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

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

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

Answer

Sejal

FICO CONSULTANT

Errors are of a lot of types and can be due to a diverse array of reasons. The users can often make mistakes. 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 to not updating the sheets, and so on.

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