The Riksdag recently gave the green light on a highly anticipated amendment to the Accounting Act regarding paperless receipts. On May 22, they voted through a bill which means businesses will no longer need to keep paper receipts if they have a digital copy stored.
This bill is great news for businesses in Sweden looking to modernize their accounting processes, while also improving security and data protection.
How Could Paperless Receipts Benefit Your Business?
Paperless receipts are a sustainable option that could significantly reduce administration work for your team. Ultimately, it is estimated that the passing of this bill could save businesses up to SEK 3.9 billion each year.
Paper receipts are difficult to manage; they are easily lost and can take up a huge amount of storage space. This may be particularly true for large companies dealing with thousands of receipts each year. Switching to digital receipts will eliminate this issue entirely.
Perhaps the key benefit of working solely with digital receipts is improved security. When this new bill comes into effect, you will still need to save receipts for seven years. But a streamlined system can keep paperless receipts securely stored and backed up – something that is difficult to achieve with paper receipts.
How to Store Digital Receipts
- If the original receipt is a paper one, take a photograph of it before discarding.
- Save the digital receipt or photograph to your accounting system or a secure hard drive.
- Make sure to keep a backup copy of all your digital receipts. The Tax Agency might request to see them, so it is vital they do not get lost.
When Does the Bill Come Into Effect?
The new bill comes into effect on July 1, 2024.
How can Leinonen Help With Paperless Receipts?
If you are interested in setting up an automated, time-saving system to securely store paperless receipts following the passing of this bill, Leinonen can help! With ten years in the Swedish market, our team have the expertise and local knowledge to streamline your foreign-owned business’ financial procedures.
Get in touch today to arrange a consultation with one of our accounting, tax, and payroll experts.
