How to Organize Your Receipts and Records for Stress-Free Bookkeeping
Let’s be real — keeping track of receipts probably isn’t your favorite part of running a business. But if you want clean books, fewer headaches at tax time, and peace of mind if you’re ever audited, organizing your receipts and records is a must.
The good news? With a few easy habits and the right tools, it doesn’t have to be a hassle.
Why Keeping Receipts and Records Matters:
Supports your deductions if the IRS ever asks
Makes year-end tax filing smoother
Helps your bookkeeper (and you!) stay accurate and organized
Avoids missed write-offs that could save you money
What You Should Be Keeping:
Receipts for business expenses (meals, supplies, subscriptions, etc.)
Invoices sent and received
Bank statements
Credit card statements
Payroll records, contractor payments, W-9s, and 1099s
Any loan agreements, leases, or major contracts
⏱️ How long should you keep these?
Typically, the IRS recommends keeping most tax-related records for 3 to 7 years.
Best Ways to Stay Organized:
✅ Go Digital (If You’re Not Already!)
Use apps like QuickBooks Online, Hubdoc, Dext (formerly Receipt Bank), or Expensify to scan and store receipts.
Snap a photo right away and save it to a designated folder.
Avoid the dreaded shoebox full of receipts!
✅ Create a Simple Folder System
Set up folders by month or category (like Meals, Supplies, Travel, Marketing).
If using physical files, keep labeled envelopes or accordion folders by month.
For digital storage, use consistent file names like
2025-03_VendorName_Description.pdf.
✅ Set a Monthly Routine
Dedicate 30 minutes each month to upload, review, and file your receipts.
Staying consistent prevents the pile-up that leads to frustration later.
Wrapping It Up
The best time to organize your receipts was yesterday — the second-best time is today. Keeping your records in order helps protect your deductions, avoid penalties, and makes your bookkeeping (and life) so much easier.
Ready to simplify your bookkeeping? Wrap Up Bookkeeping can help keep your records organized and audit-ready. Let’s talk today!
