09/10/2026
Simple Answer 🩵
Because the South African Revenue Service lists this as a REQUIREMENT when claiming your business expenses on your calculations, schedules or reconciliation.
So for every “office expense” or “business meal” you incur, you will need to have a nice little annoying receipt right along with it.
Let’s say you claimed these business expenses on your tax return, and you were later audited, SARS will ask you to submit these receipts to verify eligibility.
And if you claimed several expenses you had no proper documentation for, this will become a nightmare, FAST.
You want and deserve every deduction you are entitled to on your tax return so you must take the proper steps to ensure that you have a system in place to keep track of all of your receipts and expenses.
Small Business Owners tend to use shoe boxes or folders to categorize and keep receipts. If this is what you use, and it works well for you, there is no use in changing it.
The purpose of our content is to provide valuable information to empower every Small Business Owner who tends to struggle in the Accounting area of their Business.
No matter how much you love what you do and how passionate you are about it, the numbers matter. Period.
Have a great weekend!
Bookkeeping Fundamentals - NPO
