204 ⎸ Q: How long should we retain client documents?

The Ambitious Bookkeeper Podcast

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In this episode, I'm tackling a listener question about document retention in our digital age. You know how we used to worry about keeping physical files for 3, 5, or 7 years? Well, now that everything's digital and stored in the cloud, does that change our retention strategy? Spoiler alert: it's way more complex than I initially thought! I'm breaking down both IRS guidelines for small businesses AND AICPA guidelines for accounting firms, plus sharing exactly what we do in our own firm.

What You'll Learn:

• The difference between IRS requirements for small businesses vs. AICPA guidelines for accounting firms
• How to create your own document retention policy (and why every firm owner needs one)
• The logistics of offboarding clients while protecting yourself legally
• What documents you should NEVER delete and what you can purge after 7-10 years

Resources mentioned:

• Ask YOUR Questions at: http://speakpipe.com/ambitiousbookkeeper
• IRS Publication 583 and 552
• AICPA Guidelines
• IRS.gov
• Dropbox, OneDrive, Google Workspace, Google Drive
• Canopy, Content Snare

For experienced bookkeepers & accountants:

• Learn how to start your bookkeeping business in The Bookkeeping Business Accelerator®: https://www.ambitiousbookkeeper.com/bba
• Grab my FREE Start your Bookkeeping Biz Checklist: https://www.ambitiousbookkeeper.com/checklist
• Grab my FREE New Client Onboarding Templates: https://www.ambitiousbookkeeper.com/onboard

For new bookkeepers:

• Learn the fundamental accounting skills in Katie Ferro's Become a Bookkeeper: https://www.katieferro.com/a/38894/2PQNgtvv

For online businesses:

• Become a client at my firm, Of Course Financial: https://www.ofcoursebookkeeping.com/contact

Connect with us:

• Visit our website: https://www.ambitiousbookkeeper.com
• Follow the Blog: https://www.ambitiousbookkeeper.com/blog
• Connect on Instagram: https://www.instagram.com/ambitiousbookkeeper
• Connect on Threads: https://www.threads.net/@ambitiousbookkeeper
• Connect on Facebook: https://www.facebook.com/serenashoupcpa

Podcast Publishing Tools we use:

• Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llc
• Descript: https://get.descript.com/u7lubkx09073 (affiliate link)
• Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)

Get access to the Dubsado Decoded Private Podcast Series here>>

And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.

DubsadoDecoded.com

Chapters

1. Listener Question (00:00:00)

2. Understanding Retention Requirements (00:02:04)

3. Developing Internal Policies (00:02:49)

4. IRS Guidelines for Small Businesses (00:08:07)

5. AICPA Guidelines for Accounting Firms (00:11:03)

6. Practical Tips for Record Retention (00:13:22)

7. Conclusion and Final Thoughts (00:16:01)