Phil O'Keefe is opening a small sports store in his town.At the advice of a friend who is a bookkeeper,he keeps the receipts of everything he purchases for the business in the bottom drawer of his desk,along with all other business expenses,such as his retail license,his rent expense,and insurance expense.You suggest that ________.

Question

Quizplus · Accepted Answer

While keeping receipts in a drawer is better than not keeping them at all, it is not an efficient way to track expenses and income for a business. An accounting system will make it easier to classify and summarize accounting information, saving Phil time and making it easier for him to make informed decisions about his business. Additionally, an accounting system will make it easier to file taxes and provide financial statements if needed.

Phil O'Keefe Is Opening a Small Sports Store in His