of an audit. Over time, receipts can get lost, ink can fade, and the nature of the purchase can be forgotten.
If you want to reduce the amount of paperwork stored or don’t have space in your office. Go digital! We suggest finding a mobile app that can help you organize your receipts. Mobile apps have made tracking and digitally storing your receipts considerably easier. Some apps allow you to upload reimbursable, non-reimbursable receipts and integrate with QBO. Attaching and storing your receipt to your transaction in QBO is a great idea. This can make an audit go smoother if you are able to locate both the transaction and receipt in one spot.
If you need help finding or integrating a system to keep your receipts organized let us know. We can recommend programs to help you towards a clutter-free and organized workspace.
We are here to help find the right tools to make your life easier!
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Keeping Your Receipts Organized