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Essay text:
It is important to break up finance and accounting into two separate entities to identify each department’s existing structure as well as any missing structures.
Accounting’s business systems are the most complete when compared to Finance. The typical systems that are in place are as follows. The General Ledger is for tracking finances. Accounts payable tracks the debts owed. Accounts receivable tracks the debts that customers and suppliers owe, and payroll processes paychecks and salaries.
There are also additional systems that support the company’s mission. The systems are as follows...
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