Is keeping digital copies of my accounting records legally enough instead of paper?
Is keeping digital copies of my accounting records legally enough instead of paper?
Digital retention of accounting records is acceptable, provided the copy is clear, unalterable after saving, and easy to retrieve in full if the FTA requests it — not a poor-quality scan scattered across folders with no clear naming. The legal retention period for accounting records is at least 7 years from the end of the relevant tax period, and some documents (like long-term fixed asset contracts) may need to be kept longer.
The common problem is companies keeping documents on personal devices or individual email accounts instead of a centralized, organized system, which makes retrieving an old document at audit time difficult or even impossible if the device is lost or the employee has left the company. At RASEEKH, we help you build a centralized digital archive organized by period and category, so any document you need is minutes away, not days.