How to Store Receipts Properly as a Small Business Owner

The receipt problem is one every small business owner knows. You get a receipt, you put it somewhere safe, and then it is gone. Here is how to handle receipts in a way that actually works.

The core principle: capture immediately

The only moment you can be sure you will not lose a receipt is the moment you receive it. Whether it is paper or digital, deal with it straight away. Everything else is just hoping for the best.

Paper receipts

Photograph them the moment you get them. Paper receipts fade, especially thermal printed ones, and they get lost easily. A photo taken immediately is permanent. Once you have the photo, you do not need the paper.

Email receipts

If you receive a receipt by email, do not leave it sitting in your inbox. Move it somewhere organised, whether that is a dedicated folder, a cloud storage system or an app that attaches it to the relevant transaction. An inbox is not a filing system.

Attach receipts to transactions

A receipt on its own is not that useful. A receipt attached to the transaction it relates to is. When your accountant asks about a specific expense, you can show both the record and the proof in the same place.

Keep them for at least six years

In most countries, revenue authorities can look back several years at your records. Six years is a safe rule of thumb for how long to hold onto receipts and financial records. Digital storage makes this easy.

Back up your records

If you store receipts digitally, make sure they are backed up. A phone that breaks or gets lost should not mean losing all your financial records too. Cloud storage solves this automatically.