Now you won't have to save paper receipts

The update to the Accounting Act is to fit better with digital advancements. This means once you digitize receipts and invoices, you don't need to keep them in paper form. So, after scanning a paper receipt into your accounting software, you can dispose of it.

This streamlining benefits business owners by cutting down on paperwork and expenses. We will know exactly how the new law is to be interpreted in September, when the Accounting Board's supplementary rules have been out for consultation, but we already know a few things now:

• As before, you must ensure that the accounting information is not at risk of being changed or lost when you digitize it.
• You must still save the information for seven years.
• The change applies retroactively. You can therefore throw away receipts, invoices and other documents that you have digitized on a previous occasion.

The new rules will come into effect on July 1, 2024.