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Every digital marketing agency should have a proper bookkeeping system in place to manage their preferred cash flow, whether that’s cash and accrual accounting, single-entry, or double-entrybookkeeping. Marketing agencies should choose their bookkeeping system based on their preference and accounting needs.
What are the peculiarities of bookkeeping for small businesses? Double-entrybookkeeping, transaction recording, reconciliation, getting invoices paid and bills covered – the entire process is centered around making sure that your bank account is in balance with your books records.
The double-entry method is more accurate and less error-prone, as it provides a detailed view of how the money moves throughout your business. Also, if you’re planning to get a loan or looking for an investor, it’s preferable for you to manage your books following the double-entrybookkeeping method.
Government financial experts are employed to audit documents, store records, and manage resources for governmental organizations. From early Mesopotamian records of goods sold and bought around 7,000 years ago to the first bookkeepers recording barters of goods around 2000 B.C. Accounting has come a long way throughout history.
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