We all know that receipts and invoices are evidence of your deductions/claims, and we also know that we should keep these receipts on file for 5 years. Are you running out of room for all of that paper? Are some of your receipts starting to fade? Or do they just get lost before you have a chance to record and file them?
A huge plus in today’s world is that you don’t need to keep the actual piece of paper. Using your smart phones, you can scan or take a photo of the receipt. Make sure you copy the file across to your computer, and then make sure you back your files up on a regular basis!
This will save so much physical space, and better yet, the scanned or photographed receipt won’t fade. The evidence of the expenditure will be as clear as the day it was issued.
Try a similar filing regime for your phone and internet bills – most providers will email you your accounts. Just make sure you ‘save’ them in easy to find folders.
Record keeping all done.