The archiving of invoices and receipts can be digitised!

The Government is currently suggesting the elimination of the necessity to preserve original accounting records. This would enable companies to digitally store receipts and invoices!

If the anticipated Accounting Act is enacted, it will introduce new guidelines for managing receipts. Digitally archived receipts will no longer require physical copies.

The forthcoming Accounting Act, which is currently under consideration, is expected to bring about new regulations for receipt management. Digitally stored receipts will no longer be required to be kept in paper format.

The bill is set to take effect on July 1, 2024, and stipulates that paper documents containing accounting data need only be retained until the information has been digitally transferred. Subsequently, these documents can be disposed of. This change would greatly simplify procedures for numerous companies.

In contrast to the current practice, accounting receipts must be preserved in their original format. However, if a digital service like Expense is employed for receipt management, which stores a digital replica of the paper receipt, the paper receipt can be discarded after three fiscal years. If a digital copy is unavailable, the company must retain the paper receipt for seven fiscal years!

If the new proposed Accounting Act is enacted, it will significantly simplify operations for numerous companies. Your finance department will no longer need to gather all the paper receipts that have been digitally saved through Expense. Once a receipt is digitized, your employees can discard the physical copy.

Replace bulging wallets with receipt scanning and automated calculations. Streamline the entire expense process, from purchase to accounting, with Expense.