If you are a small business owner, keeping an account of expenses can be a laborious task. Due to your hectic schedule, you might find little time to consolidate your expenses and record your receipts in an orderly, timely manner.
However, it is during the tax season that your nightmare will unfold. You will find yourself working through a maze of receipts, which have incomplete details, to determine your business expenses.
This could have very dangerous consequences, as your tax return could be in peril. The fact of the matter is that receipts have to be taken seriously as they serve as an audit protection.