Elimination of paper receipts: What does the new law mean for you as a business owner?

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As of July 1, 2024, a new law has come into effect that removes the requirement to keep paper receipts, provided that the records are stored digitally. The law enables a modernized accounting process and reduces the need for time-consuming physical archiving.

What does the law change mean from july 1, 2024?

The new law is clear: you are no longer required to keep your records in their original format if there is a digital copy. This applies to all types of records, including receipts and invoices. However, the digital copy must be traceable, readable, and stored properly in compliance with accounting regulations.

In other words, the requirement to keep paper receipts for at least three years after the end of the financial year is now a thing of the past.

How should you handle old paper receipts?

The new law not only applies to future receipts but also has implications for your old records. Paper receipts you’ve already saved no longer need to be retained if they’ve been digitized. This means you can dispose of the physical originals and free up space in your archives, provided the digital copies meet the accounting requirements.

This is not just a practical benefit but can also reduce the risk of mistakes in accounting.

Digital copies must be kept for at least seven years after the end of the financial year, as before. This also applies if you have a fiscal year that doesn’t follow the calendar year.

Digitalization makes it easier to find, organize, and secure records, even if you switch accounting systems or auditors.

However, it’s essential to store your digitized records correctly and securely. Use cloud services or external drives that meet the legal requirements for data accessibility and security.

Benefits of eliminating paper receipts

Eliminating paper receipts brings many advantages for business owners, both practical and economic:

Reduced administrative burden: No more duplicate work managing and storing both digital and physical copies of the same record.
Cost savings: Expenses for paper, printing equipment, and storage are significantly reduced. Additionally, the risk of loss or errors related to physical handling decreases.
Streamlined searches: Digital receipts are easy to search through, saving time during audits and financial closings.
Sustainability: Reduced paper consumption minimizes the environmental impact at several levels.
Future-proofing: By adopting digital processes, you align with societal progress and prepare for new requirements and expectations.

How to comply with the new rules

Implementing the new law requires some preparation. Here are a few practical tips to ensure compliance:

Digitize your records: Make sure to scan or photograph paper receipts as soon as you receive them. Use apps or software that automatically upload and organize your receipts digitally.
Choose a reliable cloud service: Use a cloud service designed for accounting that meets data security requirements. Options like Fortnox, Visma, or similar platforms can securely and efficiently manage your digital records.
Educate yourself and your team: Ensure that everyone handling the company’s finances is aware of the new rules and has access to the right tools for working digitally.
Keep your files organized: Create a clear and structured folder system for your digital records. Categorize them by year, month, and record type to easily locate and present materials when needed.
Back up regularly: To avoid losing important documents due to technical issues, it’s crucial to make regular backups of your digital files.