The strategy that is good advice for a person just starting a business is to select an accounting system that helps one make decisions, and helps you report information to others outside your firm.
To effectively run and manage a business, a firm must make use of accounting system to record, classify, and summarize financial events and transactions. Adequate accounting system help measure a firm's financial health which is important to its survival.
Accounting system help users make informed decision whilst also assisting them to make report of financial information about the firm to stakeholders interested in the firm.
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