a planned process designed to compile financial data and summarize the results in accounting records and reports.
The answer is Accounting System.
An accounting system is what ?
You maintain the records for your company using an accounting system. You would enter transactions such as invoices, money spent from the company's bank account, supplier bills, and money you personally spent on business expenses into your accounting system.
These transactions are then input into the accounting system, which uses them to create reports like your balance sheet and profit and loss account, which aid in business decisions. By adding up all the transactions you enter for rent costs, your accounting system can determine, for instance, that your rent increased significantly this year as you can see from your profit and loss account.
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