When Using Accounting Software, Is It Still Necessary to "Close

question 124

Essay

When using accounting software, is it still necessary to "close the books" at year-end?

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Definitions:

Stakeholders

Individuals or groups that have an interest, investment, or stake in a project, business, or decision, and who may be impacted by its outcome.

Analyzing and Interpreting

This refers to the process of examining data or information to extract meaning or insights, often by identifying patterns or underlying themes.

Codifying

The process of systematically arranging and setting down laws, rules, principles, or procedures in a coherent system.