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What are the common reasons of errors in the accounting and what impact do they actually have on the organization?

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Errors are of lot of types and can be due to a diverse array of reasons. The users can often made mistake. A single wrong entry of only one digit can bring a lot of issues in the organization and can mislead about the profits and losses. Errors can be due to negligence of users, fault in the system, wrongly prepared bills or claims, gross errors, basic accounting errors, errors due not updating the sheets and so on.

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