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In this tier, a double-entry accounting system is employed to ensure the accurate recording of all transactions. Additionally, it is necessary to maintain accountspayable and accounts receivable, guaranteeing that all transactions are precise and current.
Their primary role is to ensure that all transactions are entered into the accounting system with accuracy and consistency. They’ll need to provide strategicplanning, financial forecasting, and risk management while working with the board of directors.
Control AccountsPayable: Effectively manage your accountspayable by negotiating favorable payment terms with suppliers, taking advantage of early payment discounts, and optimizing your inventory levels to avoid tying up excessive cash in stock.
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