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Monitor and control all transactions

It is essential to accurately record every transaction in relation to the financial health of a business. This helps keep the financial statements updated, and also allows for tax returns to be completed efficiently and effectively. Maintaining records in order and making sure that all expenses are categorize in a proper manner is crucial to make tracking transactions as simple as possible for the accounting department.

One of the most commonly used methods of implementing an accounting system is using software. This allows accountants to identify exactly what they need, and also offers a convenient way for the rest of the staff to easily input expenses. Depending on the type of software is employed, there could be a a learning curve in getting the hang of it. However, there are also receipt scanners that can be utilized to make the process even simpler and quicker for all the parties involved.

Another method of setting up a tracking system is the use of middleware messaging systems. This is achieved by assigning a unique identifier to identify a specific phase in a transaction while it traverses through different systems and applications run by different companies. This information is then stored across all the different systems so that the original source of the transaction is traced should there ever be any issue with the transaction.

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