July 7, 2022
The simple fact is, it’s difficult to justify keeping old receipts. And that’s a problem. Because in addition to possibly being riddled with holes, they are also more than likely filled with expenses you no longer need or want to keep tabs on anymore. If you haven’t already tossed your receipt box, now would be an excellent time to do so.
If you’re like most business owners, then there’s probably some sort of shoebox of receipts somewhere in your office—or maybe several shoeboxes, one for each month of the year. It’s likely that you sort them into each month based on when they were purchased and/or received, but have you ever thought about what other things could be done with all that data? If you have, then you’re ahead of the game, because here are five reasons why you should get rid of your receipt shoeboxes once and for all…
1) A receipt box is perfect evidence that you’re not organized or at least not very good at managing your finances. Keeping it also sends other messages to others who work with you as well, so consider tossing those receipts now before things start going downhill at work.
2) Keeping a receipt box can mean that you’re not doing enough to keep track of your cash flow. Just because you have all those receipts, doesn’t mean that they are still relevant and if they aren’t relevant, then why do you have them? Invest in some better organization tactics or technologies to help keep up with your money. It will save you time and money in the long run.
3) A receipt box can have legal implications. As an entrepreneur, you might be subject to more tax scrutiny if you decide to hang onto those slips of paper. If that’s a risk you’re willing to take then by all means, keep them! Just don’t complain when Uncle Sam comes calling.
4) Receipts can make you sloppy. Every receipt is like a mile marker in your life, reminding you of where you were and how far you’ve come. It’s awesome to look back, but it’s not so great when those keepsakes start piling up and become disorganized. The only reason to keep receipts around that long is if they have some kind of sentimental value. Otherwise, get rid of them!
5) If you’re not doing anything with them, then you might as well toss those receipts. They are taking up space, and if you’re not making any money from them or learning from them or even using them to run an analysis on your own finances, then what are they doing for you? Not much. Tossing out old receipts may take some time, but it will also make organizing easier in other areas of your life.
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