Why is Double Entry Accounting Useful for your Business? (Part 2)
Ensures your Business is Trustworthy
The double-entry bookkeeping accounting process is transparent and complete. If you have an updated strategy, anyone will be willing to work with your business.
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The report allows banks, buyers, or investors to access financial history and get a complete picture of your company's financial health.
Thus to maintain the financial integrity of your business it is important to have a good bookkeeping process.
If you accurately maintain your books, various stakeholders will have confidence in dealing with your business.
However, if you have not maintained accurate records of your financial situation, lenders, investors, or buyers will not have confidence in your business.
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