It is always a good idea to keep track of your business receipts for both tax purposes and your own records. However, you're only required to produce receipts for business expenses over $75 that you paid in cash. Other expenses are recorded in documents that could provide sufficient evidence in the case of an audit.nnPer the IRS, Electronic information management has become the standard in the private sector... instead of continuing to use traditional paper books. In most cases, your bank statements and credit card statements provide the track record of your expenses.