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[whizconsulting]

Financial accounting is a branch of accounting that deals with the process of recording, summarizing, and reporting the business transactions resulting from business operations over a period of time. Financial accounting information is of use for both internal and external users and thus require to follow accounting standards and principles. The primary purpose of the financial accounting process is to prepare the financial statements of an organization. However, preparing a financial statement is no easy task as accurately data must be recorded for a specific period. Also, preparing a financial statement is not the end of it, the financial statement has to be analyzed, and future plans have to be developed to improve existing conditions. Provided the complexity of financial accounting and the fact that you must adhere to IFRS or US GAAP, it is suggested that you outsource your financial accounting process to a financial accounting service provider.

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