How Long Should One Keep Business Invoices?

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Store and organize business invoices according to dates and keep in a safe location.
Store and organize business invoices according to dates and keep in a safe location. (Image: paper work image by Alexey Klementiev from Fotolia.com)

The Average Is Five to Seven Years.

It is important to keep business invoices for tax reasons in case your business gets audited. Business Victoria suggests keeping non-company financial records for five years and keeping "financial records for companies, most employee records and all records of fringe benefits and capital gains" for seven years.

Consider Certain Situations.

If your business has been audited in the past, you should keep all records, regardless of what kind, for seven years. It is smart to have business invoices safely organized and stored for seven years in case they are ever needed as evidence of business purchases, etc.

Bottom Line

Depending on the type of business invoice, it is best to keep them for five to seven years. However, if you have been audited before and feel it necessary to keep records for proof, hold all invoices for at least seven years.

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