I will suggest to Connor that he should maintain a separate and organized record-keeping system for his business expenses.
A well-organized record-keeping system for his small sports store will involve categorizing and storing receipts, invoices and documentation for each expense in a systematic manner.
Maintaining a separate and organized record-keeping system will help him keep track of his financial transactions more efficiently and ensure that he can easily access and document all relevant expenses when needed.
By doing so, Phil can easily track his expenditures, claim tax deductions, and demonstrate financial transparency if required. Also, this will help him maintain a clear financial overview, making it easier to assess the profitability and financial health of his business.
The complete question is:
Connor 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 expenses, and insurance expenses. You suggest to connor that he ____