When thousands of Sage Finance Professionals are turning into invoice processing automation and digital record keeping, questions often arise on HMRC rules on how to keep accounting documents. The truth is that, unlike what many Finance Professionals think, HMRC does not specify any rules on how you must keep records. You can keep them on paper, digitally or as part of a software program (like bookkeeping software).
Yes, that is right… HMRC does not specify any rules on how they must keep records, leaving it up for companies to decide if whether or not they want to go PaperLess.
Automatic Invoice Recognition
Automatic Attach of Invoices to Sage Accounting Lines
Live Lookup of Invoices directly from within Sage
Online Invoice Approval Software seamlessly integrated with Sage
Automatic Matching and Closing of Purchase Orders
Full Automation of emailed invoices with PaperLess Company Inbox
Click here to check what HMRC says about keeping digital records or Visit PaperLess Website to Find Out more about Digital Record Keeping
The current trend among Sage users to scan invoices to speed-up invoice processing speeds and keep the information organized and easily accessible is something that HMRC accepts as long as documents are accurate and readable.
According to HMRC, documents can be kept on paper, digitally or as part of a software program. The important thing is that records are kept accurate, complete and readable, otherwise HMRC can charge penalties, so make sure you store your documents in a digital format and well organized making sure that you can have easy access to them.
