It is very important that your financial records are organized and complete ~ allowing for more accurate business records. There is nothing more frustrating than being audited then to discover the receipts are missing ~ this ultimately wastes time looking. Legitimate business expenses can be denied by Revenue Canada when the receipts are missing thus increasing the amount of taxes due. Further, not keeping receipts makes it difficult to remember what was actually purchased. I suggest using an envelope or plastic tote to put all business related paperwork. As a bookkeeper, I make a list of missing paperwork and receipts for the client to locate.