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Once your bookkeeping professional has collected financial data, they may pass it to an accountant who can analyze it and provide insights. For instance, bookkeeping means recording every sales transaction. Accountingmeans creating a report that determines your sales trends and profit margin. Establish a generalledger.
But the most important aspect of any business is accounting. All small business owners need to be familiar with basic accounting and bookkeeping, as it gives them a clear picture of the state of their finances, allows them to make informed business decisions, and lets them react to any adverse changes faster.
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