Keep bank and card statements, invoices, receipts, payroll records, tax filings and contracts in a consistent folder system, preferably digital and backed up. Check IRS or CRA guidance for how long to keep each type.
1Why it matters
Organized records save time every month, make tax time easier and protect you if a record is questioned.
2What to keep
- Bank and credit card statements
- Sales invoices and customer payments
- Vendor bills and receipts
- Payroll reports and tax filings
- Loan documents
- Contracts, licenses and insurance
- Tax returns and supporting documents
3A simple folder system
- Year
- Then category, such as Bank, Income, Expenses, Payroll, Taxes
- Then month where helpful
Name files clearly, for example 2026-03 Bank Statement.
4Go digital
Scan paper receipts or photograph them, and store them in a secure, backed-up location. Accounting software can attach receipts to transactions.
Keep documents as soon as you receive them. Waiting until tax time is when records go missing.
5How long to keep records
Retention periods depend on the document and the rules that apply to you, in the U.S. or Canada. Check current IRS or CRA guidance or ask your accountant before discarding anything.
6Share safely
Use secure sharing and avoid emailing sensitive documents in plain attachments. A shared folder with controlled access is safer.
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