The Future of Document Storage: Do You Really Need Physical Copies While Using Hubdocs?
As business owners, we often find ourselves battling mountains of paperwork, especially when it comes to managing receipts and financial documents. If you’re in Ontario, Canada, and have transitioned from a sole proprietorship to a corporation, you may be asking whether it’s necessary to retain physical copies of your receipts, especially since you’ve digitized them using Hubdocs and recorded them in QuickBooks.
The good news is that digital document management solutions like Hubdocs can significantly streamline your record-keeping process. With these tools, you can efficiently capture, manage, and access important documents from anywhere. But does that mean you can discard your physical records altogether?
In Canada, businesses must comply with certain legal requirements regarding document retention. Typically, the Canada Revenue Agency (CRA) advises holding onto records for a minimum of six years from the end of the tax year to which they relate. Since you’ve mentioned that your receipts date back seven years and have already been entered into your digital systems, you might be in a position to declutter your office.
However, before you start tossing out those old papers, ensure that your digital copies are complete and formatted in a way that meets CRA regulations. It’s essential to keep your Hubdocs organized and accessible in case of a future Audit or if you need to refer back to specific documents.
In summary, while modern tools like Hubdocs are transformative for document storage and management, always double-check with the latest legal requirements and best practices. Not only will this keep your business compliant, but it will also allow you to enjoy a more organized and efficient workspace. So, as tempting as it may be to empty those storage boxes, proceed with caution and make informed decisions about your record retention.
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