Money received from all sources (Christmas presents) will
be considered income without proper documentation.
Good records can also save you money. If you don't record
your transactions, you may forget some of your expenses or input
tax credits when you prepare your income tax or HST/GST returns.
Missing a receipt for $100 can cost you up to $47.00!
Audits, incomplete records can make an audit a nightmare.
Also, if your records do not support your claims, they could
Good records can help you establish the value of your
business. They also help you see the trends in your industry,
allow you to compare performance in different years, and help
you prepare budgets and forecasts.
Proper books and records may help you get loans from banks
and other creditors.