A short monthly checklist for small business owners: what to send your bookkeeper, what to answer, and what you can stop worrying about.
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Which receipts do you actually need to keep?
In short
Your bank and card statements already prove most small purchases happened. Keep receipts for anything large, anything partly personal, meals with clients, and equipment. Store them digitally, and keep business records for at least three years; your accountant may advise longer.
Receipts that matter
- Large purchases, especially equipment, computers and furniture.
- Anything partly personal, like a phone or a trip that mixed business and pleasure.
- Meals and entertainment, with a note on who was there and why.
- Cash purchases, which don't show up in a bank feed at all.
Receipts you can relax about
A $14 software subscription that shows on your card statement every month is already documented. You don't need to chase the email receipt for each one.
How to store them
Snap a photo when you get the receipt, and attach it to the transaction in your bookkeeping software or save it to a cloud folder by month. Paper fades, and in Florida, paper floods.
How long to keep them
The usual guidance is at least three years from when you file the return, and longer for some records like property and equipment. Ask your accountant what applies to you.
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