Receipts — What to Keep, What to Skip, How Long
You do not need every receipt. Keep the records that matter, organize them so they can be found, and avoid relying on a blanket retention rule.
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Do you really need every receipt?
Do you really need to keep every receipt? No. The goal is not to hoard paper. The goal is to keep the documentation that genuinely matters and organize it so it can be found when needed.
Is a pile of receipts enough?
A pile of receipts is not the same as useful financial documentation, especially when nothing is connected to the transaction it supports. Keep important records in a consistent place
How long should you keep records?
and make them easy to retrieve. What should be kept, what can be skipped, and how long a record should stay on file can depend on the type of document and why it may be needed. There is not one retention period supplied here that applies to everything, so avoid relying on a blanket rule. Good organization matters more than keeping every scrap of paper forever. Need help getting your books cleaned up? Ta-Da! Accounting can help you get back on track.
Need help getting your books cleaned up? Call (310) 800-4494 or send us a note.