Why Receipt Management Still Matters in the Digital Age

Even with bank feeds and automated accounting, one old-school habit remains essential: tracking your receipts.

Here's why it still matters for Canadian businesses—and how to manage receipts without the shoebox.

Why Receipts Are Still Required

The CRA requires proof of business expenses. A bank transaction alone is not enough.

You need to keep:

• Digital or paper copies of receipts and invoices

• Records that show who, what, when, and why

• Backup for all GST/HST claims and deductions

Without receipts, you risk denied deductions, penalties, or a messy audit experience.

How Long to Keep Them

Under CRA guidelines, you must keep receipts and financial records for 6 years from the end of the tax year.

That includes:

• Physical or scanned receipts

• PDF invoices

• Email confirmations or digital payment records

Yes, digital copies are allowed—as long as they’re legible and accessible.

Modern Receipt Management Tools

Clearbook Ledgers uses tools like:

• Dext and Hubdoc – Snap photos and auto-code receipts

• QuickBooks Online Receipt Capture – Uploads directly to the transaction

• Google Drive or Dropbox – As secure backup folders

These apps let you upload, categorize, and store receipts securely from your phone or email—no paper clutter needed.

Indigenous Business Tip

For Indigenous-led businesses and community programs, keeping receipts supports:

• Transparent use of funding or grant dollars

• Reporting for TH Financial Administration Act compliance

• Community trust through financial accountability

Digitizing receipts means less admin and more control over multi-program operations.

Best Practices

• Snap receipts immediately (or forward emails)

• Match receipts to transactions weekly

• Label by vendor or project when possible

• Backup your files in the cloud or with your bookkeeper

Good receipt habits save you time at year-end and during reviews.