At a recent Student Accounting Club wine and cheese party, local business people mixed with students. One small-business entrepreneur was heard to say, ‘All that financial accounting information you students learn about is not relevant to me. I just started up my business. I only have five employees: four people in the shop building the product and one person in shipping/receiving. I’m out on calls, drumming up business so I have my finger on the real pulse of the firm – that’s sales. My brother pays the bills and does the payroll every two weeks. Once in a while I write cheques too. It’s all simple and smooth, so why add a lot of time-consuming, costly record-keeping to it all? All those books and financial statements are fine for the big public companies. I can do without the complications.’ Prepare an appropriate response to his comments.